Worldwide: Corporate Crime Update – Winter 2019

Welcome to the Winter 2019 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 name of the jurisdiction below. Below we provide a brief overview of what is covered in each update.

UNITED KINGDOM/ EUROPE

United Kingdom

  • Four more sentences imposed in F.H. Bertling Ltd corruption case
  • SFO opens investigation into three property developments
  • SFO announces new General Counsel
  • HM Treasury publishes advice on money laundering and terrorist financing controls in high-risk jurisdictions
  • HMRC guidance on failure to prevent facilitation of tax evasion self-reporting
  • New taskforce to tackle economic crime
  • Manraj Virdee sentenced for illegal operation of unauthorised CIS
  • NCA granted forfeiture orders relating to accounts held by the son of the ex-Prime Minister of Moldova
  • NCA publishes Suspicious Activities Reports (SARs) Annual Report 2018
  • UK falls out of global top 10 in anti-corruption index
  • Anonymous safety deposit boxes and amendments to JMLSG guidance
  • JMLSG 2019 Workplan
  • Brexit preparedness – new technical guidance on interception and monitoring prohibitions in sanctions
  • New criminal offences for mishandling a pension scheme
  • Independent review of the quality and effectiveness of audits
  • Attorney General's new framework agreement with SFO
  • Home Office approves extradition of Vijay Mallya to India
  • Treasury Committee – FOS letter highlights complaints about fraud and scams
  • Review of non-disclosure agreements and whistleblowing laws
  • EU Exit: HM Treasury guidance on financial sanctions
  • OFSI Financial Sanctions Notices
  • OFSI issues first ever fine for financial sanctions breaches
  • FCA concerns around payments to governments reporting requirements
  • SFO closes investigations into Rolls-Royce Plc and GlaxoSmithKline Plc
  • SFO publishes Deferred Prosecution Agreement with Tesco Stores Limited
  • High Court orders disclosure of SFO documents in s.90A FSMA shareholder class action
  • Former Petrofac senior executive pleads guilty to eleven counts of bribery
  • EU Exit: draft and final statutory instrument

European Union

  • New European Commission 'high risk third country' list rejected
  • MLD4: Commission Delegated Regulation on minimum actions to mitigate money laundering and terrorist financing risk
  • European lawmakers reach informal agreement on AML information sharing
  • EBA: updated final report on fraud reporting guidelines under PSD2
  • EUROPOL: EU member states agree 2019 money laundering action plan
  • EU TAX3 Committee calls for stiffer AML rules after Dankse bank issues

International Bodies

  • FATF consolidated assessment ratings
  • FATF Plenary 20-22 February 2019
  • Wolfsberg Group guidance on sanctions screening
  • IPSFF guide to managing fraud for public bodies

GERMANY

  • Regional Court of Dortmund: Lawsuit against German textile discounter KiK – responsibility for human rights violations in subsidiaries and down the supply chain?
  • Germany moves up one space in global anti-corruption index despite a reduced score

MIDDLE EAST

  • Dubai expat jailed for life for embezzling Dh 13.4m from employer
  • Bank manager sentenced for embezzling Dh 10 million in Dubai
  • 30,000 counterfeit goods seized in Sharjah
  • Sharjah Police warn of latest investment fraud
  • Heera Ponzi scheme victims welcome charge sheet against CEO

HONG KONG/CHINA

  • Hong Kong Court of Appeal considers constitutionality of the requirement to disclose suspicious transactions
  • SFC issues HK$15.2 million fine for failure to report money-laundering activity
  • Guides to investigations in Hong Kong and China updated for 2019

INDIA, KOREA & SOUTH EAST ASIA

India

  • RBI imposes monetary penalties on 10 banks for breaches of anti-money laundering standards

Korea

  • OFAC imposes fine in North Korean sanctions case

Malaysia

  • Malaysia launches National Anti-Corruption Plan
  • Wave of anti-corruption enforcement in Malaysia
  • Securities Commission introduces new rules for digital payment

Singapore

  • Procurement officer pleads guilty to receiving bribes of $740,000
  • New law to govern precious stones and metals
  • "Zero-tolerance in corruption" as Singapore charges Korean engineers

Philippines

  • Bank manager jailed and fined $110 million for money laundering
  • Former mayor sentenced to 10-year imprisonment for graft

Indonesia

  • Garuda sues Rolls-Royce over allegedly fraudulent contracT

AUSTRALIA

  • New whistleblower legislation passed through Parliament
  • New corporate and financial sector penalties legislation passed through Parliament
  • Commonwealth Modern Slavery legislation passed
  • Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 – Explanatory Memorandum released

UNITED STATES

  • OFAC imposes blocking sanctions on PDVSA
  • SEC files insider trading charges
  • SEC charges Cognizant and two former executives with FCPA violations
  • False Claims Act "kickback" whistleblower wins appeal
  • False Claims Act defendant argues statute is unconstitutional
  • Government puts electronic health records companies "on notice" of vigorous False Claims Act enforcement

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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