Welcome to the September 2014 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 name of the jurisdiction below. Below we provide a brief overview of what is covered in each update.
- HMRC updated anti-money laundering guidance for money service businesses
- UK decides not to adopt US-style whistleblower rewards
- Bruce Hall £3 million confiscation order paid in full
- Innospec executives sentenced in corruption case
- JMLSG consults on amendments to guidance
- Ukraine sanctions update – recent developments in UK, EU and US
- Further EU restrictive measures against Russia
- GlaxoSmithKline faces fresh drug bribery claims in Syria
- SFO launches formal investigation of UAE bribery claims at Sweett Group
- Owners of large Russian travel agencies accused of fraud
- Managing Director of oil company will face trial for €200,000 commercial bribery charges
- SFC reprimands and fines Ping An of China Securities (Hong Kong) Company Limited $6 million over internal control failures
- Hong Kong loses bid to appeal limits to anti-bribery laws
- SFC v Ernst & Young (E&Y): E&Y produces audit working papers in Hong Kong and appeals over disclosure order on documents held in China
China, South East Asia & India
China
- China's ex-security chief under investigation
- More than 25,000 probed for corruption in China in the first half of 2014
- Chief of the Communist Party's United Front Work Department in Inner Mongolia given life sentence
- China launches global 'fox hunt' for corrupt officials
India
- Alstom charged with corruption in India
- India vows war against healthcare corruption
- Eleven officials from food and drug administration suspended for taking bribes
Taiwan
- Ex-prosecutor jailed for corruption in Taiwan
Thailand
- Thailand's Anti-Corruption Commission has recommended criminal charges against ousted PM
Indonesia
- Ex-Alstom executive pleads guilty to bribing Indonesian government officials
- Former deputy governor of Indonesia's central bank sentenced to ten years for corruption
Singapore
- Ex-business director of ST Electronics (Info-Software) Systems convicted of corruption
Pakistan
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Smith & Wesson fined US$2 million for bribing Pakistani police
Vietnam
- Vietnam sets up 11 teams to scrutinise anti-corruption activities
Laos
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Almost US$150 million lost due to corruption in Laos
Myanmar
- Myanmar to strengthen corruption commission
- Further charges brought against JTC employees in respect of alleged payments to government officials in Uzbekistan and Indonesia
- €98 million of assets seized from Nomura international following allegations of fraud on the local government of Sicily
- Coalition government establishes fraud and anti-corruption
Disclaimer
Herbert Smith Freehills LLP has a Formal Law Alliance (FLA) with Singapore law firm Prolegis LLC, which provides clients with access to Singapore law advice from Prolegis. The FLA in the name of Herbert Smith Freehills Prolegis allows the two firms to deliver a complementary and seamless legal service.