16 Apr 2019
Insight
Global
Welcome to the March 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
United Kingdom
- House of Commons publishes AML supervision and sanctions implementation report
- House of Lords Post-legislative scrutiny report concludes Bribery Act is "exemplary"
- HMRC announces money laundering inspections targeting estate agents
- NECC seeks to freeze 95 bank accounts
- High Court refuses permission for collateral use of disclosed documents and witness statements to respond to US grand jury subpoena
- High Court sentencing for breach of FCA freezing injunctions
- SFO updates guidance on s.2 CJA interviews
- SFO opens investigation into London Capital & Finance Plc
- Two senior Bankers sentenced in SFO’s EURIBOR manipulation case
- SFO secures forfeiture of over £1.5 million in first use of enforcement tool
- JMLSG proposes updates to its AML and CTF guidance
- OPBAS report and FCA speech on themes from the 2018 AML supervisory assessments
- FCA consultation on recovering the costs of OPBAS
- UK Finance: Fraud Report 2019
- EU Exit: Law Society publishes no-deal Brexit guidance on criminal justice and security co-operation
- SRA puts law firms on notice for money laundering compliance checks
- Law Society of Scotland sets up new AML sub-committee
- OECD follow-up report on the UK's implementation of the OECD anti-bribery convention
- OFSI Financial Sanctions notices
- EU Exit: Sanctions guidance and statutory instruments
- FCO and OFSI guidance: Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019
Europe
- Member States question European Commission's decision not to place Russia on rejected list of "high-risk third countries"
- European Parliament Report on financial crimes, tax evasion and tax avoidance
- EU adds ten jurisdictions to tax haven "blacklist"
- Provisional agreement reached for new EU whistleblowing laws
- Europol signs fraud intelligence MoU with Perseuss
- Europol third conference on Criminal Finances and Cryptocurrencies
- Europol BeCaNet conference on CTF
International Bodies
- BCBS statement on the growth of crypto-assets
- FATF business bulletin
- FATF consultation on PEP guidance for bank practitioners and AML supervisors
- FATF fourth round of AML/CFT mutual evaluations
- FATF Joint experts meeting: improving the capacity to prosecute terrorist financing
- FATF: Consolidated assessment ratings
- TRACE Global Enforcement Report 2018
Spain
- Amendment of the Spanish Criminal Code
Middle East
- Dubai official jailed for embezzling Dh224,500 with forged fuel receipts
- Dubai's DFSA bars expat from working in DIFC for fraud
- Dubai Police warn residents of online scam
- Banker jailed for embezzling Dh50,000 in Dubai
- Three on trial for taking Dh2.5 million in bribes in Dubai
- Illegal dealer jailed and fined for TV service piracy in UAE
- Banker stands trial for embezzling Dh360k from customer's account
Hong Kong/China
- AML/CFT compliance in Hong Kong: Recent record fine and reminder of latest guidance
- ICAC gets tough on private sector fraud
- China continues to clamp down on public sector corruption
- US court sentences former Hong Kong minister to three years in bribery case
- Proposed amendment to Hong Kong extradition law meets with resistance and controversy
India, Korea & South East Asia
India
- India to post customs intelligence officers to China to check money laundering and financial frauds
South Korea
- South Korea forms special task force to fight cryptocurrency-related crimes
Taiwan
- Taiwan hopes to improve anti-money laundering score
Philippines
- Changes in Philippines' banking industry
Indonesia
- KPK freeze graft suspect's account containing $4.25 million
Malaysia
- Malaysia to set up special court on corruption
- Wave of anti-corruption enforcement in Malaysia
Singapore
- String of money launderers jailed in Singapore
Thailand
- Anti-Corruption Organisation eyes Suvarnabhumi Airport
Laos
- Laos records 1,002 corruption cases in 2018
Australia
- Foreign Influence Transparency Scheme - registration grace period ended 10 March 2019
- Release of ASX Corporate Governance Principles and Recommendations - Fourth Edition
United States
- CFTC Targets Foreign Corrupt Practices In Derivatives And Commodities Markets
- Under Secretary Mandelker Statement on AML/CTF, virtual currencies
- DOJ Revises FCPA Corporate Enforcement Policy
- Fed announces members of Fraud Definitions Work Group
South Africa
- The Public Investment Corporation Commission of Inquiry
- State Capture Corruption Revelations Abound
- Accounting Fraud: Steinhoff report suggests profits were overstated by R106bn over seven years
Key contacts
Legal Notice
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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