You are here

Corporate Crime update – March 2019

16 April 2019 | Global
Legal Briefings

Share

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

Read more

Spain

  • Amendment of the Spanish Criminal Code

Read more

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

Read more

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

Read more

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

Read more

Australia 

  • Foreign Influence Transparency Scheme - registration grace period ended 10 March 2019
  • Release of ASX Corporate Governance Principles and Recommendations - Fourth Edition

Read more

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

Read more

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

Read more

Key Contacts