29 Nov 2017
Insight
Global
Welcome to the November 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 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
- Herbert Smith Freehills continues to expand its Corporate Crime Practice with hire of leading partner in London
- Ghosh dishonesty disapproved: Dishonesty now to be assessed solely against the standards of ordinary reasonable and honest people
- New sanctions targeting Venezuela and Mali
- SFO charges two individuals in Unaoil investigation
- UK shell companies reported to be linked to £80 billion of money laundering schemes
- National risk assessment 2017: Anti-money laundering/counter-terrorist financing
- ENRC wins leave to appeal important legal privilege judgement
- FATF guidance on AML/CFT measures and financial inclusion
- ESMA issues warning on ICOs
- UK Government introduces new sanctions and anti-money laundering bill
- Herbert Smith Freehills hosts Global Investigations Review annual conference
GERMANY
- Possible Metro insider dealing investigated by German prosecutors
- "Paradise Papers" raise pressure on tax havens – Germany
- Court in Frankfurt blocks Deutsche Börse insider trading settlement, but prosecutors do not have enough evidence to charge former CEO Kengeter
- Former Bertling employees sentenced in Angola bribery case
UNITED STATES
- Two executives plead guilty for FCPA charges
- DOJ charges five individuals in connection with Rolls-Royce bribery scheme
- NYDFS fines bank for poor conduct in foreign exchange trading
- SEC settles with software company and founder on charges of misleading investors
- OFAC, BIS and State Department publish new regulations tightening US sanctions concerning Cuba
- US authorities issue comprehensive implementation guidance on new US sanctions legislation
MIDDLE EAST
- Dubai affected by Saudia Arabia's campaign against corruption
- Three Dubai bankers cleared of accepting Dh37 million bribe
- Dubai Labour Ministry employees acquitted of forging over 20,000 labour transactions
- Man jailed for forging his "business partner's" signature to sell company
HONG KONG
- Jury unable to reach verdict in high profile bribery trial of former Chief Executive
- Trial of Kennedy Wong begins
- Uptick in enforcement of smaller-scale private sector bribery cases
- Executive Director of the SFC's Enforcement Division discusses initiatives in relation to financial crime
- Anti-money laundering address verification requirements relaxed for financial institutions
- Hong Kong corporate crime team publishes article addressing the thorny issue of privilege in Asia investigations
- White collar crime conference in Hong Kong discusses topic regional issue
CHINA, SOUTH EAST ASIA & INDIA
China
- Significant movement in China's anti-corruption regime following the Communist Party's national congress
- China's amended Anti-Unfair Competition Law – what the bribery provisions mean for companies doing business in China
- Most wanted graft suspect jailed for corruption
Malaysia
- MACC launches standard for anti-bribery management system
Philippines
- Duterte creates Presidential Anti-Corruption Commission
South Korea
- Corruption prosecution of Park Geun-Hye
Pakistan
- New Chief of the National Accountability Bureau
- Former Prime Minister Nawaz Shariff indicted for corruption
JAPAN
- Japanese regulators tackling cybercrime in the cryptocurrency world
- First steps in the corporate governance overhaul following the Shoko Chukin loan scandal
- Nissan data falsification leads to 1.2 million vehicle recall
- Subaru data falsification the latest to hit Japanese manufacturers
AUSTRALIA
- Bill proposes widespread whistleblower reform
- ASIC examines tougher penalties for white collar crime
- Senate Committee recommends anti-money laundering legislation be passed
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The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. 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.
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