Corporate Crime update - Autumn 2019.

Legal News & Analysis - Asia Pacific - Regulatory & Compliance

11 October, 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.

 
 
  • 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

  • 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


 
 
 
  • 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

herbert smith Freehills

 

For further information, please contact:

 

Kyle Wombolt, Partner, Herbert Smith Freehills

kyle.wombolt@hsf.com