May 2013 Corporate Crime Update

The May 2013 edition of our Corporate Crime Update covers developments in relation to corruption, money laundering, fraud, sanctions and related matters across a number of jurisdictions.  For the full update on each jurisdiction, please click on the name of the country.  A brief overview of what is covered in each country’s update is set out below.

United Kingdom

• Oil giants in price fixing investigations
• Europe call to back global standard to combat tax evasion
• European Parliament adopts report on organised crime
• New EU Directive: Reporting by Extractive Companies on Government Payments
• Recent sanctions developments concerning Myanmar (Burma), North Korea, Syria and Libya

Spain

• The Council of Ministers approves the Royal Decree that modifies the regime applicable to managers of credit institutions
• The Spanish Supreme Court has limited criminal sanctions for breach of a shareholder's right to information

Middle East

• Abu Dhabi Court of Appeal reverses decision of the Abu Dhabi Criminal Court finding two individuals guilty of fraud
• Twelve individuals in Dubai cleared of defrauding a bank of AED 1.2 million
• New Draft Federal law to tackle fraud and fake goods - update

Russia

• Serious fraud is revealed during the acquisition of a company
• Board of directors' resolution forged to dispose of the company's assets

 Hong Kong

• "Mr. A" filed judicial review to halt disclosure of materials seized in the Kwok brothers' case
• Proposed amendments to restrict access to directors' personal information withdrawn
• Former ICAC Chief investigated for lavish hospitality spending
• Former Development Minister stands trial for abusing government housing allowance
• Proposed amendments to restrict access to directors' personal information withdrawn

United States

• Friend of ex-KPMG auditor pleads guilty in insider case
• ADM reserves $25 million for settlement