Corporate Crime Update, Autumn 2018

Welcome to the autumn 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. 

UNITED KINGDOM/ EUROPE

• High Court considers extraterritorial application of compulsory powers
• Sanctions clauses in a changing sanctions regime
• Unexplained Wealth Order upheld, anonymity order discontinued
• OFSI publishes Annual Review
• Treasury Select Committee inquiry into the Bribery Act 2010 hears evidence
• FCA TR18/3: Money laundering and terrorist financing risks in the e-money sector
• CMA launches new cartel awareness campaign
• HMRC: List of businesses that have not complied with the Money Laundering Regulations 2017
• Government launches Counter Fraud Profession 
• Privilege no defence to notice requiring production of client's privileged documents to regulator 
• Court of Appeal decision in ENRC: Orthodoxy restored on litigation privilege, but narrow interpretation of "client" remains for now  
• European Commission communication on improving AML supervision
• FCA closing more investigations than ever 
• SFO speeches at the Cambridge International Symposium on Economic Crime 2018: 
  • All economic crime has victims 
  • Rendering accountable the wealth of criminals 
  • Ensuring our country is a high risk place for the world's most sophisticated criminals to operate
• NCA speech at the Cambridge International Symposium on Economic Crime 2018 
• Five sentenced in FCA's second largest criminal prosecution of £2.8 million investment fraud
• House of Commons report: The future of sanctions 

READ MORE

GERMANY

• European Commission proposes new rules to protect whistleblowers

• Raid on DZ Bank in connection with "cum ex" deals

READ MORE

SPAIN

• Amendment to law 10/2010 of 28 April, on the prevention of money laundering and terrorist financing 

READ MORE

MIDDLE EAST

• Ten men accused of stealing Dh6 million from Abu Dhabi bank through financial fraud
• Abu Dhabi Financial Prosecution wants tougher sentences for commercial fraud
• Two on trial over Dh117,000 bribery case relating to petrol station staff in Dubai
• Commercial fraud crimes in Dubai amounted to over Dh 82 million in first half of 2018
• Man held in India for defrauding the Dubai IQRA Group of Dh3.79 million
• Manager of Dubai government company jailed for seeking Dh4.85 million in bribes
• Legal consultant convicted of online blackmail in extortion bid of Dh1.2 million

READ MORE

UNITED STATES

• Second wave of United States sanctions against Iran re-imposed
• FinCEN issues advisory regarding detection of illicit transactions related to Iran
• SEC halts ICO fraudulently claiming SEC approval 
• SEC report: Cyber-related frauds perpretated against public companies and related internal accounting controls requirements 
• SEC: Emergency action to halt microcap fraud scheme 
• FATCA udpate: First-ever conviction signals increased enforcement risk
• SEC awards almost $4 million to overseas whistleblower 
• SEC halts $345 million fraud and obtains asset freeze
• Basler Kantonalbank enters into DPA with DOJ to settle tax evasion charges

READ MORE

HONG KONG

• Courts clamp down on ancillary bribery offences

• SFC publishes AML/CFT inspection findings and urges intermediaries to ensure compliance

• Hong Kong Court of Appeal orders retrial in insider dealing case

READ MORE

CHINA, SOUTH EAST ASIA & INDIA

China

• China cracking down on tax evasion 
• Review of vaccine manufacturers in China reveals no quality or safety problems 
• China's new data rules should be factored into investigations

South Korea

• South Korea ex-president Lee appeals 15 year jail term
• South Korea cracking down on offshore tax evasion

Singapore

• Courts target private sector bribery
• Enforcement ramps up in relation to Ponzi schemes
• Machine learning to combat money laundering and expansion of AML/CFT regime to cover precious stones and metals dealers

Indonesia

• Indonesia's Corruption Eradication Commission arrests 41 regional lawmakers for bribery 
• Indonesia targets palm oil sector for bribery

Thailand

• Thailand's Bank of Ayudhya chooses NICE Actimize to manage anti-money laundering compliance
• Former Colliers real estate broker pleads guilty to bribery

Malaysia 

• Update on 1MDB investigation
• Government to consider caning for bribery

Philippines

• Banks, casinos and covered business required to digitise customers' records

READ MORE

JAPAN

• FSA report on anti-money laundering guidelines
• Suruga Bank sanctioned for corporate governance failings
• Falsification of earthquake safety inspection data
• Increased regulatory oversight of cryptocurrency exchanges

READ MORE

AUSTRALIA

• Draft legislation to increase civil penalties for white-collar crime released

• Commonwealth Modern Slavery Bill – update

• Updates to Austrade anti-bribery publications 

• Whistleblower legislation – update 

• Australian businessman charged with conspiring to bribe foreign officials 

READ MORE