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
- 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
- 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
- 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 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
- 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
- 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.