Corporate Crime update – December 2017

Welcome to the December 2017 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

• UK anti-corruption strategy 2017 to 2022 and new Economic Crime Centre
• FCA comments on cybercrime in the financial services sector
• EU seeking to bring cryptocurrencies under MLD4
• MLD4: ESAs final report on draft RTS specifying how credit and financial institutions should manage money laundering and terrorist financing risks at group level
• Sanctions update: EU adds beer and saké to list of banned exports to North Korea
• FCA speech on using AI to keep criminal funds out of the financial system
• Law Society to intervene in ENRC legal privilege case
• The EU publishes a list of non-cooperative tax jurisdictions

GERMANY

• German prosecutors search airport operator Fraport for suspected bribery
• Markets watchdog investigates Deutsche Boerse's handling of new CEO hire
• German saving banks select new president after tax inquiry
• Founder of collapsed German drugstore chain Schlecker gets suspended prison term

UNITED STATES

• DOJ enhances and makes permanent FCPA self-disclosure program
• FinCEN fines Californian card club for AML violations
• DOJ recovers millions in criminal proceeds via asset sharing by Guernsey officials
• Changes to further tighten Russian sectoral sanctions go into effect

HONG KONG

• Allegations of international bribery against former senior Hong Kong official
• 3.5 year sentence for former associate director of investment bank for accepting bribes
• Continuing trend of small scale focus by the ICAC
• Joint operation between the ICAC and SFC may 'set the scene' for future investigations
• Registered institution fined HK$400 million and suspended for systemic failures in selling structured products
• SFC fines former account executive HK$542,071 and bans him for life for dishonest conduct

CHINA, SOUTH EAST ASIA & INDIA

China

• China issues guidelines for monitoring overseas activities of Chinese firms
• Zhou Liang named vice chairman of China's banking regulator

Singapore

• Guidebook on curbing insider trading
• New FS-ISAC office in Singapore with focus on cybersecurity

Malaysia

• Financial General Manager convicted for bribery

Philippines

• Philippines' second biggest bank penalised US$35m for fraud
• AMLC approves registration and reporting guidelines

South Korea

• Proposal to amend anti-corruption act by changing the price limits on gifts
• Korea to use AI to better combat money laundering

Indonesia

• Anti-graft court finds construction firm guilty of embezzlement

JAPAN

• Update on Nissan data falsification scandal
• Japanese regulators continue to tackle cybercrime in the cryptocurrency world
• Data manipulation in Japan's manufacturing industry

AUSTRALIA

• Australian Parliament introduces draft legislation to tackle foreign bribery
• Australian Parliament considers Bill to establish a new Home Affairs portfolio
• Australia's whistleblower reforms introduced into the Senate
• Amendment to Australian anti-money laundering legislation to capture digital currencies