Welcome to the autumn 2018 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 where we provide a brief overview of what is covered.
- High Court considers extraterritorial application of compulsory powers
- Sanctions clauses in a changing sanctions regime
- Unexplained Wealth Order upheld, anonymity order discontinued
- OFSI publishes Annual Review
- Treasury Select Committee inquiry into the Bribery Act 2010 hears evidence
- FCA TR18/3: Money laundering and terrorist financing risks in the e-money sector
- CMA launches new cartel awareness campaign
- HMRC: List of businesses that have not complied with the Money Laundering Regulations 2017
- Government launches Counter Fraud Profession
- Privilege no defence to notice requiring production of client's privileged documents to regulator
- Court of Appeal decision in ENRC: Orthodoxy restored on litigation privilege, but narrow interpretation of "client" remains for now
- European Commission communication on improving AML supervision
- FCA closing more investigations than ever
- SFO speeches at the Cambridge International Symposium on Economic Crime 2018:
- All economic crime has victims
- Rendering accountable the wealth of criminals
- Ensuring our country is a high risk place for the world's most sophisticated criminals to operate
- NCA speech at the Cambridge International Symposium on Economic Crime 2018
- Five sentenced in FCA's second largest criminal prosecution of £2.8 million investment fraud
- House of Commons report: The future of sanctions
- European Commission proposes new rules to protect whistleblowers
- Raid on DZ Bank in connection with "cum ex" deals
- Amendment to law 10/2010 of 28 April, on the prevention of money laundering and terrorist financing
- Ten men accused of stealing Dh6 million from Abu Dhabi bank through financial fraud
- Abu Dhabi Financial Prosecution wants tougher sentences for commercial fraud
- Two on trial over Dh117,000 bribery case relating to petrol station staff in Dubai
- Commercial fraud crimes in Dubai amounted to over Dh 82 million in first half of 2018
- Man held in India for defrauding the Dubai IQRA Group of Dh3.79 million
- Manager of Dubai government company jailed for seeking Dh4.85 million in bribes
- Legal consultant convicted of online blackmail in extortion bid of Dh1.2 million
- Second wave of United States sanctions against Iran re-imposed
- FinCEN issues advisory regarding detection of illicit transactions related to Iran
- SEC halts ICO fraudulently claiming SEC approval
- SEC report: Cyber-related frauds perpretated against public companies and related internal accounting controls requirements
- SEC: Emergency action to halt microcap fraud scheme
- FATCA udpate: First-ever conviction signals increased enforcement risk
- SEC awards almost $4 million to overseas whistleblower
- SEC halts $345 million fraud and obtains asset freeze
- Basler Kantonalbank enters into DPA with DOJ to settle tax evasion charges
- Courts clamp down on ancillary bribery offences
- SFC publishes AML/CFT inspection findings and urges intermediaries to ensure compliance
- Hong Kong Court of Appeal orders retrial in insider dealing case
CHINA, SOUTH EAST ASIA & INDIA
- China cracking down on tax evasion
- Review of vaccine manufacturers in China reveals no quality or safety problems
- China's new data rules should be factored into investigations
- South Korea ex-president Lee appeals 15 year jail term
- South Korea cracking down on offshore tax evasion
- Courts target private sector bribery
- Enforcement ramps up in relation to Ponzi schemes
- Machine learning to combat money laundering and expansion of AML/CFT regime to cover precious stones and metals dealers
- Indonesia's Corruption Eradication Commission arrests 41 regional lawmakers for bribery
- Indonesia targets palm oil sector for bribery
- Thailand's Bank of Ayudhya chooses NICE Actimize to manage anti-money laundering compliance
- Former Colliers real estate broker pleads guilty to bribery
- Update on 1MDB investigation
- Government to consider caning for bribery
- Banks, casinos and covered business required to digitise customers' records
- FSA report on anti-money laundering guidelines
- Suruga Bank sanctioned for corporate governance failings
- Falsification of earthquake safety inspection data
- Increased regulatory oversight of cryptocurrency exchanges
- Draft legislation to increase civil penalties for white-collar crime released
- Commonwealth Modern Slavery Bill – update
- Updates to Austrade anti-bribery publications
- Whistleblower legislation – update
- Australian businessman charged with conspiring to bribe foreign officials
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