Corporate Crime Update – December 2019

Author:Ms Susannah Cogman, Daniel Hudson, Brian Spiro, Kate Meakin and Graham More
Profession:Herbert Smith Freehills
 
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Welcome to the December 2019 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

Rod Fletcher: in memoriam

It is with great sadness that the London corporate crime team note the passing of our friend and colleague, partner Rod Fletcher, in November. Rod was an exceptional lawyer, leader and friend; the firm's tribute to Rod can be found here.

United Kingdom

SFO speech on international cooperation SFO speech on future risks to stability and security Confiscation order of £7.3m imposed on former executives in fraud case Confiscation order imposed in corruption case Fraudster convicted of failing to comply with confiscation order SFO concludes investigation into LIBOR manipulation SFO speech on seeing the 'bigger picture' to quicken investigations FCA speech on fraud prevention PRA "Dear CEO" letter on money laundering and terrorist financing risks in prudential supervision HMRC updates list of firms in breach of AML obligations, issues £7.8m fine Money launderer ordered to repay £7.3m NCA seizes £470,000 from convicted money launderer HMT launches frozen assets review HMT guidance on ML/TF controls in high risk jurisdictions HMT letter on AML/CTF supervision under the Economic Crime Plan DPP advocates international cooperation on cybercrime and global fraud Solicitor General speech on economic crime HMT approves revisions to JMLSG guidance: Part 2 Chapters 4, 12, 17 and 20 OFSI reports on counter-terrorist asset freezing regime UK Finance: Banking industry stops £4.5m of fraud per day FRC launches Thomas Cook investigation European Union

European Parliament: MEPs call for proper implementation of AML rules European Parliament briefs on AML supervision EU leaders name first EU Chief Prosecutor EBA speech on implementation of AML legislation MAR: ESMA final draft Regulatory Technical Standards on supervisory cooperation ESAs joint opinion on AML/CFT risks in the financial sector MLD4: New European Commission methodology for identifying high-risk third countries New EU Directive on Whistleblowing passed Council of the EU Presidency issues note on AML/CFT International Bodies

FATF updates consolidated...

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