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
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Disclaimer
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