Welcome to the May 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
- Launch event: Law Commission review of the law relating to corporate criminal liability
- SFO publishes Business Plan for 2021/22
- FCA fines firm for financial crime control failings
- FCA: Speech by CEO on regulation for a different world
- HO/HMT: Statement of progress on Economic Crime Plan
- FRC imposes sanctions on actuary in relation to advisory services provided to Coats Group plc
- SFO ends investigations into individuals in Airbus case
- SFO offers no evidence against former Serco Geographix executives
- The Global Anti-Corruption Sanctions Regulations 2021
- FCA: Criminal proceedings for fraud and unauthorised business
- JMLSG consults on revised trade finance sectoral guidance
- SFO announces investigation into the Raedex Consortium group of companies
- FCA speech on AML controls at AML & ABC Forum 2021
- FCA: Policy statement on extending annual financial crime reporting obligation
- PSR: Statement of Objections on breaches of competition law
- CPS: Economic crime strategy 2025
- Gambling Commission announces enforcement action for casinos
- HC: Company unlawfully advised on investments and promoted CFD trading
- The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021
- HMT advisory notice on ML/TF controls in higher risk jurisdictions
- OFSI: Quarterly report on the operation of the UK’s asset freezing regime under TAFA
- SFO closes investigation into KBR Inc.’s UK subsidiaries
- FCA statement on trial dates in criminal cases
- FCA starts criminal proceedings against bank under MLR
- OFSI: Updated guidance on monetary penalties for breaches of financial sanctions
- FCA speech on market abuse
- NCA updated guidance on submitting better quality SARs
EU
- EBA: Consultation on a central AML/CFT database
- BaFin orders bank to further enhance anti-money laundering measures
- Commission roadmap on law enforcement access to interconnected bank account registries
- ESMA: Technical advice to the EC on administrative and criminal sanctions under MiFID II/MiFIR
- EBA: Consultation Paper on the revised Guidelines on Risk-based AML/CFT supervision
- Key resolution on corporate due diligence and corporate accountability adopted by the EP
International
- FATF: Launch of project on mitigating unintended consequences of FATF standards
- FATF report on Trade-Based Money Laundering: Risk Indicators
- Justice Reform: the main features of proposed judicial reforms
- The European Public Prosecutor's Office is willing to start its investigations on 1 June 2021
- AFA 2020 Report
- Bolloré Group fined €12 million in Togo corruption case
- Decision handed down by the Versailles Court of Appeal on the jurisdiction to award preventive actions in respect of French Vigilance Law
- French government introduces Climate Bill to promote stronger environmental justice
- Release of the new French Anti-Corruption Agency’s guidelines
- Transposition of Fifth Anti-Money Laundering Directive in Spain
- Professional beggars turn to Whatsapp during Ramadan
- German expat targeted in sophisticated phishing attack
- UAE Cabinet approves the establishment of the executive office for AML and CFT
Hong Kong
- HKMA publishes key messages and observations from thematic review of use of external information in AML/CFT control systems
- SFC and police conduct joint operation against listed company and senior executives in connection with suspected ramp-and-dump market manipulation schemes and fraud
- SFC revokes corporation's licence and bans its former co-CEOs for life
- Hong Kong Customs cracks down on HK$2.5 billion money laundering syndicate
- ICAC charged former government consultant with misconduct and fraud over HK$4.2 million services for overseas health organisations including WHO
- Solicitor acquitted of insider dealing in shares of listed company
- MMT sanctions two former executives of listed company for insider dealing
- Two former law firm employees jailed for fraud over HK$20 million mortgage loans and money laundering
China
- Former top official of China's biggest policy bank accused of bribery
- China's anti-money laundering regulations tightened for financial institutions
- Vice Governor of Shanxi Province faced corruption investigations
- Former Shanghai Clearing House chief faced corruption charges
- China's financial regulators released new Know-Your-Customer rules for public consultation
- Former culture and tourism official faces corruption charges
- Former senior political advisor of Hainan charged with bribery
India
- SEBI amends the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
- Former Uttar Pradesh minister charged with money laundering
Malaysia
- First company director charged for corporate liability for corruption
Philippines
- Broadened anti-money laundering rules
Singapore
- Businessman charged for $750 million fraud over cheating investors
South Korea
- South Korea vows to crack down on money laundering via crypto transactions
- Anti-corruption initiatives to tighten discipline in public service
- South Korea's crypto anti-money laundering rules enter into force
Taiwan
- Taiwan to launch new anti-money laundering regulations for crypto exchanges
Thailand
- Updates to anti-money laundering laws
Vietnam
- Vietnam achieved best corruption control in a decade
- Japanese government officials punished for dining for free
- Further tranches of Australian modern slavery statements now available
- ASIC pilots express investigation system for enforcement activities
- ASIC launches immunity policy for market misconduct offences
- Australian Government releases response to the Senate Economics References Committee report into foreign bribery
- Sanctions update March - May 2021
- SEC charges Texan with defrauding investors in a purported wireless energy project
- SEC obtains judgement in insider trading case involving clinical trial
- DoJ indicts two companies and nine individuals for alleged large-scale visa fraud employment scheme
- DoJ: High-level organiser of notorious hacking group sentenced to prison for scheme that compromised tens of millions of debit and credit cards
- SEC obtains final judgment against lawyer who assisted fraud
- CFTC announces that Federal Court orders UK man to pay more than $571 million for operating fraudulent bitcoin trading scheme
- DoJ sentences former CEO and founder of technology company for his role in investment-fraud scheme
- Former oil trader pleads guilty to DoJ for commodities price manipulation conspiracy
- DoJ: Former Venezuelan official pleads guilty in connection with international bribery and Money Laundering Scheme
- DoJ: Former Ecuadorian government official sentenced to prison for role in bribery and money laundering scheme
- SEC: Additional unregistered broker who sold $8.5 million in securities to retail investors charged with securities violations
- DoJ: First North Korean national brought to the US to stand trial for money laundering offences
- DoJ: Iranian nationals charged with conspiring to evade US sanctions on Iran by disguising $300 million in transactions over two decades
- DoJ announces South Korean national pleads guilty to scheme to defraud US Department of Defense
- SEC charges Texas investment adviser and two executives in connection with $17 million energy fund fraud
- SEC charges recidivist securities fraudster with defrauding investors
- SEC charges unregistered investment adviser with defrauding investors in decade-long scheme
- Individual sentenced for role in investment-fraud scheme
- Cryptocurrency fraudster pleads guilty to securities fraud and money laundering charges in multi-million dollar investment scheme
- CFTC charges individual with fraud and misappropriation
- CFPB takes action against payment processor and its former CEO for supporting internet-based technical-support scams
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