Corporate Crime update, February 2018

Welcome to the February 2018 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

• Transparency International Corruption Perceptions Index 2017: UK ranked as 8^th least corrupt country 
• CMA launches new campaign to encourage cartel tip-offs
• Criminal Finances Act 2017 updates to POCA 2002 come into effect
• Legal professional privelege: Bilta (UK) Ltd v Royal Bank of Scotland Plc and Ancor [2017] EWHC 3535 (Ch)
• BEIS: world-first register to combat money laundering in the property market
• HMRC anti-money laundering compliance review: MSBs
• 5MLD: House of Commons European Scrutiny Committee report
• FCA secures conviction against illegal money lender and issues first SCPO  

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GERMANY

• Germany's New Grand Coalition II to focus on corporate criminal liability, regulation of internal investigations and anti-money laundering
• German Federal Court of Justice clarifies: "Liabilities II" must be taken into account in the liquidity balance when assessing whether a company is insolvent
• BaFin issues cease and desist order to unauthorised principal broking services
• SAP and others accused of criminal breaches
• France and Germany to make joint bitcoin regulation proposal at G20 summit 

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MIDDLE EAST

• Banker and businessman jailed for five years in fraud case
• Bankers jailed for embezzling Dh 25 million have sentence reduced on appeal
• British financial advisor convicted by Dubai Criminal Court for operating without licence 

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UNITED STATES

• US Supreme Court limits the scope of "whistleblowers" under the Dodd-Frank Act's anti-retaliation provision
• Five former Venezuelan government officials charged in foreign bribery money laundering scheme
• SEC halts alleged ICO scam
• US bank fined $528 million for anti-money laundering issues
• OFAC releases risk alert relating to North Korea's shipping practices, designates additional persons under North Korean sanctions 

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HONG KONG

• Hong Kong enhances anti-money laundering and counter-terrorist financing requirements for non-financial institutions
• Update on allegations of international bribery against former senior Hong Kong official
• Hong Kong Consul Generals briefed by the ICAC on the regulators plans for future co-operation and training
• The ICAC and SFC continue to engage in Convoy Global related raids
• SFC obtains court order to disqualify former chairman of listed company for six years for misconduct  

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CHINA, SOUTH EAST ASIA & INDIA

China

• Wind turbine maker guilty of stealing secrets
• South Africa fines Chinese Bank $6million for poor anti-money laundering controls

South Korea

• Real-name trading for cryptocurrencies
• Samsung heir freed on appeal
• Park Geun-hye case update – Convictions of businesspeople and the former president's associate

Malaysia

• Two Directors jailed after pleading guilty to money laundering related charges

Thailand

• Bank of Thailand issues circular warning away from cryptocurrencies

India

• Unregulated Deposit Schemes Bill, 2018 to be introduced into parliament 

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JAPAN

• Japan's new Anti-Money Laundering Office 

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AUSTRALIA

• Australia slides further in Transparency International's global corruption perception index
• Senate committee reports on foreign bribery due soon
• Australia's proposed whistleblower protection legislation referred to Senate Economics Legislation Committee
• Full Federal Court rules on self-incrimination provision in the Uniform Evidence Acts 

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