Welcome to the January 2017 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.
- MoJ call for evidence on corporate liability for economic crime
- SFO enters into third and largest Deferred Prosecution Agreement
- SFO speech on fighting fraud
- SFO wins Property Freezing Order appeal in Chad oil corruption case
- FCA FAQs on REP-CRIM
- MLD IV – European Parliament resolution on high-risk countries
- ESAs delay on the delivery of draft RTS under MLD4
- No protection against prosecutorial confiscation for Corporate Ombudsmen in Germany
- Plans to introduce new securities law to safeguard investors in Oman
- Israeli prime minister questioned over corruption allegations
- Egyptian judge found dead in cell amid corruption charges
- Notary president and other officials suspended over SR400m forged deed
- SFC announces "Manager in Charge" regime to heighten senior management accountability for financial institutions in Hong Kong
- Former Hong Kong leader Donald Tsang on trial for corruption
- Acting for another – Hong Kong court of final appeal issues important clarification under the prevention of bribery ordinance
CHINA, SOUTH EAST ASIA & INDIA
China
- China to establish new anti-corruption agencies
- Former China Resources vice-chairman pleads guilty to graft charges
- China jails former deputy sports minister for graft
- Chinese court jails former coal group chiefs for bribery
- Multiple former senior Chinese officials jailed for graft
Singapore
- Former Micron manager fined for attempted bribery
- Company director faces 30 months' jail for corruption
- Graft scandal: Ex-ST Marine CEO jailed 10 months and fined
Vietnam
- Vietnam: Government Bans New Year Gift-Giving To Curb Bribery
Malaysia
- MACC, IRB team up to better combat graft criminals
Taiwan
- Official involved in financial crime
- Ex-Sumitomo Mitsui Employee Charged with Embezzling JPY960 million
- High Court convicts city mayor in bribery case
Recent FCPA developments
- Orthofix charged with accounting fraud and FCPA violations
- Biomet fined for repeating FCPA violations
- DOJ charges relatives of former UN Secretary-General for FCPA violations
- Teva Pharmaceutical pays settles FCPA charges
- SEC resolves FCPA and accounting fraud violation with General Cable
- Businessmen and former Mexican officials plead guilty in connection with bribery schemes for aviation business
- Former Guinean officials charged with money laundering for receiving bribes from Chinese companies
- Argentine sports marketing company fined for international bribery conspiracy in FIFA case
- Brazilian companies settle FCPA charges in connection with "Operation Carwash"
- Redflex enters into non-prosecution agreement with the DOJ
Other corporate criminal and enforcement actions
- Volkswagen pleads guilty in connection with cheating emissions tests, executives indicted
- DOJ settles with McKesson for failure to report suspicious orders of drugs
- Forest Laboratories and Forest Pharmaceuticals settle kickback allegations
Sanctions update
- OFAC provides clarification regarding Iran sanctions "snapback"
- OFAC issues guidance on sanctions compliance services
Money laundering
- NYDFS penalizes Agricultural Bank of China for anti-money laundering violation
Cybersecurity
- Cybersecurity sanctions targeting Russia implemented
Key contacts
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.