Corporate crime update, July 2017

Welcome to the July 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 covers a number of jurisdictions summarised below. Click read more for the full article of each jursidiction.

UNITED KINGDOM/ EUROPE

• Employer's belief is not relevant in whistleblowing
• FCA/ PRA new whistleblowing rules for UK branches of foreign banks and insurers
• Sentencing must reflect scale of money laundering, not amount of criminal proceeds
• The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and revised JMLSG Guidance
• SFO closes BoE investigation

UNITED STATES

• Supreme Court rules that five year statute of limitations applies to disgorgement in SEC enforcement cases
• Linde receives public declination through the FCPA Pilot Program
• Former Swiss banker pleads guilty to money laundering charge in connection with soccer bribery scheme
• US to reinstate certain Cuba sanctions
• US broadens civil forfeiture claims targeting allegedly misappropriated Malaysian assets
• Federal judge orders suppression of evidence gathered in improper search
• US Senate votes to impose new sanctions on Iran
• US Senate approves Russia sanctions amendment

GERMANY

• New legal framework on the recovery of criminal proceeds

MIDDLE EAST

• Multi-billion dirham investment scam affects 3,700 customers
• Computer programmer jailed
• $5 million stolen from company owner in fraud scheme

HONG KONG

• Former chief secretary and property tycoon lose appeal in Hong Kong's highest profile corruption case
• Chief executives under investigation by ICAC
• Small bribes to bank staff result in ICAC charges
• LegCo gazette two bills on AML/CTF

CHINA, SOUTH EAST ASIA & INDIA

China

• New Cyber Security law comes into force
• New rule requires reporting of Chinese bank cards' overseas transactions
• Former Chairman of China Resources sentenced to 14 years' imprisonment
• Multiple government officials sentenced for corruption

Singapore

• Former senior executive fined

Malaysia

• No gift policy introduced in the workplace
• Fraudulent investment scheme under investigation

South Korea

• Ex-president's accomplice receives first sentence
• Former health minister sentenced for abuse of power

Vietnam

• Vietnam joins BEPS

Indonesia

• Three Air Force personnel named in investigation
• Bank of Indonesia works with Attorney General's Office to fight banking crime

India

• New rules to speed up corruption investigations against government employees
• E-market place under scrutiny 

JAPAN

• Japan passes new "anti-conspiracy" law

AUSTRALIA

• Australian Government plans to introduce new laws protecting whistleblowers
• Momentum to establish a federal anti-corruption agency builds
• AUSTRAC working as part of project to uncover beneficial owners of offshore companies and trusts