Corporate Crime update – March 2019

16 Apr 2019 Insight Global

Article

Welcome to the March 2019 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.
For the full update on each jurisdiction, please click read more for the full article of each jurisdiction. Below we provide a brief overview of what is covered in each update.

United Kingdom/Europe

United Kingdom

House of Commons publishes AML supervision and sanctions implementation report
House of Lords Post-legislative scrutiny report concludes Bribery Act is "exemplary"
HMRC announces money laundering inspections targeting estate agents
NECC seeks to freeze 95 bank accounts
High Court refuses permission for collateral use of disclosed documents and witness statements to respond to US grand jury subpoena
High Court sentencing for breach of FCA freezing injunctions
SFO updates guidance on s.2 CJA interviews
SFO opens investigation into London Capital & Finance Plc
Two senior Bankers sentenced in SFO’s EURIBOR manipulation case
SFO secures forfeiture of over £1.5 million in first use of enforcement tool
JMLSG proposes updates to its AML and CTF guidance
OPBAS report and FCA speech on themes from the 2018 AML supervisory assessments
FCA consultation on recovering the costs of OPBAS
UK Finance: Fraud Report 2019
EU Exit: Law Society publishes no-deal Brexit guidance on criminal justice and security co-operation
SRA puts law firms on notice for money laundering compliance checks
Law Society of Scotland sets up new AML sub-committee
OECD follow-up report on the UK's implementation of the OECD anti-bribery convention
OFSI Financial Sanctions notices
EU Exit: Sanctions guidance and statutory instruments
FCO and OFSI guidance: Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019

Europe

Member States question European Commission's decision not to place Russia on rejected list of "high-risk third countries"
European Parliament Report on financial crimes, tax evasion and tax avoidance
EU adds ten jurisdictions to tax haven "blacklist"
Provisional agreement reached for new EU whistleblowing laws
Europol signs fraud intelligence MoU with Perseuss
Europol third conference on Criminal Finances and Cryptocurrencies
Europol BeCaNet conference on CTF

International Bodies

BCBS statement on the growth of crypto-assets
FATF business bulletin
FATF consultation on PEP guidance for bank practitioners and AML supervisors
FATF fourth round of AML/CFT mutual evaluations
FATF Joint experts meeting: improving the capacity to prosecute terrorist financing
FATF: Consolidated assessment ratings
TRACE Global Enforcement Report 2018

Amendment of the Spanish Criminal Code

Dubai official jailed for embezzling Dh224,500 with forged fuel receipts
Dubai's DFSA bars expat from working in DIFC for fraud
Dubai Police warn residents of online scam
Banker jailed for embezzling Dh50,000 in Dubai
Three on trial for taking Dh2.5 million in bribes in Dubai
Illegal dealer jailed and fined for TV service piracy in UAE
Banker stands trial for embezzling Dh360k from customer's account

AML/CFT compliance in Hong Kong: Recent record fine and reminder of latest guidance
ICAC gets tough on private sector fraud
China continues to clamp down on public sector corruption
US court sentences former Hong Kong minister to three years in bribery case
Proposed amendment to Hong Kong extradition law meets with resistance and controversy

India

India to post customs intelligence officers to China to check money laundering and financial frauds

South Korea

South Korea forms special task force to fight cryptocurrency-related crimes

Taiwan

Taiwan hopes to improve anti-money laundering score

Philippines

Changes in Philippines' banking industry

Indonesia

KPK freeze graft suspect's account containing $4.25 million

Malaysia

Malaysia to set up special court on corruption
Wave of anti-corruption enforcement in Malaysia

Singapore

String of money launderers jailed in Singapore

Thailand

Anti-Corruption Organisation eyes Suvarnabhumi Airport

Laos

Laos records 1,002 corruption cases in 2018

Foreign Influence Transparency Scheme - registration grace period ended 10 March 2019
Release of ASX Corporate Governance Principles and Recommendations - Fourth Edition

CFTC Targets Foreign Corrupt Practices In Derivatives And Commodities Markets
Under Secretary Mandelker Statement on AML/CTF, virtual currencies
DOJ Revises FCPA Corporate Enforcement Policy
Fed announces members of Fraud Definitions Work Group

The Public Investment Corporation Commission of Inquiry
State Capture Corruption Revelations Abound
Accounting Fraud: Steinhoff report suggests profits were overstated by R106bn over seven years

Susannah Cogman

Partner, London

Kate Meakin

Partner, London

Legal Notice

The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.

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