Welcome to the September 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.
- Rise in HMRC dawn raids to combat tax evasion
- Organisations to face fines for cyber security failures under new government plans
- New sanctions reporting requirements for non-financial sector businesses
- FCA publishes answers to outstanding questions
- Herbert Smith Freehills assists with first prevention of corruption clause in Olympic Games host city contract
- SFO earns taxpayers £517 million in 12 months
- FCA publishes report on new technologies and AML compliance
- Individual arrested on suspicion of cryptocurrency fraud
- CMA consultation on revised penalties guidance
- Germany in need of tougher laws against cyber crime
- Germany supports Peru in implementing OECD anti-corruption recommendations
- Deutsche Boerse management investigated for insider trading
- Manufacturers revealed as top victims of cyber attacks
- NYDFS fines Habib Bank for AML violations
- US charges several Turkish citizens, including former government officials, with US sanctions violation
- DOJ charges former army colonel with FCPA violation based on evidence collected from undercover operation
- US imposes sanctions on Venezuela adopting the Russian sanctions model
- US imposes sanctions on Chinese and Russian entities for alleged transactions with North Korea
- SEC settles with hedge fund advisor for insider trading
- Multiple states settle with Nationwide Mutual Insurance Company over 2012 data breach
- Seventh Circuit upholds first spoofing conviction under Dodd-Frank reforms
- Martin Shkreli found guilty of investor fraud
- Dubai hacker cheats American national of $500,000
- Dubai police warn of WiFi scams
- Company purchase officer on trial for bribery offences
- Business consultant acquitted of embezzling $5million from client
- Staff flee with embezzled funds
- British man deported from Dubai for tax fraud
- ICAC calls on corporate leaders and professionals to foster ethical culture from boardrooms to storerooms
- Hong Kong Court of Appeal finds against bank on the basis that the bank’s exclusion of liability clauses were unconscionable and unreasonable
- Asset managers and their senior management (including MICs) warned of action for regulatory non-compliance in Hong Kong
- SFC and Hong Kong police sign MoU to strengthen co-operation in combating financial crime
CHINA, SOUTH EAST ASIA & INDIA
China
- Former Liaoning Province leader sentenced to life imprisonment
- Ex-senior executive of China Development Bank sentenced to 14 years' imprisonment
- China Securities Regulatory Commission imposes sanctions
- Former officer expelled from CPC
- Chinese authorities focus on combatting pyramid schemes
Malaysia
- Bribing of voters in focus as Malaysia polls near
Philippines
- Philippines no longer faces monitoring by APG
South Korea
- Prosecutors launch investigation into FA-50 Aircraft Deal
- Samsung heir sentenced to five years' imprisonment
Vietnam
- Ex-chairman publicly confesses to crimes
Thailand
- Corruption hotline receives over 1,300 reports in its first month
Singapore
- Former employees jailed for misappropriation of $5.1 million
India
- Marketing rules to be introduced for pharmaceuticals
- Commonwealth Select Committee on a National Integrity Commission releases Report
- Parliamentary Joint Committee releases recommendations on whistleblower protections
- Global leaders commit to eradicating modern slavery at forum in Perth, Australia
- ASIC releases report on enforcement outcomes from the first half of 2017
- Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 introduced into House of Representatives
- AUSTRAC and ACNC report identifies charitable sector as target for money laundering and terror financing
- Australian Criminal Intelligence Commission releases report on organised crime in Australia
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.