Corporate Crime Update, Spring 2020

13 May 2020 Insight Global

Article

Welcome to the Spring 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

COVID-19: Impact on UK criminal investigations and justice system
SFO: Former Barclays executives acquitted of conspiracy to commit fraud
SFO secure conviction for failure to supply documents
SFO Business Plan 2020-21
Convicted EURIBOR individuals ordered to pay over £1.2 million
FCA speech on cryptoassets, 5MLD and financial crime
JMLSG consults on proposed guidance for cryptoasset exchange providers and custodian wallet providers
OPBAS 2019 AML progress report
OFSI imposes penalty of £20.5m on multinational bank in respect of EU financial sanctions
OFSI guidance on sanctions during and after Brexit transition period
Court dismisses UWO appeal
Court discharges UWOs
NCA Annual Plan 2020-21 and National Strategic Assessment of Serious and Organised Crime
HMT guidance on AML/CFT controls in higher risk jurisdictions
Government confirms that it is still considering reform of corporate criminality
Budget 2020: Government announces AML levy
Government policy paper on future UK-EU relationship
Government, PSR and FCA respond to Treasury Committee economic crime report
Cross-Government Fraud Landscape Annual Report 2019
Gambling Commission awards record fines for AML failures
HMRC details investigations into corporate failure to prevent the facilitation of tax evasion
ICO announces first conviction under FOIA
SFO agrees UK's largest DPA
NECC alert on South Sudan illicit financial risks
UK's Corruption Perceptions Index 2019 score falls

European Union

COVID-19: EBA statement on actions to mitigate financial crime risks
COVID-19: Europol report on pandemic profiteering
EBA consults on revised AML/CTF risk factor guidelines
EBA AML/CTF factsheet
EBA report on NCAs' approach to AML/CTF banking supervision
European Parliament resolution on ECB's ML/TF efforts
European Commission formal notices to eight member states for failing to transpose 5MLD
European Commission VP statement on AML action plan

International Bodies

FATF issues global standards on virtual assets
FATF updates list of jurisdictions under increased AML/CFT monitoring
COVID-19: FATF statement on measures to combat illicit financing
FATF guidance on digital ID

Ministry of Justice releases official draft Corporate Sanctions Act
Supply Chain Act not yet presented
Federal Government submits draft legislation establishing the European Public Prosecutor

PRO tampers with visa transactions in Dubai and embezzles over AED 110,000
Manager at a Dubai government entity jailed for bribery and fined AED 1.85 million

Hong Kong

Ex-HKEX senior executive and consultant charged with bribery and MIPO over IPO applications
Ex-financial controller of listed company guilty of $2.6m bribery and fraud
Duo charged with $570,000 salary fraud over cleaning service at public beaches

China

Former head of China Development Bank expelled from Communist Party and arrested for graft
Former Communist Party's Chief of Yunnan under investigation for suspected corruption
Former ICBC Shanghai head expelled from party amidst bribery allegations
China’s ex-Interpol chief sentenced to over 13 years in prison for corruption

India

Whistleblower complaints to be a part of listed companies' audit reports
Yes Bank founder arrested for money laundering allegations

South Korea

South Korea's Parliament approves establishment of new corruption investigatory unit
Former Justice Minister charged with bribery
Former Korean president Lee Myung-bak jailed for 17 years for bribery and embezzlement after losing appeal

Taiwan

New Taipei City police raid Vietnamese fraud ring

Philippines

Obligations on banks to report all money laundering attempts

Singapore

MAS issues prohibition orders against insurance agents and bank staffs for fraud and dishonesty
MAS updates guidelines for digital payment services providers

ALRC corporate criminal responsibility reforms
Legal and Constitutional Affairs Legislation Committee reports on bill to amend foreign bribery offences and introduce DPAs

SEC Whistleblower Awards
SEC Charges Orchestrator of Fraudulent Cryptocurrency Scheme
SEC Charges Pharamceutial Company With FCPA Violations
SEC Charges Former Financial Services Executive With FCPA Violations
SEC and CFTC Charges Advisory Firm and Portfolio Manager with Misrepresenting Risk in Mutual Fund
CFTC Charges Individual with Fraud in Digital Asset-Linked Ponzi Scheme
CFTC Charges Unregistered Commodity Pool Operator and Its Principal with Fraud and Misappropriation
CFTC Wins Forex Fraud Trial on Damages and Obtains Monetary Judgment of More than $22.6 Million
Global Bank to Pay $3 Billion as part of DPA
DOJ: Last Defendant Convicted in $7 Billion Investment Fraud Scheme
DOJ: Former US Resident Pleads Guilty to Fraud
DOJ: Two Chinese Nationals Charged with Laundering Over $100 Million in Cryptocurrency
CFPB proposes Whistleblower Award Program
Treasury Announces 2020 National Illicit Finance Strategy

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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