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20 Dec 2017
Insight
Global
Welcome to the December 2017 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Click read more for the full article of each jursidiction. Below we provide a brief overview of what is covered in each update.
UNITED KINGDOM/EUROPE
- UK anti-corruption strategy 2017 to 2022 and new Economic Crime Centre
- FCA comments on cybercrime in the financial services sector
- EU seeking to bring cryptocurrencies under MLD4
- MLD4: ESAs final report on draft RTS specifying how credit and financial institutions should manage money laundering and terrorist financing risks at group level
- Sanctions update: EU adds beer and saké to list of banned exports to North Korea
- FCA speech on using AI to keep criminal funds out of the financial system
- Law Society to intervene in ENRC legal privilege case
- The EU publishes a list of non-cooperative tax jurisdictions
GERMANY
- German prosecutors search airport operator Fraport for suspected bribery
- Markets watchdog investigates Deutsche Boerse's handling of new CEO hire
- German saving banks select new president after tax inquiry
- Founder of collapsed German drugstore chain Schlecker gets suspended prison term
UNITED STATES
- DOJ enhances and makes permanent FCPA self-disclosure program
- FinCEN fines Californian card club for AML violations
- DOJ recovers millions in criminal proceeds via asset sharing by Guernsey officials
- Changes to further tighten Russian sectoral sanctions go into effect
HONG KONG
- Allegations of international bribery against former senior Hong Kong official
- 3.5 year sentence for former associate director of investment bank for accepting bribes
- Continuing trend of small scale focus by the ICAC
- Joint operation between the ICAC and SFC may 'set the scene' for future investigations
- Registered institution fined HK$400 million and suspended for systemic failures in selling structured products
- SFC fines former account executive HK$542,071 and bans him for life for dishonest conduct
CHINA, SOUTH EAST ASIA & INDIA
China
- China issues guidelines for monitoring overseas activities of Chinese firms
- Zhou Liang named vice chairman of China's banking regulator
Singapore
- Guidebook on curbing insider trading
- New FS-ISAC office in Singapore with focus on cybersecurity
Malaysia
- Financial General Manager convicted for bribery
Philippines
- Philippines' second biggest bank penalised US$35m for fraud
- AMLC approves registration and reporting guidelines
South Korea
- Proposal to amend anti-corruption act by changing the price limits on gifts
- Korea to use AI to better combat money laundering
Indonesia
- Anti-graft court finds construction firm guilty of embezzlement
JAPAN
- Update on Nissan data falsification scandal
- Japanese regulators continue to tackle cybercrime in the cryptocurrency world
- Data manipulation in Japan's manufacturing industry
AUSTRALIA
- Australian Parliament introduces draft legislation to tackle foreign bribery
- Australian Parliament considers Bill to establish a new Home Affairs portfolio
- Australia's whistleblower reforms introduced into the Senate
- Amendment to Australian anti-money laundering legislation to capture digital currencies