Welcome to the July 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.
- Supreme Court rules that five year statute of limitations applies to disgorgement in SEC enforcement cases
- Linde receives public declination through the FCPA Pilot Program
- Former Swiss banker pleads guilty to money laundering charge in connection with soccer bribery scheme
- US to reinstate certain Cuba sanctions
- US broadens civil forfeiture claims targeting allegedly misappropriated Malaysian assets
- Federal judge orders suppression of evidence gathered in improper search
- US Senate votes to impose new sanctions on Iran
- US Senate approves Russia sanctions amendment
- New legal framework on the recovery of criminal proceeds
- Multi-billion dirham investment scam affects 3,700 customers
- Computer programmer jailed
- $5 million stolen from company owner in fraud scheme
- Former chief secretary and property tycoon lose appeal in Hong Kong's highest profile corruption case
- Chief executives under investigation by ICAC
- Small bribes to bank staff result in ICAC charges
- LegCo gazette two bills on AML/CTF
CHINA, SOUTH EAST ASIA & INDIA
China
- New Cyber Security law comes into force
- New rule requires reporting of Chinese bank cards' overseas transactions
- Former Chairman of China Resources sentenced to 14 years' imprisonment
- Multiple government officials sentenced for corruption
Singapore
- Former senior executive fined
Malaysia
- No gift policy introduced in the workplace
- Fraudulent investment scheme under investigation
South Korea
- Ex-president's accomplice receives first sentence
- Former health minister sentenced for abuse of power
Vietnam
- Vietnam joins BEPS
Indonesia
- Three Air Force personnel named in investigation
- Bank of Indonesia works with Attorney General's Office to fight banking crime
India
- New rules to speed up corruption investigations against government employees
- E-market place under scrutiny
Japan passes new "anti-conspiracy" law
- Australian Government plans to introduce new laws protecting whistleblowers
- Momentum to establish a federal anti-corruption agency builds
- AUSTRAC working as part of project to uncover beneficial owners of offshore companies and trusts
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.