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Corporate crime update, April 2018

03 May 2018 | Global
Legal Briefings

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Welcome to the April 2018 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. Below we provide a brief overview of what is covered in each update. Click read more for the full article of each jursidiction.


 

UNITED KINGDOM/EUROPE

  • Rise in HMRC dawn raids to combat tax evasion
  • Organisations to face fines for cyber security failures under new government plans
  • New sanctions reporting requirements for non-financial sector businesses
  • FCA publishes answers to outstanding questions
  • Herbert Smith Freehills assists with first prevention of corruption clause in Olympic Games host city contract
  • SFO earns taxpayers £517 million in 12 months
  • FCA publishes report on new technologies and AML compliance
  • Individual arrested on suspicion of cryptocurrency fraud
  • CMA consultation on revised penalties guidance 

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GERMANY

  • GDPR to take effect - a German perspective 

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SPAIN

  • Draft proposal on reform of the Spanish Money Laundering Act 

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MIDDLE EAST

  • Forex fraudsters receive 517 year prison sentences for role in Ponzi scheme 
  • Saudi Arabia begins anti-corruption probe into dozens of officials and business leaders 
  • Kuwaiti National Assembly Committee considers launching investigation into $200 Million investment fund
  • Bahrain residents investigated in $2 billion bank fraud probe 

READ MORE


 

UNITED STATES

  • US announces new Russia sanctions designations, releases new guidance
  • British Citizen extradited to New York for alleged $37 million Bitcoin scam
  • SEC obtains emergency order freezing $27 million in stock sales from purported cryptocurrency company 
  • SEC awards more than $2.2 million to whistleblower who first reported information to another federal agency 
  • SEC halts fraudulent scheme involving unregistered ICO
  • Dun and Bradstreet settle FCPA charges with $9 million
  • Cybersecurity Tech Accord signed by over 30 global technology companies
  • CFTC charges multiple individuals and companies with operating fraudulent binary options scheme 

READ MORE


 

HONG KONG

  • ICAC Chief visits Myanmar and Malaysia as part of Belt and Road Initiative  

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CHINA, SOUTH EAST ASIA & INDIA

China

  • China sees active month for prosecuting senior officials 

South Korea

  • Corruption scandal surrounding South Korea's former presidents continues 
  • Cabinet to raise maximum reward for whistle-blowers to 3 billion won 
  • South Korean authorities demonstrate increased scrutiny of cryptocurrencies 

Malaysia

  • Malaysia introduces new law to combat corporate bribery 

Indonesia

  • 15 years imprisonment for former Indonesia Parliament speaker after US$170million corruption scandal 
  • Indonesia proposes new law to eradicate money laundering 
  • Oil and gas sector looks to ISO 37001-2016 to curb bribery and promote investment 

Philippines 

  • Asia Pacific Group on Money Laundering (APG) to evaluate Philippines compliance 

Singapore

  • Inspired by the UK regime, Singapore introduces deferred prosecution agreements for corruption and money laundering offences 

Myanmar

  • EU extends sanctions on Myanmar 

READ MORE


 

JAPAN

  • Cryptocurrency exchanges crackdown continues
  • Suruga Bank under investigation by the FSA 

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AUSTRALIA

  • Australian Government announces stronger penalties for corporate misconduct
  • Senate Committee releases report into proposed reforms to corporate crime legislation
  • Australian Senate Economics Reference Committee releases report into foreign bribery
  • ASIC's appeal in civil penalty proceedings againt former AWB officer dismissed 

READ MORE


 

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