Corporate Crime update, January 2018

Welcome to the January 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. Click read more for the full article of each jursidiction. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM/ EUROPE

• Analysis of FCA fines in 2017
• SFO outlines tell-tale signs of money laundering
• Surge in financial sector fraud
• JMLSG makes further changes to AML/CTF guidance 
• Increased complexity of cybercrimes in 2017
• FCA final notice for failure to disclose inside information under MAR
• Hacker imprisoned for two years after international cyber attacks
• EU Parliament and Council reach agreement on amending 4MLD
• EU urged to create European cybersecurity model
• Group-wide AML/CTF compliance: new obligations for firms with overseas branches and subsidiaries?

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GERMANY

• German Federal Court of Justice: compliance management system can lead to reduction of a fine
• Germany investigates banks regarding dividend stripping
• German tax authorities target Chinese online retailers
• Deutsche Telekom calls on government to counter tech threats

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MIDDLE EAST

• British suspect embezzles DH 1.4 million from Dubai-based businessman
• Duo imprisoned for attempting to sell 50 sports cars using forged documents
• Suspects appear in court for deception and bribery in obtaining bank loans

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UNITED STATES

• Chinese company convicted of trade secrets theft
• Trump administration continues Iran sanctions waivers, but signals desire for changes
• DOJ reports more than two thirds of $4 billion civil fraud recoveries in 2017 are from the health sector
• Turkish banker convicted for Iran sanctions violation
• Court overturns $350 million judgment in FCA case

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HONG KONG

• ICAC's figures highlight private sector focus and high conviction rate
• Update on allegations of international bribery against former senior Hong Kong official
• Kennedy Wong acquitted of bribery
• HSF publishes updated guide to anti-bribery and corruption in Hong Kong

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CHINA, SOUTH EAST ASIA & INDIA

China

• 2017 corruption figures published
• Local regulators waste no time deploying China’s Anti-Unfair Competition Law
• China's focus on pyramid schemes
• Herbert Smith Freehills publishes updated guide to anti-bribery and corruption in China

Singapore

• Singapore to review anti-corruption and related laws

South Korea

• President Park indicted for accepting bribes from National Intelligence Service
• Tumultuous month for cryptocurrency in South Korea

Vietnam

• Corruption crackdown escalates whilst new Penal Code expands domestic anti-corruption regime

Indonesia

• Bitcoin is not a legitimate form of payment

Philippines

• AMLC assess money laundering threat as high 

Pakistan

• National Accountability Bureau pushes for finalisation of 1,000 outstanding cases and crackdown on offshore companies

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JAPAN

• Changes in Japan's AML landscape on the horizon
• Japan plans to introduce the right to plea bargain in June
• Japanese supercomputer joint venture suspected of tax evasion

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AUSTRALIA

• The OECD has released its fourth report on Australia's efforts to combat foreign bribery
• Australian Government agencies release joint guidelines to assist corporations in self-reporting foreign bribery
• AUSTRAC makes new rules on anti-money laundering and counter-terrorism financing
• Australia's Parliament inquires into the impact of new and emerging technology on law enforcement and investigation
• Australian Parliamentary Inquiry recommends modern slavery reporting and compliance measures

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