Corporate Crime Update, Winter 2020

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• FATF draft guidance on digital ID and CDD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

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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

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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

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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

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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

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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 

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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

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