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Corporate Crime Update, Spring 2020

13 May 2020 | Global
Legal Briefings

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Welcome to the Spring 2020 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. 

For the full update on each jurisdiction, please click on the links. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM, EUROPE AND INTERNATIONAL BODIES
 

United Kingdom
 

  • COVID-19: Impact on UK criminal investigations and justice system
  • SFO: Former Barclays executives acquitted of conspiracy to commit fraud
  • SFO secure conviction for failure to supply documents
  • SFO Business Plan 2020-21
  • Convicted EURIBOR individuals ordered to pay over £1.2 million
  • FCA speech on cryptoassets, 5MLD and financial crime
  • JMLSG consults on proposed guidance for cryptoasset exchange providers and custodian wallet providers
  • OPBAS 2019 AML progress report
  • OFSI imposes penalty of £20.5m on multinational bank in respect of EU financial sanctions
  • OFSI guidance on sanctions during and after Brexit transition period
  • Court dismisses UWO appeal 
  • Court discharges UWOs
  • NCA Annual Plan 2020-21 and National Strategic Assessment of Serious and Organised Crime
  • HMT guidance on AML/CFT controls in higher risk jurisdictions  
  • Government confirms that it is still considering reform of corporate criminality
  • Budget 2020: Government announces AML levy
  • Government policy paper on future UK-EU relationship
  • Government, PSR and FCA respond to Treasury Committee economic crime report
  • Cross-Government Fraud Landscape Annual Report 2019
  • Gambling Commission awards record fines for AML failures
  • HMRC details investigations into corporate failure to prevent the facilitation of tax evasion
  • ICO announces first conviction under FOIA
  • SFO agrees UK's largest DPA
  • NECC alert on South Sudan illicit financial risks
  • UK's Corruption Perceptions Index 2019 score falls

European Union
 

  • COVID-19: EBA statement on actions to mitigate financial crime risks
  • COVID-19: Europol report on pandemic profiteering
  • EBA consults on revised AML/CTF risk factor guidelines
  • EBA AML/CTF factsheet 
  • EBA report on NCAs' approach to AML/CTF banking supervision
  • European Parliament resolution on ECB's ML/TF efforts
  • European Commission formal notices to eight member states for failing to transpose 5MLD
  • European Commission VP statement on AML action plan

International Bodies
 

  • FATF issues global standards on virtual assets
  • FATF updates list of jurisdictions under increased AML/CFT monitoring
  • COVID-19: FATF statement on measures to combat illicit financing
  • FATF guidance on digital ID

Read more

 


 

GERMANY

  • Ministry of Justice releases official draft Corporate Sanctions Act
  • Supply Chain Act not yet presented
  • Federal Government submits draft legislation establishing the European Public Prosecutor

Read more

 


 

MIDDLE EAST

  • PRO tampers with visa transactions in Dubai and embezzles over AED 110,000
  • Manager at a Dubai government entity jailed for bribery and fined AED 1.85 million

Read more

 


 

HONG KONG & CHINA
 

Hong Kong
 

  • Ex-HKEX senior executive and consultant charged with bribery and MIPO over IPO applications 
  • Ex-financial controller of listed company guilty of $2.6m bribery and fraud
  • Duo charged with $570,000 salary fraud over cleaning service at public beaches

China
 

  • Former head of China Development Bank expelled from Communist Party and arrested for graft 
  • Former Communist Party's Chief of Yunnan under investigation for suspected corruption 
  • Former ICBC Shanghai head expelled from party amidst bribery allegations 
  • China’s ex-Interpol chief sentenced to over 13 years in prison for corruption

Read more

 


 

INDIA KOREA & SOUTH EAST ASIA
 

India

  • Whistleblower complaints to be a part of listed companies' audit reports
  • Yes Bank founder arrested for money laundering allegations

South Korea
 

  • South Korea's Parliament approves establishment of new corruption investigatory unit  
  • Former Justice Minister charged with bribery
  • Former Korean president Lee Myung-bak jailed for 17 years for bribery and embezzlement after losing appeal

Taiwan
 

  • New Taipei City police raid Vietnamese fraud ring

Philippines

  • Obligations on banks to report all money laundering attempts

Singapore

  • MAS issues prohibition orders against insurance agents and bank staffs for fraud and dishonesty

  • MAS updates guidelines for digital payment services providers

Read more

 


 

AUSTRALIA

  • ALRC corporate criminal responsibility reforms
  • Legal and Constitutional Affairs Legislation Committee reports on bill to amend foreign bribery offences and introduce DPAs

Read more

 


 

UNITED STATES

  • SEC Whistleblower Awards
  • SEC Charges Orchestrator of Fraudulent Cryptocurrency Scheme
  • SEC Charges Pharamceutial Company With FCPA Violations
  • SEC Charges Former Financial Services Executive With FCPA Violations
  • SEC and CFTC Charges Advisory Firm and Portfolio Manager with Misrepresenting Risk in Mutual Fund
  • CFTC Charges Individual with Fraud in Digital Asset-Linked Ponzi Scheme
  • CFTC Charges Unregistered Commodity Pool Operator and Its Principal with Fraud and Misappropriation
  • CFTC Wins Forex Fraud Trial on Damages and Obtains Monetary Judgment of More than $22.6 Million
  • Global Bank to Pay $3 Billion as part of DPA 
  • DOJ: Last Defendant Convicted in $7 Billion Investment Fraud Scheme
  • DOJ: Former US Resident Pleads Guilty to Fraud 
  • DOJ: Two Chinese Nationals Charged with Laundering Over $100 Million in Cryptocurrency
  • CFPB proposes Whistleblower Award Program
  • Treasury Announces 2020 National Illicit Finance Strategy

Read more

 


 

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