5 Jun 2018
Insight
Global
Welcome to the May 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. Below we provide a brief overview of what is covered in each update. Click read more for the full article of each jursidiction.
| We are proud to announce that the Corporate Crime and Investigations practice at Herbert Smith Freehills has been awarded Investigation Firm of the Year at the Who's Who Legal Awards 2018. |
UNITED KINGDOM/EUROPE
- Lisa Osofsky appointed confirmed as next Director of the SFO
- Passage of new sanctions legislation and publication of updated guidance
- House of Lords Select Committee appointed to review Bribery Act 2010
- NCA analysis on serious and organised crime threats
- Foreign & Commonwealth Office publishes guidance on sanctions licensing policy after Brexit
- SFO to challenge overly ambitious claims to privilege
- FCA speech on use of FinTech to detect and disrupt criminal activity
- JMLSG updates its anti-money laundering guidance for UK financial services
- Department for Digital, Culture Media and Sport publishes Cyber Security Breaches Survey 2018
- HMT Cryptoassets Taskforce initial meeting
- Transparency International publishes correspondence with the SFO on use of DPAs
- European Parliament briefing looks at possible indicators of money laundering in banks
- FATF executive assesses EU efforts to combat terrorist financing
- IMF endorses new framework for stepping up engagement on corruption and governance
GERMANY
- General Prosecutor's Office of Frankfurt files first indictment in "Cum Ex" fraud case against a lawyer and five bankers
- Local office of the Bamf in Bremen improperly approved asylum requests
- Representatives of container company P&R under investigation for fraud
- German prosecutors charge football officials with tax evasion tied to FIFA
MIDDLE EAST
- Herbert Smith Freehills publishes Anti-Corruption Regulation Legal Guide for the Middle East
- UAE and US led investigation disrupts wide scale Iranian money laundering scheme
- King of Saudi Arabia issues Royal Order protecting employees who report financial or administrative irregularities
- $173million internal fraud uncovered at Abu Dhabi's Al Hilal Bank PJSC
UNITED STATES
- DoJ: bank sentenced for conspiring to obstruct the Office of the Comptroller of the Currency
- SEC speech: cyber security, initial coin offerings, cryptocurrencies, cyber-related disclosures
- Federal Communications Commission upholds $120 million fine
- DoJ speech: policy discouraging "piling on" in enforcement actions
- United States announces complete withdrawal from the JCPOA, and provides winding-down period before sanctions re-imposition
- SEC charges hedge fund firm for asset mismarking and insider trading
- US extradites hackers in $18 million fraud
- Former hedge fund manager sentenced to 6 years imprisonment
- SEC obtains final consent judgments in insider dealing case
- Commodities Futures Trading Commission: $3.5million in final judgments – commodity futures and forex fraud case
HONG KONG
- Government publishes important money laundering and terrorist financing risk assessment
CHINA, SOUTH EAST ASIA & INDIA
China
- Chinese regulators step up enforcement
- Politician Sun Zhengcai sentenced to life in prison for bribery
- Proposals to try fugitives in absentia
- Herbert Smith Freehills publishes guide to corporate investigations in China
Korea
- Ongoing conflicting messages concerning cryptocurrency regulation in South Korea
- Presidential corruption scandal continues
Singapore
- Singapore launches best practice paper to combat money laundering and financial crime
Malaysia
- Former Malaysia Prime Minister barred from travelling due to corruption investigation
Indonesia
- Jakarta Corruption Court sentences former sea transportation official for bribery
JAPAN
- Cryptocurrency exchanges
- Falsification of data scandals
- Update on Japan's new plea bargaining system
- FSA overseas remittance survey at regional banks
AUSTRALIA
- Guilty plea in foreign bribery case
- Further foreign bribery reforms proposed by Federal Opposition
- Political division over possible National Integrity Commission
- Government confirms modern slavery reporting legislation to be introduced
- Whistleblower complaints to go public under new South Australian law
