Corporate Crime update – Autumn 2019.

Welcome to the Autumn 2019 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break.

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.

HONG KONG/CHINA

• FATF and APG publish long-awaited mutual evaluation report on Hong Kong
• ICAC signs collaboration MoU and hosts training with SFC
• Former government official found guilty of misconduct in public office
• China to embed anti-corruption officers in Belt and Road projects
• Stricter prison rules for corrupt convicts in China
• ICAC mounts joint operation with SFC
• ICAC secures fraud convictions
• Former Hong Kong chief executive cleared of criminal misconduct

INDIA, KOREA & SOUTH EAST ASIA

India

• India tightens AML laws by widening definition of proceeds of crime
• SEBI publishes revised guidance note on insider trading norms
• 10-year jail term proposed for dealing in crypto-currency

Singapore

• MAS extends AML/CFT requirements to insurers and payment service providers
• Executive penalised S$336,000 for insider trading
• Singapore collaborates with OCBC to quicken financial crime detection
• 333 counts for insider trading offences against three individuals
• Directors' bribery charges disrupted parent's IPO
• 25 years and 10 months imprisonment for $41m embezzlement
• Singapore eyes on shell companies to fight money laundering
• Jailed men receive ban for insider trading

Thailand

• New reporting requirement for digital asset trading
• Ministers jailed for embezzlement
• Senior anti-corruption official accused of hiding millions in assets
• Members of Parliament charged over alleged corruption linked with construction project

Taiwan

• Party founder and members charged with illegal gains
• Airport official and engineer detained over kickback scandal
• Taiwan earns promotion to most favourable AML status

Indonesia

• Trade misinvoicing causes loss of US$ 6.5 billion
• Six years imprisonment for DPR deputy speaker for bribery

Malaysia

• Amendment to Anti-Corruption Act 2009 takes effect on 1 June 2020
• Ministers to declare asset or subject to jail
• Update on 1MDB
• SCM to implement anti-corruption action plan
• Malaysia plans increased anti-money laundering enforcement
• Joint raid against illegal Money Services Business Operators
• Executives face jail terms and heavy fine for money laundering and illegal operation

Vietnam

• Vietnam issues guide to money laundering regulations
• Shipbuilding tycoon sentenced to 13 years for embezzlement
• Vietnam on anti-corruption spree
• Jailed senior banker faces further criminal investigation

AUSTRALIA

• Whistleblower law reforms have now commenced
• Referrals for criminal prosecutions following the Banking Royal Commission expected
• NSW government delays state's Modern Slavery Act for inquiry and report
• Supply chain risk a key focus of workplace regulator

European Union

• Council of the EU adopts Directive allowing access to financial information for preventing financial crime
• Council of the EU adopts mandates aiming to facilitate access to e-evidence in collaboration with the US 
• FMLC report on U.S. Sanctions and the E.U. Blocking Regulation
• OECD very concerned that active bribery is no longer a felony in Greece
• Europol calls for further international cooperation against AML
• Europol and New Zealand sign MoU to increase collaboration against international crime 

International Bodies

• FATF report to G20 Leaders' Summit
• G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets”
• FSB report on work underway to address crypto-asset risks
• FAFT releases guidance on its risk-based AML approach
• FATF Terrorist Financing Risk Assessment Guidance
• FATF Plenary: 16-21 June 2019
• FATF mutual evaluation reports and updated consolidated assessment ratings
• FATF 30 years
• New FATF President