Welcome to the September 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, please click on the name of the jurisdiction below. Below we provide a brief overview of what is covered in each update.
- Former derivatives trader convicted of LIBOR fixing
- SFO investigation into Soma Oil and Gas
- HMT/BIS review of AML/CTF rules
- Suspects charged with £12 million fraud and money laundering against public and private bodies
- Delay to implementation dates of Small Business, Enterprise and Employment Act
- New multi-agency International Corruption Unit
- Advocate General opinion on MLD III
- Transposition of Directive on attacks against information systems
- French Ministry of Finance outlines contemplated bill aiming at improving transparency
- France enacts new limits to the amount of cash that can be paid by professionals to settle liabilities
- Hong Kong Monetary Authority disciplined against State Bank of India
- HKMA Cautions Banks on Malpractice by Intermediaries and Sales Agents
- BNP Paribas Securities (Asia) Limited fined by Hong Kong's SFC for dark pool operations
- SFC hands out hefty fines against Nomura Hong Kong for failing to self-report non-compliance in a timely manner
- Hong Kong Resources chairman faces bribery charges
China, South East Asia and India
China
- China passes amendments to its criminal law
- SAIC issued new circular on scrutiny of automotive industry
- Former vice-minister for environmental protection under investigation
- Former executive of Shanghai-based retail giants convicted of corruption
- Wison Engineering and its chairman convicted of bribery in China
- People’s Bank of China Enters into Anti-Money Laundering Cooperation Arrangement with Macau’s Monetary Authority
India
- Louis Berger in bribery scandal
- Draft bill proposed to tackle bribery of foreign officials
Thailand
- Thailand tourism official charged with bribery
Indonesia
- Trade ministry officials and an importer businessman under investigation for suspected corruption Philippines
- State prosecutor suspended for demanding bribes
Taiwan
- Bribery scandal of Formosa Plastics
Pakistan
- Court orders arrest of former Prime Minister and Commerce Minister on charges of corruption
South Korea
- Supreme Court upheld bribery conviction against former Prime Minister
Vietnam
- Vietnam working with Singapore to recover corrupt official's illegal property
- Revision of Guidelines to prevent bribery of foreign officials
- Bitcoin Exchange company CEO arrested in Tokyo
- Revisions to the FCPA Resource Guide
- Mead Johnson Nutrition Company pays US$12 million in FCPA settlement with SEC
- BNY Mellon agrees to pay US$14.8 million to settle SEC FCPA charges
- Former SAP executive pleads guilty to FCPA charges
- Navigators Insurance Company reaches settlement with OFAC regarding alleged sanctions violations
- OFAC issues Finding of Violation to Schlumberger Oilfield Holdings in relation to violations of sanctions against Iran and Sudan
- Solicitor General seeks Supreme Court review of Newman decision
- SEC and DOJ charge former investment bank analyst with insider trading
- SEC charges 32 defendants in connection with insider trading hacking scheme
- Citigroup Global Markets settles with SEC in relation to compliance and surveillance failings
- FINCEN money laundering ruling in relation to FBME Bank
- US Senate resolution disapproving of JCPOA fails
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.