Welcome to the August 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.
- New sanctions reporting requirements for non-financial sector businesses
- UK Government publishes response on the legal framework for sanctions post-Brexit
- Failure to Prevent the Facilitation of Tax Evasion offences to be implemented from 30 September 2017 – Criminal Finances Act 2017
- The Court of Appeal clarifies the 'public interest test' for whistleblowing claims
- FCA annual reports and accounts 2016/2017
- FCA publishes new cyber security guide
- SFO opens investigation into pension schemes totalling £120 million
- Anti-money laundering reforms not implemented in majority of EU countries
- Consultation on Codes of Practice of POCA and ATCSA
- NCA to host the International Anti-Corruption Coordination Centre
- Other corporate crime developments
- Chairman of Macau-based real estate development company convicted at trial for scheme to bribe UN officials
- Telecom executive pleads guilty to FCPA charges
- CDM Smith resolves FCPA violations through DOJ declination and disgorgement
- Seventh company pleads guilty for fixing electrolytic capacitor pricing
- DOJ seeks to recover over $100 million in Nigerian oil corruption case
- FinCEN fines BTC-e virtual currency exchange for AML violations
- Celgene settles fraud allegations over cancer drug improper promotion
Sanctions
- US President recertifies the JCPOA and extends review of Sudan sanctions
- US passes legislation that strengthens Iran, Russia, and North Korea Sanctions
- US imposes sanctions on Chinese bank for alleged transactions with North Korea
- US imposes sanctions on Venezuelan President Nicolás Maduro
- OFAC fines Singapore Firm $12 Million for Iran sanction violations
- US Government wins forfeiture case of Iranian-owned tower in Manhattan
- Fraudster arrested following 55 complaints
- Individuals conspire to defraud bank
- Ex-ministry employee misappropriates $820,000
- Hong Kong SFC consults on new rules and code for open-ended fund company
- SFC and AMF sign MOU on mutual recognition of funds between Hong Kong and France
- Hong Kong SFC closes consultation on proposed guidelines to reduce and mitigate hacking risks related to internet trading
- Company director sentenced to four months' imprisonment for small bribe to bank staff
- Russian money laundering revelations lead to call for private-public cooperation on KYC
- HKMA and PWMA in Hong Kong collaborate to develop a treat customers fairly charter for the PWM industry
- SFC annual report published
- ICAC chief visits Guangzhou and Shenzen to foster ties in graft fight
CHINA, SOUTH EAST ASIA & INDIA
China
- Beijing police arrest 9 in one of the world's largest internet malware schemes
- Apple opens China data center to comply with new cyber-security rules
- Game developer's subsidiary and former chairman charged for offering bribes in China
- US proposes to sanction Chinese bank for money laundering concerns linked to North Korea
- Multiple former senior government officials investigated for bribery
India
- CDM Smith investigated for bribing government officials
Indonesia
- Indonesian authorities invoke corporate liability provisions for the first time
- Tax official sentenced to 10 years' imprisonment for bribery
Singapore
- Singapore introduces draft Cybersecurity Bill
- Singaporean police probe a collapsed suspected Ponzi scheme
- MAS consults on regulations for the provision of digital advisory services
Thailand
- King Power International accused of tax evasion
Philippines
- Philippines extends anti-money laundering laws to include casinos
- BIR investigates 40 cases of tax evasion this year
Vietnam
- Anti-corruption investigations in central province
South Korea
- Heads of KAI and DAPA under investigation
- Japan ratifies UN organised crime convention following passing of anti-conspiracy law
- AUSTRAC proposes restructure of AML/CTF Rules
- AUSTRAC Report on Securities and Derivatives Sector: Money Laundering and Terrorism Financing Risk Assessment
- Consultation paper regarding ASIC's power recommends sharing of intercepted phone calls
- Parliament releases report into human trafficking and slavery
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.