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.
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 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- FATF draft guidance on digital ID and CDD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
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
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
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
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
- 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
- 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
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.
