Welcome to the September 2016 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.
- Serious Fraud Office secures second Deferred Prosecution Agreement
- SFO investigation into Airbus Group
- FCA policy statement on financial crime reporting
- FCA – Anti-money Laundering Annual Report 2015/16
- Deadline for implementing FCA and PRA whistleblowing rules
- FOS August Newsletter
- HMT - money laundering and terrorist financing controls
- New proposed measures to tackle tax avoidance – including penalties for "enablers"
- HMICS CCU assurance review
- EBA opinion on proposal to bring virtual currency entities in the scope of MLD IV
- MLD4 – delegated regulation
- MLD4 – impact assessment
- MLD4 – proposed amendments
- Transparency International guidance on managing third party risk
- FATF plenary meeting
- FATF objectives 2016/17
- FATF identifies jurisdictions with AML/CFT deficiencies
- IMF discussion note on the withdrawal of CRBs
- European Investigation Order – A new approach to transnational criminal investigation in the European Union
- RICS fines Sweett Group for Middle East bribery offence
- Iraqi Defence Minister Khaled al-Obeidi impeached following corruption controversy
- Court of Final Appeal confirms and clarifies aspects of money laundering offence under OSCO
- Former bank manager jailed for 10 months for bribery and fraud
- Court of Final Appeal sets dates for high profile bribery appeals
- ICAC reports impressive 2015 statistics and changes within its powerful operations department
- ICAC declines to prosecute former commissioner's aide in relation to alleged lavish spending
- ICAC launches guidance on bribery in the retail sector
China, South East Asia & India
INDONESIA
- KPK Calls for Expansion of Authority in Private-sector Corruption
- KPK's Recent Enforcement to Combat Graft in Judicial Bodies
SOUTH KOREA
- Senior South Korean Prosecutor Faces Charges including Bribery
- Novartis Employees in South Korea Indicted for Bribing Doctors
SINGAPORE
- MAS Vows to Take a Rigorous Approach towards Money Laundering after 1MDB Scandal
INDIA
- RBI Penalizes Banks for Violation of Anti-Money Laundering Norms
BRUNEI
- Former BSP Employee Sentenced to Jail for Receiving Bribes
PHILIPPINES
- Formal President of a State-Owned Company Sentenced to 10 Years for Graft
MALAYSIA
- MACC Aggressively Freezing, Confiscating and Forfeiting Crime Proceeds
CHINA
- High-ranking Official of the Central Committee of the CPC Sentenced to Life
- Former Provincial Tourist Official Guilty of Taking Bribes
- Former chairman of China Telecom Group under Criminal Investigation
- OECD urges Japan to step-up efforts to fight bribery of foreign officials
- Japan Federation of Bar Associations releases guidance on foreign bribery prevention
Recent FCPA developments
- Johnson Controls receives NPA for FCPA issues
- LATAM Airlines settles with DOJ and SEC over FCPA issues
- Other corporate criminal and enforcement actions
- Volkswagen reached partial settle with federal and state regulators
- Oil refinery companies settle with DOJ and EPA for alleged air pollution
- Norwegian shipping company pleaded guilty for price-fixing
Sanctions update
- OFAC issues a general license authorizing U.S.-origin airplane's temporary sojourn" to Iran
- OFAC issued two Findings of Violation against insurance companies
Money laundering
- FinCEN expands reach of real-estate data targeting order
- FinCEN fines California Casino for anti-money laundering failure
- NYDFS issues final anti-money laundering regulation
Cybersecurity
- White House issues Presidential Policy Derivative on cyber incident coordination
- Second Circuit Ruling Prohibits US Government Seizure of E-Mails Stored Outside the United States
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.