Welcome to the Summer 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
- UK and EU sanctions in response to Belarus’ forced diversion of a Ryanair flight
- OFSI: Imposition of monetary penalty for breach of financial sanctions
- HMT: Call for evidence on the UK's AML/CFT regulatory and supervisory regime and consultation on amendments to MLRs
- HMCPSI inspection report on CPS and SFO Proceeds of Crime Divisions
- NCA: Annual Report and Accounts 2020/21
- SFO secures two further DPAs
- Money Laundering and Terrorist Financing (Amendment) (No 2) (High-Risk Countries) Regulations 2021
- Home Office Circular 004/2021: SARs in the context of disclosure in private civil litigation
- ICO launches investigation into the use of private correspondence channels at DHSC
- SFO enters into DPA with Amec Foster Wheeler Energy Ltd
- SFO speech on making the UK a safe place for business
- FCA: 'Dear CEO' letter on common control failings in AML frameworks
- Revised POCA Codes of Practice
- Former Unaoil executive ordered to pay £402k in confiscation
- Law Commission discussion paper on corporate criminal liability
- Pensions Regulator comments on draft criminal offences policy consultation
- SFO seizes £248k from fraudster with account forfeiture order
- CPS: Updated guidance on money laundering offences
- The Sanctions and Anti-Money Laundering Act 2018 (Commencement No. 3) Regulations 2021
- NCA strategic assessment of organised crime 2021
- The Regulation of Investigatory Powers (Criminal Conduct Authorisations) (Amendment) Order 2021
- FCA charges individual with fraudulent trading and carrying on regulated activities without authorisation
- UK Serious Fraud Office confirms investigation into Gupta Family Group Alliance
EU
- EC: Consultation on guidance on the rules applicable to the use of PPPs in AML/CFT framework
- EC announces new EU AML Package
- EC: Consultation on proposed Directive on cross-border law enforcement access to bank account registries
- EP calls for corruption to be treated as a crime subject to restrictive measures
- EPPO and OLAF enhance cooperation
- ECA: Report on EU efforts to fight money laundering in the banking sector
- EC: Public consultation on freezing and confiscating proceeds of crime
- EC: Opinion on EU sanctions and “making available”
- EBA: Consultation on Guidelines on AML/CFT cooperation and information exchange
International
- FATF: Report on review of revised AML/CFT standards on virtual assets and VASPs
- FATF report on opportunities and challenges of new technologies for AML and CFT
- Wolfsberg Group statement on demonstrating effectiveness of AML and CFT programme
- FATF Report on EoRMT
- FATF: Guidance on proliferation financing risk
- FATF: CP on BO of legal persons; June 2021 Plenary outcomes; Report on environmental crime
- Climate Bill: stronger environmental justice
- French Parliament adopts a mechanism for the restitution of "ill-gotten gains"
- French Parliament: Evaluation of the Sapin 2 Law
- French Conseil d'Etat: assessment of governmental investigative powers
- Whistleblower protection: overview of the public consultation
- Publication of the 2020 activity report of the High Authority for Transparency in Public Life
- Disciplinary sanction and knowledge by the employee of internal ethical rules
- Update on implementation of the EU Whistleblower Directive
Hong Kong
- SFC issues circular regarding suspected ramp and dump scams involving market manipulation in shares of listed companies
- HKMA publishes seventeenth issue of Complaints Watch
- FSDC issues research report on cybersecurity strategy for Hong Kong financial services industry
- Sanctions and anti-terrorism updates
- SFC increases efforts to combat IPO-related misconduct and outlines approach in joint statement with SEHK
- MMT sanctions listed company and its directors for late disclosure of inside information
- Former bank employee imprisoned for bribery over customer data for business touting
China
- China top government body issues statement on tackling illegal activities in securities market
- Former official of China's biggest policy bank accused of corruption
- Former anti-corruption investigator faces graft charges
- Over 1,100 arrested in China's crackdown on crypto-related money laundering
- China's central bank publishes proposed amendments to the Anti-Money Laundering Law for public consultation
India
- RBI provides guidance in relation to customer due diligence for transactions in virtual currencies
- Covid-19: RBI announces extension of required periodic updating of KYC – restrictions on account operations for non-compliance
Malaysia
- UMNO leader charged with 106 counts of money laundering
- Laws on beneficiary ownership required in combating corruption
- First case of "smurfing" in Malaysia
- MACC announces 29 initiatives to eradicate corruption completed
South Korea
- Anti-corruption presidential secretary resigns over allegations of real estate speculation
- 12 South Korea ruling party lawmakers implicated in real estate corruption
- South Korea exposes cryptocurrency Ponzi scheme
Vietnam
- Possible 20-year prison sentence for arrested journalist
- Well-known animation studio and its president indicted for tax evasion
- Revised guidelines for the prevention of bribery of foreign public officials
- Proposed restructure of Australian Securities and Investments Commission
- Parliamentary Inquiry into Australia’s AML/CFT financing regime
- Potential amendments to the NSW Modern Slavery Act
- Further Australian modern slavery statements now available
- Sanctions update June - August 2021
- HSF podcast series on sanctions law
- DoJ: Cryptocurrency fraudster sentenced for money laundering and securities fraud
- DoJ: Former construction executive sentenced for tax evasion and bribery scheme
- DoJ: Turkish businessman arrested for money laundering
- FDIC: Bank Secrecy Act/Anti-Money Laundering Examination Manual update
- SEC: Biotech company and executives charged in $10 million offering fraud
- DoJ: Former Minister of Government of Bolivia charged in bribery and money laundering scheme
- DoJ: Two bank executives charged for conspiring to launder money in connection with bribery and fraud scheme
- DoJ: Chadian diplomats to the US charged in connection with international bribery and money laundering scheme
- State Capture of R57 billion
- South Africa has lost over R1.5 trillion to corruption in five years
- Minister of Health, Zweli Mkhize, put on leave following corruption allegations
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Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.