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Corporate Crime Update, Winter 2020

25 February 2020 | Global
Legal Briefings

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Welcome to the Winter 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
 

  • SFO confirms sixth DPA
  • SFO updates guidance on evaluating a compliance programme
  • SFO charges former directors with fraud
  • New money laundering regulations
  • FCA webpage on new role as AML/CTF supervisor of cryptoasset business
  • FCA issues fine under MAR for PDMR notification failures
  • FCA secures confiscation orders against convicted fraudsters
  • FCA secures £5 million confiscation order against illegal money lender
  • NCA: Over 478,000 SARs processed in 2018-19
  • UKFIU guidance on SARs glossary codes and reporting routes
  • NCA agrees £190m settlement after frozen funds investigation
  • NCA issues "tasking" to improve response to fraud
  • Treasury Committee report on economic crime and consumers 
  • Penalty imposed on Telia Carrier UK for breaching financial sanctions regime
  • SRA writes to 6,500 law firms over AML assessments
  • Law Society updates SARs guidance
  • Reduction in SFO convictions and caseload

European Union
 

  • EU states push for joint money laundering supervisor
  • ESMA calls for strengthened supervision on suspicious transaction reporting
  • ESMA issues annual report on administrative and criminal sanctions under MAR
  • ECB vice chair speech on cross-sectoral AML/CFT coordination 
  • ESAs guidelines on co-operation and information exchange between national supervisors under MLD4
  • European Commission to initiate infringement proceedings against member states for failing to transpose MLD5
  • Council of the EU adopts AML/CTF strategic priorities
  • Whistleblowing Directive published in the Official Journal of the EU
  • EPC 2019 report on payment threats and fraud trends

International Bodies
 

  • FATF guidance tackles misuse of anonymous shell companies for crime and terrorism
  • FATF updates compliance methodology to incorporate virtual assets
  • FATF draft guidance on digital ID and CDD
  • FATF speech outlines future areas of focus 
  • FATF strategic review following fourth round of mutual evaluations
  • First FATF Supervisors' Forum on improving the effectiveness of supervision
  • BCBS consults on cooperation between prudential and AML/CFT supervision

Read more

 


 

GERMANY

  • Searches by the Frankfurt public prosecutor's office on accusations of embezzlement and fraud against AWO officials
  • Former Siemens CEO sentenced to long prison term
  • Major raid on suspected fraud with cancer drugs

Read more

 


 

MIDDLE EAST

  • Appeal refused to former Compliance Officer
  • Canadian entrepreneur arrested in Dubai for fraud
  • UAE authority officials fined AED 36 million and sentenced to 10 years in jail
  • Expat jailed and deported for stealing AED 17.5 million
  • Manager of an allegedly false investment company accused of embezzling over AED 50 million

Read more

 


 

HONG KONG & CHINA
 

Hong Kong
 

  • Employee of Pharmaceutical Manufacturer Guilty of HK$1 million Bribery Scheme
  • Four Individuals Charged with Fraud and Misconduct in Public Office over CUHK Building Work

China
 

  • Top Inner Mongolia Official Sentenced for Bribery 
  • Uygur Official Received Life Imprisonment for Corruption Charges
  • Former Communist Party's Chief of Yunnan under Investigation for Suspected Corruption 
  • Former ICBC Shanghai Head Expelled from Party amidst Bribery Allegations

Read more

 


 

KOREA & SOUTH EAST ASIA
 

South Korea
 

  • South Korea's Parliament Passed Bill to Establish a New Anti-graft Agency 
  • Former Justice Minister Charged with Bribery 

Malaysia
 

  • Revised anti-money laundering guidelines in force
  • MACC to investigate tender by Royal Malaysian Navy
  • Ministry launches Organisational Anti-Corruption Plan

Vietnam
 

  • 14 people involved in MobiFone corruption scandal sentenced

Thailand
 

  • Former Immigration Police chief questioned
  • Tobacco giant Philip Morris found guilty for tax evasion

Philippines

  • Upcoming pilot online program to boost AML/KYC capacities
  • Former mayor sentenced to 10 years in prison

Indonesia
 

  • Ex-Garuda boss implicated after a three-year probe

Read more

 


 

AUSTRALIA

  • Obligation to have a whistleblower policy commences 
  • ALRC seeks submissions on discussion paper on corporate criminal responsibility
  • Bill to amend foreign bribery offences and introduce deferred prosecution agreements reintroduced in the Senate 

Read more

 


 

UNITED STATES

  • SEC Charges Six Individuals in International Microcap Fraud Schemes 
  • SEC: CEO Settles Fraud Action
  • SEC OCIE Announces 2020 Examination Priorities
  • SEC Whistleblower Program 2019 Annual Report to Congress
  • SEC Awards Over $260,000 to Whistleblowers for Assistance in Spotting Securities Fraud
  • SEC Wins Jury Trial in Layering, Manipulative Trading Case
  • SEC: Issuer and CEO Charged with Violation of Whistleblower Protection Laws
  • SEC Division of Enforcement Annual Report
  • SEC/CFTC: Settlements with Swiss Trading Firm
  • CFTC Awards More Than $1 Million to Whistleblower
  • CFTC Charges Executive at Global Investment Bank with Manipulation and Fraud in Connection with Swaps Related to a Bond Issuance
  • CFTC Enforcement Division Annual Report
  • CFTC Orders Proprietary Trading Firm to Pay Record $67.4 Million for Spoofing
  • CFTC: Defendants Ordered to Pay More than $4.25m for Fraud and Misappropriation
  • FDIC November 2019 Enforcement Actions
  • OCC Enforcement Actions and Terminations
  • DOJ: Two Former Owners of Binary Options Company and 13 Other Individuals Charged In $140 Million Fraud Scheme
  • DOJ: Businessman Sentenced to Prison for Role in Venezuela Bribery Scheme
  • Treasury Takes Action Against Iran’s Metals Industry and Senior Regime Officials
  • FDIC October Enforcement Actions
  • FDIC Releases its Formal and Informal Enforcement Actions Manual
  • FDIC September Enforcement Actions

Read more

 


 

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