Corporate Crime Update, Spring 2019

Welcome to the Spring 2019 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 read more for the full article of each jurisdiction. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM / EUROPE / INTERNATIONAL BODIES

United Kingdom

• Government response to House of Lords Bribery Act report
• Government response to Treasury Committee's Economic Crime report
• F.H. Bertling Ltd sentenced for $20m Angolan bribery scheme
• SFO will issue guidance on self-reporting fraud or corruption
• SFO to persuade corporate criminals to turn informant
• SFO opens investigation into Greenergy and biodiesel trading
• Former company director pleads guilty to £12 million bribery scheme
• HMT consultation on the transposition of MLD5
• Lords report on sanctions and counter-terrorism legislation
• HMT and OFSI Counter-Terrorism International Sanctions guidance
• FCO and OFSI: Russia sanctions guidance
• OFSI imposes monetary penalty for EU sanctions breach
• NCA National Strategic Assessment of serious organised crime suggests London capital markets vulnerable to money laundering and calls for more investment
• NCA Director says more case law is needed on UWOs
• NCA secures UWOs against three properties believed to be linked to serious crime
• NCA recovers £6m in assets from international money laundering group
• Three jailed for defrauding and laundering £390,000 from elderly customers
• FCA speech on partly contested cases process and AML investigations
• FCA board discusses HMT proposal for AML supervision of cryptoasset businesses
• FCA fines bank for AML controls failings
• FCA signs MoU with the Insurance Fraud Bureau
• FCA raids on City financial firms near-doubled in 2018
• UK Finance highlights increased FCA market abuse enforcement 
• HMRC publishes responses to consultation and decision on AML supervision fees
• HMRC updates guidance on criminal investigation powers and safeguards
• House of Commons answers to written questions on Economic Crime Strategic Board and National Economic Crime Centre
• Report finds cost of financial crime to surge above $1.45 trillion in 2019
• SRA publishes AML Warning Notice
• Financial Ombudsman Service annual review 2018/19
• JMLSG proposes revisions to sectoral guidance
• TSB pledges to refund fraud victims
• TI: Will post-Brexit Britain be a beacon or buccaneer on financial crime?
• OFSI Financial Sanctions
• OFSI TAFA designation renewal
• EU Exit: Statutory Instruments

European Union

• EU adopts new sanctions framework targeting external cyber-attacks
• EU removes UK and Dutch territories from tax haven "blacklist"
• EU Parliament adopts position for increased AML role for EBA
• EU Parliament adopts position on proposed Directive on whisteblowing
• OECD consultation on strengthening the Anti-Bribery Convention
• AMLD4: Sanctions and administrative measures
• S&P Global Report on AML at European Banks

International Bodies

• FATF Business Bulletin May 2019
• FATF: Guidance for the private sector
• FATF given open-ended Mandate
• UN adopts resolution recognising essential role of FATF
• FATF report to G20 finance ministers on AML and CFT
• WFE welcomes FATF recommendation on digital asset risk
• FATF Mutual Evaluation Reports: Cayman Islands, Finland and China

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GERMANY

• Strengthening Germany's AML/CTF regime: the 5th EU Anti-Money Laundering Directive

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MIDDLE EAST

• Man jailed for embezzling Dh10 million
• Staff accused of stealing Dh3.2million from Dubai company
• One-year sentence upheld for Bitcoin thieves
• Man fakes business license, asks investor for Dh370,000
• Dh1 billion in fake currency recovered in Dubai in 2018 
• UAE government official on trial for receiving Dh200,000 bribe 
• Investor jailed for forging files to get Dh262,000 loan in Dubai 
• Government officer jailed for accepting Dh900 bribe in UAE 
• Man gets suspended jail term for swindling Dh530,000 in Dubai 
• Fraudsters drain Dh9 million from UAE bank account 
• Eight charged in Dubai with laundering Dh200,000
• Dubai expat accepts Dh10,000 bribe, helping to embezzle Dh4.3 million 

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HONG KONG / CHINA

• FATF Releases Fourth Round Mutual Evaluation Report of China
• Hong Kong's move to change extradition laws sparks protests
• Guangdong-HK-Macao aim for stronger collaboration in anti-corruption work
• ICAC cracks down on private sector bribery and fraud
• SFC publishes FAQs regarding obligation on firms to disclose internal investigations

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INDIA, KOREA & SOUTH EAST ASIA

India

• India uses Money Laundering Act to curb GST frauds
• India uses social media to combat tax evasion

South Korea

• Ex-vice justice minister arrested for bribery
• South Korean police tackle cryptocurrency scam with AI

Taiwan

• Taiwan proposes raising fines for tax evasion

Indonesia

• Careful with Chinese investors, says KPK
• Head of state-owned power utility charged with corruption
• Bank Indonesia and Bank of Thailand sign MoU for payment system and financial innovation cooperation
• Ex-governor sentenced for seven years for bribery

Malaysia

• Malaysia vows to cure corruption
• Malaysia Airports is now ISO certified for anti-bribery

Singapore

• Former Keppel procurement office gets 21 months jail for bribery
• Precious Stone and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act comes into force

Vietnam

• Vietnam gears up to combat money laundering

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AUSTRALIA

• ASIC reiterates its new enforcement strategy
• Inquiry into corporate criminal responsibility launched
• Property Council of Australia survey to assess and reduce supply chain modern slavery risk
• Commonwealth Modern Slavery Act draft guidance for reporting entities published
• Australian Government responds to Parliamentary Committee report into whistleblower protections
• Federal budget funding for corporate crime regulators and enforcement

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UNITED STATES

• OFAC emphasizes importance of risk-based sanctions compliance programs for US and international companies
• Updated DOJ Guidance Steers Effective Compliance and Remediation Programmes
• SEC awards whistleblower $4.5m under internal investigation provision
• SEC obtains asset freeze in connection with alleged insider trading
• SEC: Investment adviser charged with fraud for overcharging advisory fees
• US FinCEN publishes cryptocurrency financial crime typologies and red flags
• Former Jumio Inc. CEO to pay $17m to settle SEC fraud claims
• Treasury: Sanctions Case
• Fed issues enforcement action against Japanese bank regarding AML compliance

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SOUTH AFRICA

• South African corruption in the spotlight – how will South Africa's prosecutors climb the mountain ahead of them?
• The saga of Premier of the Free State, Ace Magashule
• The report into Steinhoff

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