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Corporate Crime Update, Autumn 2018

03 December 2018 | Global
Legal Briefings

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Welcome to the autumn 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. 

UNITED KINGDOM/ EUROPE

  • High Court considers extraterritorial application of compulsory powers
  • Sanctions clauses in a changing sanctions regime
  • Unexplained Wealth Order upheld, anonymity order discontinued
  • OFSI publishes Annual Review
  • Treasury Select Committee inquiry into the Bribery Act 2010 hears evidence
  • FCA TR18/3: Money laundering and terrorist financing risks in the e-money sector
  • CMA launches new cartel awareness campaign
  • HMRC: List of businesses that have not complied with the Money Laundering Regulations 2017
  • Government launches Counter Fraud Profession 
  • Privilege no defence to notice requiring production of client's privileged documents to regulator 
  • Court of Appeal decision in ENRC: Orthodoxy restored on litigation privilege, but narrow interpretation of "client" remains for now  
  • European Commission communication on improving AML supervision
  • FCA closing more investigations than ever 
  • SFO speeches at the Cambridge International Symposium on Economic Crime 2018: 
    • All economic crime has victims 
    • Rendering accountable the wealth of criminals 
    • Ensuring our country is a high risk place for the world's most sophisticated criminals to operate
  • NCA speech at the Cambridge International Symposium on Economic Crime 2018 
  • Five sentenced in FCA's second largest criminal prosecution of £2.8 million investment fraud
  • House of Commons report: The future of sanctions 

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GERMANY

  • European Commission proposes new rules to protect whistleblowers

  • Raid on DZ Bank in connection with "cum ex" deals

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SPAIN

  • Amendment to law 10/2010 of 28 April, on the prevention of money laundering and terrorist financing 

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MIDDLE EAST

  • Ten men accused of stealing Dh6 million from Abu Dhabi bank through financial fraud
  • Abu Dhabi Financial Prosecution wants tougher sentences for commercial fraud
  • Two on trial over Dh117,000 bribery case relating to petrol station staff in Dubai
  • Commercial fraud crimes in Dubai amounted to over Dh 82 million in first half of 2018
  • Man held in India for defrauding the Dubai IQRA Group of Dh3.79 million
  • Manager of Dubai government company jailed for seeking Dh4.85 million in bribes
  • Legal consultant convicted of online blackmail in extortion bid of Dh1.2 million

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UNITED STATES

  • Second wave of United States sanctions against Iran re-imposed
  • FinCEN issues advisory regarding detection of illicit transactions related to Iran
  • SEC halts ICO fraudulently claiming SEC approval 
  • SEC report: Cyber-related frauds perpretated against public companies and related internal accounting controls requirements 
  • SEC: Emergency action to halt microcap fraud scheme 
  • FATCA udpate: First-ever conviction signals increased enforcement risk
  • SEC awards almost $4 million to overseas whistleblower 
  • SEC halts $345 million fraud and obtains asset freeze
  • Basler Kantonalbank enters into DPA with DOJ to settle tax evasion charges

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HONG KONG

  • Courts clamp down on ancillary bribery offences

  • SFC publishes AML/CFT inspection findings and urges intermediaries to ensure compliance

  • Hong Kong Court of Appeal orders retrial in insider dealing case

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CHINA, SOUTH EAST ASIA & INDIA

China

  • China cracking down on tax evasion 
  • Review of vaccine manufacturers in China reveals no quality or safety problems 
  • China's new data rules should be factored into investigations

South Korea

  • South Korea ex-president Lee appeals 15 year jail term
  • South Korea cracking down on offshore tax evasion

Singapore

  • Courts target private sector bribery
  • Enforcement ramps up in relation to Ponzi schemes
  • Machine learning to combat money laundering and expansion of AML/CFT regime to cover precious stones and metals dealers

Indonesia

  • Indonesia's Corruption Eradication Commission arrests 41 regional lawmakers for bribery 
  • Indonesia targets palm oil sector for bribery

Thailand

  • Thailand's Bank of Ayudhya chooses NICE Actimize to manage anti-money laundering compliance
  • Former Colliers real estate broker pleads guilty to bribery

Malaysia 

  • Update on 1MDB investigation
  • Government to consider caning for bribery

Philippines

  • Banks, casinos and covered business required to digitise customers' records

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JAPAN

  • FSA report on anti-money laundering guidelines
  • Suruga Bank sanctioned for corporate governance failings
  • Falsification of earthquake safety inspection data
  • Increased regulatory oversight of cryptocurrency exchanges

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AUSTRALIA

  • Draft legislation to increase civil penalties for white-collar crime released

  • Commonwealth Modern Slavery Bill – update

  • Updates to Austrade anti-bribery publications 

  • Whistleblower legislation – update 

  • Australian businessman charged with conspiring to bribe foreign officials 

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