Corporate Crime Update - August 2020

The latest edition of our corporate crime update brings you the latest global developments in white collar crime at a glance.
 

UNITED KINGDOM, EUROPE AND INTERNATIONAL

United Kingdom

• SFO announcements regarding investigations
• SFO approval in principle for DPA
• Former Unaoil executives convicted of conspiracy to give corrupt payments
• SFO granted freezing order extension over London properties
• SFO appoints new COO and CEO
• SFO responds to HMCPSI report on operations and management
• FCA fines commercial bank for AML failures
• FCA updates webpages on reporting market abuse
• Covid-19: FCA statement on financial crime and CBILS/BBL
• Covid-19: FCA webpage on financial crime systems and controls
• Covid-19: FCA Interim CEO discusses future enforcement outcomes
• FCA allows e-money and payments firm to resume activities
• FCA censures AIM firm for market abuse; institutes proceedings against firm's former employees
• Complaints Commissioner comments on FCA's fraud responsibilities
• NCA denied permission to challenge UWOs
• NCA issues new guidance and FAQs on submitting SARs
• Covid-19: UKFIU issues new SAR glossary codes
• JMLSG amends Parts I, II, and III of guidance 
• JMLSG consults on new PCA guidance 
• Covid-19: JMLSG statement on new AML/CTF challenges
• HMT responses to consultation on 5MLD and TRS 
• The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
• OFSI issues Russian financial sanctions guidance
• TAFA 2010 quarterly report to Parliament
• EU Exit: UK Government draft legal texts for the future UK-EU relationship
• EU Exit: New SAMLA regulations
• UK introduces first sanctions under SAMLA

Europe

• EBA reports on inquiry into dividend arbitrage trading schemes
• EBA expands Q&As to cover 4MLD
• EBA call for input on ML/TF de-risking
• ECB opinion on draft Belgian law implementing 5MLD
• European Commission AML/CTF action plan and consultation 
• European Commission revises methodology for identifying high-risk third countries
• European Commission urges member states to implement MLDs
• European Parliament study on improving EU AML policy
• Europol launches European Financial and Economic Crime Centre, report on financial and economic crime
• ECA audit of EU's AML/CTF efforts

International

• Covid-19: FATF report on emerging ML/TF risks and policy responses
• Covid-19: FATF extends mutual evaluations and follow-up deadlines
• FATF objectives 2020 – 2022, and June 2020 Plenary outcomes
• FATF report on money laundering and the illegal wildlife trade 
• FATF consults on Recommendation 1 and Interpretive Note
• BCBS updates guidelines on sound management of ML/TF risks

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GERMANY

• EU citizen may not be extradited to USA due to the prohibition of double jeopardy
• Automotive supplier fined for software and supervision errors

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SPAIN

• Spain transposes 5MLD

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MIDDLE EAST

• Businessman leaves UAE on repatriation flight after alleged fraud 
• UAE accountant for laundering more than AED 5.6 million
• Instagram celebrity arrested in Dubai on accusations of cyber fraud and money laundering

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HONG KONG/CHINA

Hong Kong

• Ex-financial controller of listed company jailed for $2.6m bribery and fraud

China

• Former Bank President indicted by SPP over bribery
• PBOC money laundering fines soar
• China to revise Anti-Money Laundering Law

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INDIA, KOREA & SOUTH EAST ASIA

South Korea

• Bank to pay US$86 million for anti-money laundering compliance failings
• Court rejects request to arrest Samsung’s Jay Y Lee 

Vietnam

• Japanese plastic company faces bribery allegations

Thailand

• Two monks found guilty in 10 million baht embezzlement case
• Office chief sentenced to 94 years in prison for multiple embezzlement of temple funds
• Covid-19: PACC inspection into irregularities in purchases of medical equipment
• Thailand signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
• Thai police uncover major money-laundering ring

Malaysia

• Prosecutors drop charges against ally of former prime minister
• Three directors detained on corruption charges under the new s17A MACC Act

Philippines

• Amendment to the Anti-Money Laundering Act put on hold
• Potential repercussions without anti-terrorism law

Indonesia

• Former Garuda president director guilty of corruption

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AUSTRALIA

• ASIC enforcement update for July to December 2019
• Modern Slavery Developments at the Commonwealth level
• Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019
• ASIC prosecution confirms compulsory powers

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UNITED STATES

• SEC Whistleblower Awards
• Covid-19: SEC Charges Company and CEO for Pandemic Fraud
• SEC Charges Pharmaceutical Company with FCPA Violations
• SEC Settles With Insurance Company Over CEO Perks
• SEC Settles with Capital Markets Company Over Faulty Securities Data
• CFTC Enforcement Actions
• CFTC Whistleblower Awards
• CFTC Division of Enforcement Issues Civil Monetary Penalty Guidance 
• CFTC Director of Enforcement at FIA
• Supreme Court Denies Defendants’ Challenge to CFTC’s Enforcement Authority
• Covid-19: FINRA Reminds Firms of Fraud Risks
• Covid-19: Illinois Business Owner Charged with CARES Fraud
• DoJ $68.4m settlement with South Korean engineering company
• DoJ: Italian executive sentenced to prison for breaching Russian sanctions 

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SOUTH AFRICA

• The years of ‘Covid capture’ call for vigilance
• Dlamini Zuma turns cigarettes into illicit drugs as the underground economy takes over
• PwC Survey indicates drop in economic crime in SA, but fraud, bribery and corruption still rampant
• South Africa not winning the fight against corruption, yet - NPA boss Shamila Batohi
• Arrests made in relation to VBS Mutual Bank corruption scandal

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