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Corporate Crime Update, December 2018

21 December 2018 | Global
Legal Briefings

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Welcome to the December 2018 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. 

This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season!

 

UNITED KINGDOM/ EUROPE

  • New beneficial ownership transparency measures announced to tackle international money laundering 
  • FATF: AML/CTF updates
  • FCA FG18/5: Final guidance on insider dealing and market manipulation
  • UK's first DPA comes to an end 
  • Council of the EU supports AML/CFT Action Plan and identifies short term actions 
  • FCA review of retail and wholesale banking: firms' whistleblowing arrangements
  • SFO speech at a business crime and compliance conference
  • ESAs consult on guidelines on cooperation and information exchange in AML/CFT supervision
  • European Commission refers Luxembourg to CJEU for failure to fully implement MLD4 
  • HMRC updates money laundering supervision civil measures guidance on publishing statements

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MIDDLE EAST

  • UAE introduces new anti-corruption laws with extra-territorial effect 
  • Ex-employee and accomplices convicted of embezzling Dh4.5million from workplace
  • Four charged with smuggling petroleum products into UAE
  • Bank employee jailed for embezzling Dh20m in Abu Dhabi

READ MORE



UNITED STATES

  • New York court convicts former Hong Kong Affairs Secretary in seven FCPA violations

  • US banks urged to innovate on anti-money laundering efforts 

  • Deferred prosecution deal secured despite $1 billion securities fraud scheme 

  • Money services business agrees to extended DPA and forfeits $125 million

READ MORE



HONG KONG (INCLUDING CHINA & TAIWAN)

  • Lawmakers call for extension of Hong Kong’s laws to cover bribery overseas

  • Taiwan, Hong Kong and China regulate virtual currencies 

  • Double taxation avoidance agreement between Hong Kong and India comes into effect

  • Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing 

  • Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations

READ MORE



CHINA, SOUTH EAST ASIA & INDIA

China/Hong Kong/Taiwan

  • China's new law on judicial assistance in criminal matters will impact investigations

  • Taiwan, Hong Kong and China regulate virtual currencies

  • Double taxation avoidance agreement between Hong Kong and India comes into effect

  • Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing

  • Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations

Malaysia/Singapore

  • Update on 1MBD investigation

  • AML developments in land and property industry

  • Mahathir: Cashless society will reduce corruption

Philippines

  • Rapler charged for tax evasion

Vietnam

  • Life imprisonment sentences in pyramid scheme

Thailand

  • Thailand delays asset declaration rules

READ MORE



JAPAN

  • Charges for alleged breaches of Financial Instruments and Exchange Act

  • Sugura Bank shareholder proceedings against bank's former management team

  • Suspected money laundering cases linked to cryptocurrency

READ MORE



AUSTRALIA

  • Commonwealth Modern Slavery legislation passed

  • Whistleblower Bill progresses to the next stage

  • Australian Commonwealth Government to establish new integrity commission

READ MORE

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