The new home of the FCPA Newswire edited by Mike Kenealy
Protect Your Business From Corruption Risks
As pointed out in the previous articles, most of corruption cases happen via third parties, nevertheless, using them is essential to unlock business opportunities as they have local expertise, especially in those countries where having a local partner is compulsory in order to have licences or concessions.
Featured Articles
Does that certificate on the wall mean something?
With risk and regulation increasing, and change accelerating, it’s harder than ever for companies to meet baseline compliance requirements as we see in our day to day efforts. All business functions are being impacted, not only by regulatory change, but significant change to the competitive, political, and economic environment. Banks could face an exodus of crime-fighting staff, as most compliance officers – who are responsible for making sure banks obey the law – want to quit their jobs. The biggest worry for regulatory, compliance and anti-money laundering staff is the risk that they could go to jail if they fail to stop rogue colleagues or clients from breaking the law, according to a study from the British Bankers’ Association and LexisNexis Risk Solutions. Look at this more
Compliance Doesn’t Need Reward
“Hire for attitude, you can always teach skills” This is pretty much what most recruiters or headhunters use to say and compliance makes no exception on this regard, not only in the relevant department but throughout the organization. …
Anti-Corruption
Let’s Knock Down This Anti-FCPA Argument Now
The ethics & compliance community already knows we’re going to hear lots of chatter in coming months about easing the burden of … Read More
Compliance in 2017: What to Expect
Beneficial ownership will remain a major issue in corporate transparency in 2017. Countries will face increasing pressure from … Read More
The FCPA Enforcement Run Continues into 2017 – Corruption, Crime & Compliance
Just when we thought 2016 was over and we could all breathe a sigh of relief, DOJ and the SEC have continued to run with a string of … Read More
Recent Developments in EMEA Impacting Business
On Tuesday, February 7, 2017 we invite you to attend a panel discussion focused on recent developments in the EMEA region and their … Read More
Policing and Crime Bill passed by UK Parliament
On 18 January 2017, the Policing and Crime Bill 2015-16 to 2016-17 (the “Bill“) was passed by the UK Parliament. The Bill is currently Read More
Portugal: Changes in legal framework of advertising of medicines and medical devices
Rules that govern advertising and promotion activities of medicines and medical devices in Portugal have been changed recently by the … Read More
Governance and Ethics
Brazil’s Odebrecht seeks tougher compliance, family exit from board in overhaul
Jan 24 Brazil’s Odebrecht SA is working on a thorough revamping of compliance rules that could lead to the appointment of more … Read More
‘Ideation’ brings corporate paranoia to San Jose
It’s a familiar scene of a corporate meeting room. A team of high-powered management consultants breezes in from an assignment overseas Read More
Accounting fraud admission wipes £5.5b off BT’s valuation
The former UK national phone company BT announced that it’s writing down the value of its Italian operation by £530m because it has … Read More
Irish Aid should have spotted signs ahead of Uganda fraud
The Government should have done more to spot the danger signs in the years leading up to a 2012 corruption scandal in which millions … Read More
MEC at the centre of legal fees scam
Kimberley – The police have requested more time before they are able to provide additional details on a fraud case where a Kimberley … Read More
Avaya, in no-brainer, pulls $1 billion IPO in wake of bankruptcy filing
Avaya Holdings has withdrawn the $1 billion IPO offering it filed more than 5 years ago in the wake of last week’s filing for Chapter … Read More
Anti-Money Laundering
Western Union Settles with DOJ, FTC on Fraud and Money Laundering Violations
Western Union will pay $586 million in customer refunds and beef up its money laundering and fraud protections after admitting to … Read More
GWB Bridge Stop Yields $498,800, Money Laundering Arrest
Arnold Isaac Mercado, of North 2nd Street in Philadelphia was charged with money laundering after authority police pulled him over for … Read More
Western Union admits to anti-money laundering, consumer fraud violations
WASHINGTON, Jan. 22, CMC – Western Union, one of the leading money transfer agencies across the Caribbean, has admitted to anti-money … Read More
Federal agents find $20 million in box spring during money laundering investigation
Federal agents found approximately $20 million in cash hidden inside a box spring in a Massachusetts apartment on Sunday. They arrested Read More
Family of drug dealer who plotted £180MILLION money laundering scam ordered to hand over FOUR houses
The family of drug dealer who was part of a £180 MILLION money laundering plot faces losing FOUR homes because of his criminal deeds.
French Prosecutors Looking at 22 Targets in Panama Leaks Probe
French prosecutors have identified 22 targets in their investigation into the Panama Papers leak that revealed the widespread use of … Read More
Cyber Risk
Defence officials brief Australian political parties about risk of cyber attacks
The US intelligence community’s explosive findings that Russia engaged in hacking during the presidential election have sparked … Read More
British Bank Lobby Urges More Harmony In Cyber Risk Rules
London (January 19, 2017, 6:58 PM GMT) — Britain’s bank lobby warned Thursday that overlapping and inconsistent approaches to … Read More
A Rude Awakening for Blockchain’s Dreamers
The finance world’s attempt to build a white-collar version of blockchain — the shared-ledger technology that underpins rebellious … Read More
Best practise on cybersecurity for boards and management
A best practice guide on cybersecurity basics for boards of directors has been launched.
Cyber Risk Number Two Concern According To ‘Top 10 Global Business Risks For 2017’
As businesses brace for a year of uncertainty, cyber risk concerns — driven by impact of indirect attacks, regulatory threats, and … Read More
UK CEOs rate cyber risks as second most significant threat
As world leaders gathered in Davos last week, cyber risks again featured high on the agenda. PwC’s CEO Survey reveals that … Read More
Security Risks
Astonishing fake goods in China revealed
The black market has been providing counterfeit goods to label-hungry shoppers for almost as long as the credible designers.
The sale of “grey goods” is a criminal offence
In this case the term grey goods was used in reference to products which are made by, or under licence from, a brand owner but which, … Read More
Lloyds Banking Group Reportedly Hit by DDoS Attack
Officials at the British financial institution told Reuters that a small number of customers experienced issues, but that they would … Read More
State of surveillance: There’s nothing private anymore
The Jaipur Literature Festival (JLF) on Monday witnessed a discussion on whistleblower Edward Snowden, the 29-year-old computer … Read More
China’s Bitcoin Exchanges to Impose Trading Fee Beginning 24th January
BTCC, OkCoin and Huobi have announced via their websites that they will start charging a trading fee this Tuesday. Traders will now … Read More
Healthcare execs worry about IoT and mobile hacking, but aren’t preparing for attacks
Despite major IoT attacks last year, and even though most organizations are extremely concerned about getting attacked, the majority … Read More
North America
Trump Asks James Comey to Stay On as FBI Director
FBI Director James Comey has told top FBI officials that President Trump asked him to stay on as head of the bureau. Comey told the … Read More
Canada ‘concerned’ with aid funds to Afghanistan education
As one of the main contributors to the Education Quality Improvement Project (EQUIP), Afghanistan’s largest national education program, Read More
With accusations of corruption, exploding phones might be the least of Samsung’s worries
Some of the shenanigans at Samsung are enough to challenge Rolls-Royce in the scandal stakes. Accusations of corruption at the highest … Read More
Judge mulling whether to dismiss ex-mayor’s corruption cases
HARTFORD, Conn. (AP) – A judge may soon rule on whether to dismiss corruption charges against former Hartford Mayor Eddie Perez.
Herbalife discloses lower earnings forecasts, SEC’s China probe
Herbalife Ltd. issued an earnings warning Friday in which it projects reduced sales for the fourth quarter and a lower initial forecast Read More
U.S. judge approves Volkswagen dealers $1.2 billion settlement
Volkswagen AG’s (VOWG_p.DE) dealers will receive an average of $1.85 million in a $1.2 billion settlement approved by a U.S. judge on … Read More
Latin America
Chiclayo: Auditor de la Sunat firmó su sentencia de muerte al rechazar coima
“Por la dignidad de mis hijos, no me vuelva a hacer ese ofrecimiento”. Así respondió el auditor de la Sunat, Luis Cieza Herrera a … Read More
Operativo para capturar a Otto Bula y Gabriel García Morales por Odebrecht
Varios aparatos de interceptación telefónica, uno de ellos prestado por una agencia de Estados Unidos, fueron instalados alrededor de … Read More
Odebrecht: primeros acusados de recibir sobornos también trabajaron en gestión de Luis Castañeda Lossio
Jorge Luis Cuba Hidalgo y Edwin Luyo Barrientos han sido los primeros implicados en la supuesta recepción de sobornos de parte de la … Read More
El acueducto para la refinería del Pacífico se encareció 75%
La obra la hizo la empresa Odebrecht, se pactó por 168 millones y terminó costando 295. Incluso podría ser más.
Heinz Moeller ‘sorprendido’ por aparecer en lista de Odebrecht
Heinz Moeller, ex ministro de gobierno de León Febres-Cordero y excanciller en el periodo presidencial de Gustavo Noboa, dijo ayer … Read More
US lawmakers call for action on Venezuela food corruption
CARACAS, Venezuela – Venezuelan officials may face U.S. sanctions for profiting from food shortages that have exacerbated hunger in … Read More
Asia
The Asia-Pacific Top 10 FCPA Enforcement Actions of 2016
Asia-Pacific played a significant role in 2016’s record-breaking enforcement actions of the U.S. Foreign Corrupt Practices Act (FCPA), … Read More
China jails former Sinopec president for 15-1/2 years over graft
A Chinese court has jailed Wang Tianpu, the former president of energy giant Sinopec Group, for 15-1/2 years for graft, state media … Read More
China’s anti-corruption drive turns towards Hong Kong and Macau Affairs Office
Communist party and central government officials in Hong Kong and Macau are about to feel the heat of Beijing’s unprecedented ongoing Read More
South Korea ruling party to change its name as it seeks to dissociate from corruption scandal
South Korea’s ruling party is to change its name for the second time in five years, it said on Monday, as it seeks to dissociate itself Read More
China Jails Three Former Officials for Corruption
A court in the northern city of Jinan found one of the a former vice-chairman of the nation’s top political advisory body guilty of … Read More
Asia-Pacific carriers prominent in Rolls bribery allegations
Rolls-Royce will not be prosecuted for the allegations, but will pay a financial penalty under a deferred prosecution agreement. Chief … Read More
Europe
Millions in bribes, ‘success fees’ and a free car for a fixer: Rolls’ Royce murky past revealed
Handing over a brown envelope stuffed full of cash just wouldn’t suffice in the murky world of bribes and backhanders that Rolls-Royce … Read More
France investigates Renault for suspected emissions fraud
Renault shares slumped four percent to 82.56 euros in the first reaction to the news, recovering slightly to 84.16 euros during the … Read More
Three more Barratt employees suspended in corruption probe
Barratt Developments has suspended three members of staff as part of an ongoing police investigation into alleged misconduct in … Read More
The Top Spy Who Is Fighting Corruption in Ukraine
“The question is, are we going to survive or not?” Valentyn Nalyvaichenko told The Daily Signal from his offices in Kiev, Ukraine’s capital.
It’s tragic but history of Italy made drama so predictable’
When BT decided to plunge into Italy by buying a company from Silvio Berlusconi, who could have guessed anything could go wrong?
How the EU can protect the world’s forest by tackling corruption
Amid the political turbulence that kicked off in Europe in 2016, an important event from last year risks being forgotten, the … Read More
Middle East
Saudi Electricity Company employees embroiled in $21M corruption case
Nazaha said it found irregularities in eight contracts worth more than SR80 million, which were intended to purchase licenses to … Read More
Egypt prosecution detains finance ministry official over bribery charges
Egypt’s State Security Prosecution ordered on Sunday a four-day detention pending investigation for three people, including a Ministry … Read More
British man dies on 2022 World Cup stadium site in Qatar
Organisers of the 2022 World Cup in Qatar say a British man has died working at a stadium that will be a venue for the event.
Is Turkey’s shift on Assad beginning of the end of Syria’s war?
Simsek’s statement came just three days before the Jan. 23 start of the Russian-mediated Syria talks in Astana, Kazakhstan.
Al Khaliji’s 10 years mark continuous growth, strong financial indicators
Al Khalij Commercial Bank (Al Khaliji) is “continuing to push forward its vision” of converging human capital, technology and business … Read More
State Street Will Pay $64.6 Million, Name Monitor After Fraud
State Street Corp. agreed to pay $64.6 million and cooperate in the U.S. prosecution of former executives, while admitting it … Read More
Africa
South Africa: Hawks Arrests Seven Detectives for R50 000 Fraud
An intelligence driven operation by the Hawks’ Serious Corruption Investigation team yielded positive results when seven (7) SAPS … Read More
Nigeria still ranks high in corruption, says ICPC chairman
This was the position of the Chairman of Independent Corrupt Practices and other related offences Commission (ICPC), Mr. Ekpo Nta when … Read More
Start-up using blockchain tech to stop property fraud in Africa
Founded by entrepreneurs Daniel Block and Emmanuel Noah, it hopes to empower citizens with a transparent, risk-free and equitable … Read More
Tanzania considers tax on charcoal to save forests
Tanzania is considering putting a tax on charcoal with the aim of discouraging the use of the fuel, which is a big source of energy for Read More
Rolls-Royce agrees £671m penalty to settle bribery probe
The voluntary agreement would result in a suspension of prosecution conditional on Rolls-Royce’s payment of financial penalties, as … Read More
Meet Bishop Eliud Wabukala, the first clergyman to head Kenya’s anti-corruption agency
Bishop Eliud Wabukala, a former head of the Anglican church, has been sworn in as Kenya’s new anti-corruption boss.
Read more: Anti-Corruption Digest International Risk & Compliance News http://anticorruptiondigest.com/#ixzz4WlRUCJuu
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