Corporate Crime Update, Spring 2019

20 June 2019 | Global

Legal Briefings

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

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

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

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

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

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

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

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