Corporate Crime Update, December 2018

Welcome to the December 2018 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. 

This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season!

UNITED KINGDOM/ EUROPE

• New beneficial ownership transparency measures announced to tackle international money laundering 
• FATF: AML/CTF updates
• FCA FG18/5: Final guidance on insider dealing and market manipulation
• UK's first DPA comes to an end 
• Council of the EU supports AML/CFT Action Plan and identifies short term actions 
• FCA review of retail and wholesale banking: firms' whistleblowing arrangements
• SFO speech at a business crime and compliance conference
• ESAs consult on guidelines on cooperation and information exchange in AML/CFT supervision
• European Commission refers Luxembourg to CJEU for failure to fully implement MLD4 
• HMRC updates money laundering supervision civil measures guidance on publishing statements

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MIDDLE EAST

• UAE introduces new anti-corruption laws with extra-territorial effect 
• Ex-employee and accomplices convicted of embezzling Dh4.5million from workplace
• Four charged with smuggling petroleum products into UAE
• Bank employee jailed for embezzling Dh20m in Abu Dhabi

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UNITED STATES

• New York court convicts former Hong Kong Affairs Secretary in seven FCPA violations

• US banks urged to innovate on anti-money laundering efforts 

• Deferred prosecution deal secured despite $1 billion securities fraud scheme 

• Money services business agrees to extended DPA and forfeits $125 million

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HONG KONG (INCLUDING CHINA & TAIWAN)

• Lawmakers call for extension of Hong Kong’s laws to cover bribery overseas

• Taiwan, Hong Kong and China regulate virtual currencies 

• Double taxation avoidance agreement between Hong Kong and India comes into effect

• Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing 

• Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations

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CHINA, SOUTH EAST ASIA & INDIA

China/Hong Kong/Taiwan

• China's new law on judicial assistance in criminal matters will impact investigations

• Taiwan, Hong Kong and China regulate virtual currencies

• Double taxation avoidance agreement between Hong Kong and India comes into effect

• Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing

• Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations

Malaysia/Singapore

• Update on 1MBD investigation

• AML developments in land and property industry

• Mahathir: Cashless society will reduce corruption

Philippines

• Rapler charged for tax evasion

Vietnam

• Life imprisonment sentences in pyramid scheme

Thailand

• Thailand delays asset declaration rules

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JAPAN

• Charges for alleged breaches of Financial Instruments and Exchange Act

• Sugura Bank shareholder proceedings against bank's former management team

• Suspected money laundering cases linked to cryptocurrency

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AUSTRALIA

• Commonwealth Modern Slavery legislation passed

• Whistleblower Bill progresses to the next stage

• Australian Commonwealth Government to establish new integrity commission

READ MORE