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Corporate Crime Update, December 2016

19 December 2016 | Global
Legal Briefings

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Welcome to the December 2016 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update covers a number of jurisdictions summarised below. Click read more for the full article of each jursidiction.


 

UNITED KINGDOM/ EUROPE

  • SFO closes Soma Oil investigation
  • FCA Quarterly Consultation No. 15
  • MLD V – presidency compromise
  • FCA fines and partially bans former investment manager
  • FCA speeches at the Financial Crime Conference
  • FCA updated Financial Crime Report template
  • HMRC Panama Taskforce launches criminal and civil investigations
  • David Dixon ordered to pay confiscation
  • ECON draft report on the proposal for a directive amending MLD IV
  • ESC Fifteenth report of session 2016-17
  • FATF guidance on correspondent banking
  • FATF guidance on criminalising terrorist financing
READ MORE >

 

FRANCE

  • Final passage of the new French anti-corruption law, "Sapin II"
READ MORE >

 

GERMANY

  • European Account Preservation Order – A uniform European procedure for the freezing of bank accounts in cross-border cases
  • Impressions from our first CC&I annual conference in Frankfurt
READ MORE >

 

MIDDLE EAST

  • Kuwait executive and legislative authorities criticised for wastage of public funds and corruption in the overseas health treatment sector
  • 46 Companies in the UAE defrauded
  • 2012 Olympics and IAAF vice president, Sebastian Coe, cleared after enquiry into Qatari bribes rumours
READ MORE >

 

HONG KONG

  • Former Hong Kong leader Donald Tsang faces additional bribery charge
  • Hong Kong money laundering and terrorism financing reports peak
  • Managing cross-border investigations involving China and Hong Kong
READ MORE >

 

CHINA, SOUTH EAST ASIA & INDIA

 

China

  • Former senior regulatory official of CSRC admitted guilt for taking bribes
  • Former deputy environment minister sentenced to 4-year imprisonment for taking bribes
  • Former provincial head in charge of Land & Resources sentenced to life imprisonment for taking bribes
  • Recent development from the top for fighting corruption within the Party
  • First few cases of mandatory sentence of life without the possibility of parole or reduction for bribe takers
  • Wanda dismisses executives for bribing government official in deals
  • Ethical Violations Uncovered in Big Chinese Internet Companies

South Korea

  • Family Members of Retail Giant Lotte Indicted for Corruption

Singapore

  • MAS closes Falcon Bank in Singapore
  • Former employees charged with corruption

India

  • India bans 500 and 1,000 Rupee notes
  • India continues investigation into allegations of kickbacks made by Embraer in 2008 aircraft deal
  • India to rate government agencies' reputation on integrity

Indonesia

  • KPK cooperating with international agencies to find former Lippo executive
  • Amendment to Law No. 11 of 2008 on Electronic Information and Transaction

Malaysia

  • Malaysian MP receives prison sentence for disclosing 1MDB documents

Philippines

  • Professional Regulation Commission officials charged for graft over lease agreement

Laos

  • Four football players under investigation for match manipulation

Taiwan

  • Legislator sentenced to four and a half years in jail over corruption case

Vietnam

  • Draft Anti-Corruption Law revealed
  • All Vietnamese entities under Ministry of Industry and Trade required to disclose income
READ MORE >

 

JAPAN

  • Sony subsidiary hit by ¥900 million fraud
  • Foreign institutional investors sue Toshiba for damages in the Tokyo District Court
READ MORE >

 

AUSTRALIA

  • Australian government releases draft of Open Government National Action Plan
  • Greater powers for AUSTRAC as review of AML/CTF laws commences; feasibility study into making AUSTRAC the primary sanctions regulator
  • Start-ups can now seek advice on AML/CTF direct from AUSTRAC
  • HSF Business Ethics and Anti-Bribery Policy Survey
  • Senate Economics Committee to continue inquiries into foreign bribery and white collar crime legislation amendments
  • Australia and China agree to share financial crime intelligence
READ MORE >

 

UNITED STATES

 

I. Recent FCPA developments

  • Embraer fined for FCPA violations
  • Pharmaceutical companies settle with SEC for FCPA issues
  • DOJ furthers the FCPA Pilot Program with "declination with disgorgement" enforcement actions
  • SEC fines Nu Skin for FCPA issues arising from charitable donation in China
  • SEC fines former executive of Harris but declines to charge against the company

II. Other corporate criminal and enforcement actions

  • Hospital chain fined for fraud and kickbacks
  • Omnicare agrees to settle kickback allegations

III. Sanctions update

  • DOJ issues guidance on sanctions and export controls violations of business organizations
  • OFAC issues interpretive guidance on the publishing general license
  • District Court decides that foreign citizens can be charged for violations of US sanctions laws

IV. Money laundering

  • Cantor Fitzgerald fined for engaging in illegal gambling and money laundering regime

V. Cybersecurity

  • FinCEN issues advisory to financial institutions on cyber security  
READ MORE >

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