Welcome to the January 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. 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
- Analysis of FCA fines in 2017
- SFO outlines tell-tale signs of money laundering
- Surge in financial sector fraud
- JMLSG makes further changes to AML/CTF guidance
- Increased complexity of cybercrimes in 2017
- FCA final notice for failure to disclose inside information under MAR
- Hacker imprisoned for two years after international cyber attacks
- EU Parliament and Council reach agreement on amending 4MLD
- EU urged to create European cybersecurity model
- Group-wide AML/CTF compliance: new obligations for firms with overseas branches and subsidiaries?
GERMANY
- German Federal Court of Justice: compliance management system can lead to reduction of a fine
- Germany investigates banks regarding dividend stripping
- German tax authorities target Chinese online retailers
- Deutsche Telekom calls on government to counter tech threats
MIDDLE EAST
- British suspect embezzles DH 1.4 million from Dubai-based businessman
- Duo imprisoned for attempting to sell 50 sports cars using forged documents
- Suspects appear in court for deception and bribery in obtaining bank loans
UNITED STATES
- Chinese company convicted of trade secrets theft
- Trump administration continues Iran sanctions waivers, but signals desire for changes
- DOJ reports more than two thirds of $4 billion civil fraud recoveries in 2017 are from the health sector
- Turkish banker convicted for Iran sanctions violation
- Court overturns $350 million judgment in FCA case
HONG KONG
- ICAC's figures highlight private sector focus and high conviction rate
- Update on allegations of international bribery against former senior Hong Kong official
- Kennedy Wong acquitted of bribery
- HSF publishes updated guide to anti-bribery and corruption in Hong Kong
CHINA, SOUTH EAST ASIA & INDIA
China
- 2017 corruption figures published
- Local regulators waste no time deploying China’s Anti-Unfair Competition Law
- China's focus on pyramid schemes
- Herbert Smith Freehills publishes updated guide to anti-bribery and corruption in China
Singapore
- Singapore to review anti-corruption and related laws
South Korea
- President Park indicted for accepting bribes from National Intelligence Service
- Tumultuous month for cryptocurrency in South Korea
Vietnam
- Corruption crackdown escalates whilst new Penal Code expands domestic anti-corruption regime
Indonesia
- Bitcoin is not a legitimate form of payment
Philippines
- AMLC assess money laundering threat as high
Pakistan
- National Accountability Bureau pushes for finalisation of 1,000 outstanding cases and crackdown on offshore companies
JAPAN
- Changes in Japan's AML landscape on the horizon
- Japan plans to introduce the right to plea bargain in June
- Japanese supercomputer joint venture suspected of tax evasion
AUSTRALIA
- The OECD has released its fourth report on Australia's efforts to combat foreign bribery
- Australian Government agencies release joint guidelines to assist corporations in self-reporting foreign bribery
- AUSTRAC makes new rules on anti-money laundering and counter-terrorism financing
- Australia's Parliament inquires into the impact of new and emerging technology on law enforcement and investigation
- Australian Parliamentary Inquiry recommends modern slavery reporting and compliance measures
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.