Welcome to the February 2015 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/region, please click on the name of the jurisdiction/region below. Below we provide a brief overview of what is covered in each update.
United Kingdom
- Proposed amendments to the Proceeds of Crime Act 2002
- Former hedge fund head sentenced to 13 years
- HP Autonomy investigation
- Cyber security boost for UK firms
- The Money Laundering (Amendment) Regulations 2015
- UK printing company and two men found guilty in corruption trial
Europe
- European Parliament answers to questions on MLD IV and CRD IV
- Council invites COREPER to endorse MLD IV and WTR
- EU extends sanctions relating to Crimea and Sevastopol and European Commission issues guidance on existing Russian sanctions
- EU introduces new asset freezing measures against Yemen
- Advances on steps to reform the Spanish Criminal Code
- UAE named the least corrupt country in the Middle East
- Alstom SA agrees to pay US$772 million to end investigation into bribes paid to win power-plant contracts in the Middle East and Indonesia
- Saudi Arabia among world's worst for 'dirty money' flows
- PCPD issues "Guidance on Personal Data Protection in Cross-border Data Transfer"
- HKMA's new initiatives on AML & CFT
- SFC brought its first legal action against a short seller
- Property tycoon and former chief secretary jailed in Hong Kong's highest level corruption trial
- Hong Kong regulator warns on cybersecurity risks
- ICAC raided Guotai Junan International office and director's home
China, South East Asia & India
China
- China to set up permanent anti-corruption offices in central government and party departments
- Woman bribing the former railroads minister sentenced to 20 years
- Two senior officials at China Unicom under investigation for corruption
- Interim regulations on real property registration issued
- China to cooperate with US, Canada, Australia and France to track down corrupt officials
- Zhou Yongkang expelled from CCP and face prosecution
- Former Vice president of COSCO sentenced to 10 years in prison
- Ling Jihua under investigation for serious disciplinary violations
- Executive at Nissan joint venture under investigation
- Chinalo's ex-chief expelled from the party for bribery
Thailand
- Thailand prince divorced his princess whose family is under corruption investigation
- CEO of Thailand's Wind Energy arrested amid graft scandal
Cambodia
- Five firms signed non-corruption agreement with Cambodia's Anti-Corruption Unit (ACU)
- Cambodia slightly improves in corruption ranking
India
- New anti-corruption bill awaiting approval by the Indian parliament
- 1,199 corruption cases filed this year, highest in ten years
South Korea
- State auditor to request disciplinary actions against Navy Chief
- New anti-corruption bill vetoed by legislature
Indonesia
- Former minister interrogated for BLBI scandal
Malaysia
- Laws to be amended to deal with corrupt business dealings in private sectors
- Heavier penalties to be given to bribers
Pakistan
- Court rejected acquittal pleas of former president in corruption cases
Vietnam
- Japan and Vietnam to strengthen cooperation to fight corruption in ODA projects
Singapore
- Former executives at ST Engineering charged with bribery and fraud
Myanmar
- Supreme Court unveiled three-year plan to reform graft-plagued judicial system
- Bank of Tokyo-Mitsubishi UFJ to pay US$315 million to New York Department of Financial Services
- Further Japanese companies implicated in U.S. DOJ investigation into automotive parts industry
- ANZ traders implicated in possible manipulation of bank bill swap rate
- Eddie Obeid stripped of his Order of Australia medal
- Independent Commission Against Corruption (ICAC) in High Court appeal
- Department of Justice imposes US$772 million criminal penalty on Alstom S.A.
- US Federal Appeals Court vacates insider trading convictions of hedge fund traders
- OFAC expands sanctions against Russia and North Korea
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.