Welcome to the December 2017 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. Click read more for the full article of each jursidiction. Below we provide a brief overview of what is covered in each update.
UNITED KINGDOM/EUROPE
- UK anti-corruption strategy 2017 to 2022 and new Economic Crime Centre
- FCA comments on cybercrime in the financial services sector
- EU seeking to bring cryptocurrencies under MLD4
- MLD4: ESAs final report on draft RTS specifying how credit and financial institutions should manage money laundering and terrorist financing risks at group level
- Sanctions update: EU adds beer and saké to list of banned exports to North Korea
- FCA speech on using AI to keep criminal funds out of the financial system
- Law Society to intervene in ENRC legal privilege case
- The EU publishes a list of non-cooperative tax jurisdictions
GERMANY
- German prosecutors search airport operator Fraport for suspected bribery
- Markets watchdog investigates Deutsche Boerse's handling of new CEO hire
- German saving banks select new president after tax inquiry
- Founder of collapsed German drugstore chain Schlecker gets suspended prison term
UNITED STATES
- DOJ enhances and makes permanent FCPA self-disclosure program
- FinCEN fines Californian card club for AML violations
- DOJ recovers millions in criminal proceeds via asset sharing by Guernsey officials
- Changes to further tighten Russian sectoral sanctions go into effect
HONG KONG
- Allegations of international bribery against former senior Hong Kong official
- 3.5 year sentence for former associate director of investment bank for accepting bribes
- Continuing trend of small scale focus by the ICAC
- Joint operation between the ICAC and SFC may 'set the scene' for future investigations
- Registered institution fined HK$400 million and suspended for systemic failures in selling structured products
- SFC fines former account executive HK$542,071 and bans him for life for dishonest conduct
CHINA, SOUTH EAST ASIA & INDIA
China
- China issues guidelines for monitoring overseas activities of Chinese firms
- Zhou Liang named vice chairman of China's banking regulator
Singapore
- Guidebook on curbing insider trading
- New FS-ISAC office in Singapore with focus on cybersecurity
Malaysia
- Financial General Manager convicted for bribery
Philippines
- Philippines' second biggest bank penalised US$35m for fraud
- AMLC approves registration and reporting guidelines
South Korea
- Proposal to amend anti-corruption act by changing the price limits on gifts
- Korea to use AI to better combat money laundering
Indonesia
- Anti-graft court finds construction firm guilty of embezzlement
JAPAN
- Update on Nissan data falsification scandal
- Japanese regulators continue to tackle cybercrime in the cryptocurrency world
- Data manipulation in Japan's manufacturing industry
AUSTRALIA
- Australian Parliament introduces draft legislation to tackle foreign bribery
- Australian Parliament considers Bill to establish a new Home Affairs portfolio
- Australia's whistleblower reforms introduced into the Senate
- Amendment to Australian anti-money laundering legislation to capture digital currencies
Key Contacts
If you have any questions, or would like to know how this might affect your business, phone, or email these key contacts.
Legal Notice
The contents of this publication, current at the date of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.
