20 Aug 2020
Insight
Global
The latest edition of our corporate crime update brings you the latest global developments in white collar crime at a glance.
UNITED KINGDOM, EUROPE AND INTERNATIONAL
United Kingdom
- SFO announcements regarding investigations
- SFO approval in principle for DPA
- Former Unaoil executives convicted of conspiracy to give corrupt payments
- SFO granted freezing order extension over London properties
- SFO appoints new COO and CEO
- SFO responds to HMCPSI report on operations and management
- FCA fines commercial bank for AML failures
- FCA updates webpages on reporting market abuse
- Covid-19: FCA statement on financial crime and CBILS/BBL
- Covid-19: FCA webpage on financial crime systems and controls
- Covid-19: FCA Interim CEO discusses future enforcement outcomes
- FCA allows e-money and payments firm to resume activities
- FCA censures AIM firm for market abuse; institutes proceedings against firm's former employees
- Complaints Commissioner comments on FCA's fraud responsibilities
- NCA denied permission to challenge UWOs
- NCA issues new guidance and FAQs on submitting SARs
- Covid-19: UKFIU issues new SAR glossary codes
- JMLSG amends Parts I, II, and III of guidance
- JMLSG consults on new PCA guidance
- Covid-19: JMLSG statement on new AML/CTF challenges
- HMT responses to consultation on 5MLD and TRS
- The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
- OFSI issues Russian financial sanctions guidance
- TAFA 2010 quarterly report to Parliament
- EU Exit: UK Government draft legal texts for the future UK-EU relationship
- EU Exit: New SAMLA regulations
- UK introduces first sanctions under SAMLA
Europe
- EBA reports on inquiry into dividend arbitrage trading schemes
- EBA expands Q&As to cover 4MLD
- EBA call for input on ML/TF de-risking
- ECB opinion on draft Belgian law implementing 5MLD
- European Commission AML/CTF action plan and consultation
- European Commission revises methodology for identifying high-risk third countries
- European Commission urges member states to implement MLDs
- European Parliament study on improving EU AML policy
- Europol launches European Financial and Economic Crime Centre, report on financial and economic crime
- ECA audit of EU's AML/CTF efforts
International
- Covid-19: FATF report on emerging ML/TF risks and policy responses
- Covid-19: FATF extends mutual evaluations and follow-up deadlines
- FATF objectives 2020 – 2022, and June 2020 Plenary outcomes
- FATF report on money laundering and the illegal wildlife trade
- FATF consults on Recommendation 1 and Interpretive Note
- BCBS updates guidelines on sound management of ML/TF risks
GERMANY
- EU citizen may not be extradited to USA due to the prohibition of double jeopardy
- Automotive supplier fined for software and supervision errors
SPAIN
- Spain transposes 5MLD
MIDDLE EAST
- Businessman leaves UAE on repatriation flight after alleged fraud
- UAE accountant for laundering more than AED 5.6 million
- Instagram celebrity arrested in Dubai on accusations of cyber fraud and money laundering
HONG KONG/CHINA
Hong Kong
- Ex-financial controller of listed company jailed for $2.6m bribery and fraud
China
- Former Bank President indicted by SPP over bribery
- PBOC money laundering fines soar
- China to revise Anti-Money Laundering Law
INDIA, KOREA & SOUTH EAST ASIA
South Korea
- Bank to pay US$86 million for anti-money laundering compliance failings
- Court rejects request to arrest Samsung’s Jay Y Lee
Vietnam
- Japanese plastic company faces bribery allegations
Thailand
- Two monks found guilty in 10 million baht embezzlement case
- Office chief sentenced to 94 years in prison for multiple embezzlement of temple funds
- Covid-19: PACC inspection into irregularities in purchases of medical equipment
- Thailand signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
- Thai police uncover major money-laundering ring
Malaysia
- Prosecutors drop charges against ally of former prime minister
- Three directors detained on corruption charges under the new s17A MACC Act
Philippines
- Amendment to the Anti-Money Laundering Act put on hold
- Potential repercussions without anti-terrorism law
Indonesia
- Former Garuda president director guilty of corruption
AUSTRALIA
- ASIC enforcement update for July to December 2019
- Modern Slavery Developments at the Commonwealth level
- Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019
- ASIC prosecution confirms compulsory powers
UNITED STATES
- SEC Whistleblower Awards
- Covid-19: SEC Charges Company and CEO for Pandemic Fraud
- SEC Charges Pharmaceutical Company with FCPA Violations
- SEC Settles With Insurance Company Over CEO Perks
- SEC Settles with Capital Markets Company Over Faulty Securities Data
- CFTC Enforcement Actions
- CFTC Whistleblower Awards
- CFTC Division of Enforcement Issues Civil Monetary Penalty Guidance
- CFTC Director of Enforcement at FIA
- Supreme Court Denies Defendants’ Challenge to CFTC’s Enforcement Authority
- Covid-19: FINRA Reminds Firms of Fraud Risks
- Covid-19: Illinois Business Owner Charged with CARES Fraud
- DoJ $68.4m settlement with South Korean engineering company
- DoJ: Italian executive sentenced to prison for breaching Russian sanctions
SOUTH AFRICA
- The years of ‘Covid capture’ call for vigilance
- Dlamini Zuma turns cigarettes into illicit drugs as the underground economy takes over
- PwC Survey indicates drop in economic crime in SA, but fraud, bribery and corruption still rampant
- South Africa not winning the fight against corruption, yet - NPA boss Shamila Batohi
- Arrests made in relation to VBS Mutual Bank corruption scandal
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The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. 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 based on this publication.
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