Corporate crime update, August 2017

Welcome to the August 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 covers a number of jurisdictions summarised below. Click read more for the full article of each jursidiction.

UNITED KINGDOM/EUROPE

• New sanctions reporting requirements for non-financial sector businesses
• UK Government publishes response on the legal framework for sanctions post-Brexit
• Failure to Prevent the Facilitation of Tax Evasion offences to be implemented from 30 September 2017 – Criminal Finances Act 2017
• The Court of Appeal clarifies the 'public interest test' for whistleblowing claims
• FCA annual reports and accounts 2016/2017
• FCA publishes new cyber security guide
• SFO opens investigation into pension schemes totalling £120 million
• Anti-money laundering reforms not implemented in majority of EU countries
• Consultation on Codes of Practice of POCA and ATCSA
• NCA to host the International Anti-Corruption Coordination Centre
• Other corporate crime developments

UNITED STATES

• Chairman of Macau-based real estate development company convicted at trial for scheme to bribe UN officials
• Telecom executive pleads guilty to FCPA charges
• CDM Smith resolves FCPA violations through DOJ declination and disgorgement
• Seventh company pleads guilty for fixing electrolytic capacitor pricing
• DOJ seeks to recover over $100 million in Nigerian oil corruption case
• FinCEN fines BTC-e virtual currency exchange for AML violations
• Celgene settles fraud allegations over cancer drug improper promotion 

Sanctions

• US President recertifies the JCPOA and extends review of Sudan sanctions
• US passes legislation that strengthens Iran, Russia, and North Korea Sanctions
• US imposes sanctions on Chinese bank for alleged transactions with North Korea
• US imposes sanctions on Venezuelan President Nicolás Maduro
• OFAC fines Singapore Firm $12 Million for Iran sanction violations
• US Government wins forfeiture case of Iranian-owned tower in Manhattan  

MIDDLE EAST

• Fraudster arrested following 55 complaints
• Individuals conspire to defraud bank
• Ex-ministry employee misappropriates $820,000 

HONG KONG

• Hong Kong SFC consults on new rules and code for open-ended fund company
• SFC and AMF sign MOU on mutual recognition of funds between Hong Kong and France
• Hong Kong SFC closes consultation on proposed guidelines to reduce and mitigate hacking risks related to internet trading
• Company director sentenced to four months' imprisonment for small bribe to bank staff
• Russian money laundering revelations lead to call for private-public cooperation on KYC
• HKMA and PWMA in Hong Kong collaborate to develop a treat customers fairly charter for the PWM industry
• SFC annual report published
• ICAC chief visits Guangzhou and Shenzen to foster ties in graft fight   

CHINA, SOUTH EAST ASIA & INDIA

China

• Beijing police arrest 9 in one of the world's largest internet malware schemes
• Apple opens China data center to comply with new cyber-security rules
• Game developer's subsidiary and former chairman charged for offering bribes in China
• US proposes to sanction Chinese bank for money laundering concerns linked to North Korea
• Multiple former senior government officials investigated for bribery

India

• CDM Smith investigated for bribing government officials

Indonesia

• Indonesian authorities invoke corporate liability provisions for the first time
• Tax official sentenced to 10 years' imprisonment for bribery

Singapore

• Singapore introduces draft Cybersecurity Bill
• Singaporean police probe a collapsed suspected Ponzi scheme
• MAS consults on regulations for the provision of digital advisory services 

Thailand

• King Power International accused of tax evasion

Philippines

• Philippines extends anti-money laundering laws to include casinos
• BIR investigates 40 cases of tax evasion this year

Vietnam

• Anti-corruption investigations in central province 

South Korea

• Heads of KAI and DAPA under investigation

JAPAN

• Japan ratifies UN organised crime convention following passing of anti-conspiracy law 

AUSTRALIA

• AUSTRAC proposes restructure of AML/CTF Rules
• AUSTRAC Report on Securities and Derivatives Sector: Money Laundering and Terrorism Financing Risk Assessment
• Consultation paper regarding ASIC's power recommends sharing of intercepted phone calls
• Parliament releases report into human trafficking and slavery