Corporate Crime Update, Winter 2020

25 Feb 2020 Insight Global

Article

Welcome to the Winter 2020 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 on the links. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM, EUROPE AND INTERNATIONAL BODIES

United Kingdom

SFO confirms sixth DPA
SFO updates guidance on evaluating a compliance programme
SFO charges former directors with fraud
New money laundering regulations
FCA webpage on new role as AML/CTF supervisor of cryptoasset business
FCA issues fine under MAR for PDMR notification failures
FCA secures confiscation orders against convicted fraudsters
FCA secures £5 million confiscation order against illegal money lender
NCA: Over 478,000 SARs processed in 2018-19
UKFIU guidance on SARs glossary codes and reporting routes
NCA agrees £190m settlement after frozen funds investigation
NCA issues "tasking" to improve response to fraud
Treasury Committee report on economic crime and consumers
Penalty imposed on Telia Carrier UK for breaching financial sanctions regime
SRA writes to 6,500 law firms over AML assessments
Law Society updates SARs guidance
Reduction in SFO convictions and caseload

European Union

EU states push for joint money laundering supervisor
ESMA calls for strengthened supervision on suspicious transaction reporting
ESMA issues annual report on administrative and criminal sanctions under MAR
ECB vice chair speech on cross-sectoral AML/CFT coordination
ESAs guidelines on co-operation and information exchange between national supervisors under MLD4
European Commission to initiate infringement proceedings against member states for failing to transpose MLD5
Council of the EU adopts AML/CTF strategic priorities
Whistleblowing Directive published in the Official Journal of the EU
EPC 2019 report on payment threats and fraud trends

International Bodies

FATF guidance tackles misuse of anonymous shell companies for crime and terrorism
FATF updates compliance methodology to incorporate virtual assets
FATF draft guidance on digital ID and CDD
FATF speech outlines future areas of focus
FATF strategic review following fourth round of mutual evaluations
First FATF Supervisors' Forum on improving the effectiveness of supervision
BCBS consults on cooperation between prudential and AML/CFT supervision

Searches by the Frankfurt public prosecutor's office on accusations of embezzlement and fraud against AWO officials
Former Siemens CEO sentenced to long prison term
Major raid on suspected fraud with cancer drugs

Appeal refused to former Compliance Officer
Canadian entrepreneur arrested in Dubai for fraud
UAE authority officials fined AED 36 million and sentenced to 10 years in jail
Expat jailed and deported for stealing AED 17.5 million
Manager of an allegedly false investment company accused of embezzling over AED 50 million

Hong Kong

Employee of Pharmaceutical Manufacturer Guilty of HK$1 million Bribery Scheme
Four Individuals Charged with Fraud and Misconduct in Public Office over CUHK Building Work

China

Top Inner Mongolia Official Sentenced for Bribery
Uygur Official Received Life Imprisonment for Corruption Charges
Former Communist Party's Chief of Yunnan under Investigation for Suspected Corruption
Former ICBC Shanghai Head Expelled from Party amidst Bribery Allegations

South Korea

South Korea's Parliament Passed Bill to Establish a New Anti-graft Agency
Former Justice Minister Charged with Bribery

Malaysia

Revised anti-money laundering guidelines in force
MACC to investigate tender by Royal Malaysian Navy
Ministry launches Organisational Anti-Corruption Plan

Vietnam

14 people involved in MobiFone corruption scandal sentenced

Thailand

Former Immigration Police chief questioned
Tobacco giant Philip Morris found guilty for tax evasion

Philippines

Upcoming pilot online program to boost AML/KYC capacities
Former mayor sentenced to 10 years in prison

Indonesia

Ex-Garuda boss implicated after a three-year probe

Obligation to have a whistleblower policy commences
ALRC seeks submissions on discussion paper on corporate criminal responsibility
Bill to amend foreign bribery offences and introduce deferred prosecution agreements reintroduced in the Senate

SEC Charges Six Individuals in International Microcap Fraud Schemes
SEC: CEO Settles Fraud Action
SEC OCIE Announces 2020 Examination Priorities
SEC Whistleblower Program 2019 Annual Report to Congress
SEC Awards Over $260,000 to Whistleblowers for Assistance in Spotting Securities Fraud
SEC Wins Jury Trial in Layering, Manipulative Trading Case
SEC: Issuer and CEO Charged with Violation of Whistleblower Protection Laws
SEC Division of Enforcement Annual Report
SEC/CFTC: Settlements with Swiss Trading Firm
CFTC Awards More Than $1 Million to Whistleblower
CFTC Charges Executive at Global Investment Bank with Manipulation and Fraud in Connection with Swaps Related to a Bond Issuance
CFTC Enforcement Division Annual Report
CFTC Orders Proprietary Trading Firm to Pay Record $67.4 Million for Spoofing
CFTC: Defendants Ordered to Pay More than $4.25m for Fraud and Misappropriation
FDIC November 2019 Enforcement Actions
OCC Enforcement Actions and Terminations
DOJ: Two Former Owners of Binary Options Company and 13 Other Individuals Charged In $140 Million Fraud Scheme
DOJ: Businessman Sentenced to Prison for Role in Venezuela Bribery Scheme
Treasury Takes Action Against Iran’s Metals Industry and Senior Regime Officials
FDIC October Enforcement Actions
FDIC Releases its Formal and Informal Enforcement Actions Manual
FDIC September Enforcement Actions

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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