Welcome to the December 2018 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.
This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season!
UNITED KINGDOM/ EUROPE
- New beneficial ownership transparency measures announced to tackle international money laundering
- FATF: AML/CTF updates
- FCA FG18/5: Final guidance on insider dealing and market manipulation
- UK's first DPA comes to an end
- Council of the EU supports AML/CFT Action Plan and identifies short term actions
- FCA review of retail and wholesale banking: firms' whistleblowing arrangements
- SFO speech at a business crime and compliance conference
- ESAs consult on guidelines on cooperation and information exchange in AML/CFT supervision
- European Commission refers Luxembourg to CJEU for failure to fully implement MLD4
- HMRC updates money laundering supervision civil measures guidance on publishing statements
MIDDLE EAST
- UAE introduces new anti-corruption laws with extra-territorial effect
- Ex-employee and accomplices convicted of embezzling Dh4.5million from workplace
- Four charged with smuggling petroleum products into UAE
- Bank employee jailed for embezzling Dh20m in Abu Dhabi
UNITED STATES
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New York court convicts former Hong Kong Affairs Secretary in seven FCPA violations
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US banks urged to innovate on anti-money laundering efforts
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Deferred prosecution deal secured despite $1 billion securities fraud scheme
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Money services business agrees to extended DPA and forfeits $125 million
HONG KONG (INCLUDING CHINA & TAIWAN)
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Lawmakers call for extension of Hong Kong’s laws to cover bribery overseas
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Taiwan, Hong Kong and China regulate virtual currencies
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Double taxation avoidance agreement between Hong Kong and India comes into effect
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Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing
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Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations
CHINA, SOUTH EAST ASIA & INDIA
China/Hong Kong/Taiwan
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China's new law on judicial assistance in criminal matters will impact investigations
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Taiwan, Hong Kong and China regulate virtual currencies
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Double taxation avoidance agreement between Hong Kong and India comes into effect
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Hong Kong Court of Final Appeal clarifies "innocent purpose" defence to insider dealing
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Meng Wanzhou arrested in Canada for alleged fraud and sanctions violations
Malaysia/Singapore
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Update on 1MBD investigation
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AML developments in land and property industry
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Mahathir: Cashless society will reduce corruption
Philippines
- Rapler charged for tax evasion
Vietnam
- Life imprisonment sentences in pyramid scheme
Thailand
- Thailand delays asset declaration rules
JAPAN
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Charges for alleged breaches of Financial Instruments and Exchange Act
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Sugura Bank shareholder proceedings against bank's former management team
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Suspected money laundering cases linked to cryptocurrency
AUSTRALIA
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Commonwealth Modern Slavery legislation passed
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Whistleblower Bill progresses to the next stage
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Australian Commonwealth Government to establish new integrity commission
