Corporate crime update, January 2017

Welcome to the January 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 covers a number of jurisdictions summarised below. Click read more for the full article of each jursidiction.

UNITED KINGDOM/ EUROPE

• MoJ call for evidence on corporate liability for economic crime
• SFO enters into third and largest Deferred Prosecution Agreement
• SFO speech on fighting fraud
• SFO wins Property Freezing Order appeal in Chad oil corruption case
• FCA FAQs on REP-CRIM
• MLD IV – European Parliament resolution on high-risk countries
• ESAs delay on the delivery of draft RTS under MLD4

MIDDLE EAST

• Plans to introduce new securities law to safeguard investors in Oman
• Israeli prime minister questioned over corruption allegations
• Egyptian judge found dead in cell amid corruption charges
• Notary president and other officials suspended over SR400m forged deed 

HONG KONG

• SFC announces "Manager in Charge" regime to heighten senior management accountability for financial institutions in Hong Kong
• Former Hong Kong leader Donald Tsang on trial for corruption
• Acting for another – Hong Kong court of final appeal issues important clarification under the prevention of bribery ordinance

CHINA, SOUTH EAST ASIA & INDIA

China

• China to establish new anti-corruption agencies
• Former China Resources vice-chairman pleads guilty to graft charges
• China jails former deputy sports minister for graft
• Chinese court jails former coal group chiefs for bribery
• Multiple former senior Chinese officials jailed for graft

Singapore

• Former Micron manager fined for attempted bribery
• Company director faces 30 months' jail for corruption
• Graft scandal: Ex-ST Marine CEO jailed 10 months and fined

Vietnam

• Vietnam: Government Bans New Year Gift-Giving To Curb Bribery

Malaysia

• MACC, IRB team up to better combat graft criminals

Taiwan

• Official involved in financial crime

JAPAN

• Ex-Sumitomo Mitsui Employee Charged with Embezzling JPY960 million
• High Court convicts city mayor in bribery case

UNITED STATES

Recent FCPA developments

• Orthofix charged with accounting fraud and FCPA violations
• Biomet fined for repeating FCPA violations
• DOJ charges relatives of former UN Secretary-General for FCPA violations
• Teva Pharmaceutical pays settles FCPA charges
• SEC resolves FCPA and accounting fraud violation with General Cable
• Businessmen and former Mexican officials plead guilty in connection with bribery schemes for aviation business
• Former Guinean officials charged with money laundering for receiving bribes from Chinese companies
• Argentine sports marketing company fined for international bribery conspiracy in FIFA case
• Brazilian companies settle FCPA charges in connection with "Operation Carwash"
• Redflex enters into non-prosecution agreement with the DOJ

Other corporate criminal and enforcement actions

• Volkswagen pleads guilty in connection with cheating emissions tests, executives indicted
• DOJ settles with McKesson for failure to report suspicious orders of drugs
• Forest Laboratories and Forest Pharmaceuticals settle kickback allegations

Sanctions update

• OFAC provides clarification regarding Iran sanctions "snapback"
• OFAC issues guidance on sanctions compliance services

Money laundering

• NYDFS penalizes Agricultural Bank of China for anti-money laundering violation

Cybersecurity

• Cybersecurity sanctions targeting Russia implemented