Welcome to the March 2021 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.
UNITED KINGDOM/ EU/ INTERNATIONAL
United Kingdom
- SFO: Fourth former oil executive sentenced for paying bribes in post-occupation Iraq
- SFO, FCA, CMA and other public authorities granted powers under Covert Human Intelligence Sources (Criminal Conduct) Act 2021
- Supreme Court hands down judgment in SFO’s case concerning the extraterritoriality of section 2 powers – appeal of KBR is allowed
- OFSI: Introduction from new Director Giles Thomson
- Home Office consultation on changes to bodies granted powers under POCA
- LSAG issues AML guidance for legal sector
- OFSI releases Quarterly TAFA 2010 reports
- SFO closes investigation into listed British company
- EU Exit: JMLSG note on implications of end of transition period on its Guidance
- SFO: Former senior executive pleads guilty to further bribery offences
- Parliamentary vote to introduce failure to prevent economic crime offence in the Financial Services Bill abandoned, pending Law Commission review
- Implementation of UK sanctions regime following end of Brexit transition period
- Covid-19: FCA statement on firms’ financial crime systems and controls expired on 7 February 2021
- HMT/Home Office: ML/TF National Risk Assessment 2020
- BEIS publishes three consultations on corporate transparency
- NECC: Amber alert on illicit finance risks faced by independent schools
- FCA charges individual with one offence of money laundering
- FCA: Individual pleads not guilty to conspiracy to pervert the course of justice
- High Court considers entitlement of investment firm to terminate Bitcoin trading account due to alleged money laundering concerns
- SFO signs MoUs with CMA and FSCS
- NCA: SARs Annual Report 2020
- SFO secures £1.2 million following investigation into property linked to Brazilian bribery investigation
- Covid-19: FCA advises on managing financial crime in relation to Bounce Back Loan Scheme
- SFO confirms investigation into aerospace and transportation company
- FCA prohibitions highlight increasing focus on non-financial misconduct
- FCA criminal prosecution for destruction of documents
- Treasury Committee launches new economic crime inquiry
- UK Annual Report on Modern Slavery 2020
- FCA updates webpage on MLRs and BAP
- NCA: Payment platform operator for cyber criminals arrested in UK and sentenced in US
- ICO publishes SEC data sharing guidance for UK companies
EU
- EBA Opinion on ML/TF risks affecting EU financial sector
- EBA issues final revised ML/TF risk factor guidelines
- European Commission Communication on the EU's economic and financial system
- EBA: Methodology for carrying out risk assessments under EBA Regulation
- EBA: Report on functioning of AML/CTF colleges
- EBA: Opinion on strengthening connection between EU AML/CTF legal frameworks and deposit protection
- European Commission adopts new Delegated Regulation removing Mongolia from list of high-risk third countries under MLD4
- EU introduces global human rights sanctions regime
- EPC payment threats and fraud trends report 2020
- EBA: Opinion on how to take into account ML/TF risks in Supervisory Review and Evaluation Process
- EU Commission: Speech by Valdis Dombrovskis at ECOFIN press conference
- European Commission: AML package legislative proposal expected in Q1 2020
International
- FATF launches public consultation on Guidance on Proliferation Financing Risk Assessment and Mitigation
- FATF: Executive Secretary speech at Chatham House Illicit Financial Flows Conference
- FATF statement on jurisdictions under increased monitoring, high-risk jurisdictions subject to a call for action
- FATF: Outcomes of Plenaries, 21 - 23 October 2020 and 22 – 25 February 2021
- FATF: Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up
- FATF releases latest consolidated assessment ratings
- Covid-19: FATF Executive Secretary on ML/TF landscape and RegTech
- Covid-19: FATF update on ML/TF risks
- FATF/Egmont Group report: 'Trade-based Money Laundering: Trends and Developments'
- FATF: Survey on enhancing cross-border payments
- FATF: President Pleyer speech at IMPA
- FATF: Joint Experts’ Meeting 23 - 26 November 2020
- FATF: President Pleyer remarks at G20 Finance Ministers and Central Bank Governors meeting, G20 leaders reiterate support
- FATF updates standards to reflect counter-proliferation financing amendments
- FATF: President Pleyer Statement on AML/CTF regimes during the Covid-19
- Company ordered to pay over AED 470,000
- Bank collectors embezzle nearly AED 70,000 of public funds
- 200 law firms in the UAE have been suspended for not following prescribed procedures to combat money laundering
- Real estate agent sentenced to five years in prison for fraudulent property transaction
- UAE bank ordered to pay AED 5.5 million in compensation to duped customer
- Nine individuals and nine companies found guilty in AED 306m money laundering case
- Three individuals pose as representatives of a Dubai-based law firm in fraudulent transaction
Hong Kong
- SFC issues anti-terrorism and sanctions update
- SFC indicates crackdown on online “ramp and dump” scams as one of its enforcement priorities
- HKMA publishes updated HKAB FAQs on AML/CFT
- HKMA report: “AML/CFT Regtech: Case Studies and Insights”
- Hong Kong Police arrests bankers in HK$6.3 billion money laundering case
- Court sentences company secretary to imprisonment for insider dealing
- Court upholds jail sentence against former GEM-listed group finance manager for insider dealing
- ICAC makes available Corruption Prevention Guide for Insurance Companies and online training
- Covid-19: HKMA reminds industry of pandemic-related ML/TF risks
- SFC concludes consultation on CDD requirements for OFCs
- SFC issues circular on anti-bribery obligations
- Customs and Excise Department uncovers money laundering syndicate
- SFC makes available materials from AML/CFT webinars
- Insurance Authority makes available materials from AML/CFT sharing session
- Hong Kong Government to propose new digital assets regulation, officials say
China
- People’s Bank of China strengthens AML enforcement
- Chengde court sentences banker to life in bribery case
- Tianjin court sentences former finance executive to death for bribery
- Beijing court sentences banker to life imprisonment
- NAFMII widens default inquiry, accusing brokerage firm of manipulation
- Nanjing court sentences official to imprisonment for accepting bribes
Singapore
- MAS publishes Terrorism Financing National Risk Assessment 2020
- MAS publishes Enforcement Report
- Singapore jails second individual in construction site graft case
South Korea
- Seoul High Court sentences Vice Chair of technology company to prison for bribery
Malaysia
- MACC investigates airline’s RM300 million bank loan
Thailand
- Thai Police suspects airline of corruption and mismanagement
- Court sentences ex-governor of Tourism Authority to 50 years imprisonment for accepting bribes
- NACC to investigate 112.5 billion baht glove purchase
Indonesia
- KPK arrests former BPK commissioner
- Ex-Japan farm minister Yoshikawa indicted for bribery without arrest
- Medical equipment maker suspected of bribing former professors of Mie University Hospital
- Three Japanese drug wholesalers indicted over bid-rigging
- Results of the survey conducted by JFTC on trade practices involving startups
- Australian Government consulting on establishment of Commonwealth Integrity Commission
- Commonwealth Government announces enhanced protections for journalists and public sector whistleblowers
- Parliamentary Committee recommends Australian Government introduce targeted sanctions legislation to address human rights violations and corruption
- First tranches of Modern Slavery Statements now available
- DoJ: Airline to Pay $49 Million to Resolve Criminal Fraud Charges and Civil Claims
- FAQs on SARs and other AML considerations
- DoJ: Indonesian company agrees to pay over $1.5 million fine
- DoJ: Former Government contractor sentenced for role in bribery and kickback scheme
- DoJ: Owner of crypto exchange sentenced to prison for money laundering
- SEC and DoJ: Bank resolves bribery and fraud case
- SEC statement on proposed 2011 fraud-detection program and 2012 Opinion of DoJ’s OLC
- DoJ: Individual pleads guilty to violating FCPA
- SEC adopts final rules for the disclosure of payments by resource extraction issuers
- DoJ: Venezuelan individuals charged in relation to international bribery and money laundering scheme
- DoJ: Individual charged in relation to international bribery and money laundering scheme
- SEC and DoJ: OECD Working Group on Bribery issues Phase 4 Report
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