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
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
UNITED STATES
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New York court convicts former Hong Kong Affairs Secretary in seven FCPA violations
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US banks urged to innovate on anti-money laundering efforts
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Deferred prosecution deal secured despite $1 billion securities fraud scheme
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Money services business agrees to extended DPA and forfeits $125 million
HONG KONG (INCLUDING CHINA & TAIWAN)
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Lawmakers call for extension of Hong Kong’s laws to cover bribery overseas
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Taiwan, Hong Kong and China regulate virtual currencies
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Double taxation avoidance agreement between Hong Kong and India comes into effect
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Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing
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Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations
CHINA, SOUTH EAST ASIA & INDIA
China/Hong Kong/Taiwan
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China's new law on judicial assistance in criminal matters will impact investigations
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Taiwan, Hong Kong and China regulate virtual currencies
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Double taxation avoidance agreement between Hong Kong and India comes into effect
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Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing
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Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations
Malaysia/Singapore
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Update on 1MBD investigation
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AML developments in land and property industry
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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
JAPAN
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Charges for alleged breaches of Financial Instruments and Exchange Act
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Sugura Bank shareholder proceedings against bank's former management team
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Suspected money laundering cases linked to cryptocurrency
AUSTRALIA
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Commonwealth Modern Slavery legislation passed
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Whistleblower Bill progresses to the next stage
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Australian Commonwealth Government to establish new integrity commission
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.