All Africa articles – Page 2
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ArticleOFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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FATF adds four jurisdictions to AML/CFT watchlist
The Financial Action Task Force added Haiti, Malta, the Philippines, and South Sudan to its “grey list” focused on areas subject to increased monitoring for deficiencies in fighting financial crime.
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Ex-Goldman Sachs exec Asante Berko settles FCPA case
The SEC obtained final judgment against a former Goldman Sachs executive charged with violating the FCPA by orchestrating a bribery scheme to help a client win a power plant contract in the Republic of Ghana.
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Credit Suisse hires Goldman Sachs veteran as U.K. CCO
Credit Suisse has hired Nita Patel as its new chief compliance officer for the U.K. and EMEA regions. Of note, the bank was exposed to losses during the collapse of U.K. firm Greensill Capital.
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How global compliance works at the local level
For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.
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DOJ joins SFO in corruption probe of Bombardier
The U.S. Department of Justice has joined the U.K. Serious Fraud Office in an ongoing investigation into plane maker Bombardier over suspected bribery and corruption relating to contracts and orders from airline carrier Garuda Indonesia.
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Italian court acquits Eni, Shell of corruption charges
An Italian court acquitted oil companies Royal Dutch Shell and Eni and a group of current and former executives of corruption charges surrounding a widespread bribery scheme to acquire oil exploration rights in Nigeria.
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Anti-corruption developments in 2020: China, India make strides
A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.
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Transparency International index: Pandemic tests anti-corruption efforts
Corrupt activity bolstered by the coronavirus pandemic features heavily in the findings of Transparency International’s 2020 Corruption Perceptions Index, with even some of the highest-scoring countries having their share of challenges.
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SFO closes bribery probe into British American Tobacco
The U.K. Serious Fraud Office announced it has concluded without prosecution its investigation into British American Tobacco regarding whistleblower allegations of corruption in the conduct of business.
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OFAC fines Saudi bank for Sudan/Syria sanctions violations
The Office of Foreign Assets Control announced a $650,000 settlement with a Saudi Arabian bank for apparent violations of sanctions against Sudan and Syria related to transactions that took place via the U.S. financial system.
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ICA expands to Rwanda with new partnership
The International Compliance Association announced a partnership with Rwanda Finance Limited to provide ICA education in the country.
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World Bank debars Kalpataru Power Transmission for fraud
The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
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ICA, Insurance Institute of East Africa partner on training
The International Compliance Association announced a partnership with the Insurance Institute of East Africa to provide ICA education in financial crime prevention in the East African region.
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Hat tip to HSBC for stopping money laundering, saving lives
If you’re in search of proof that what you do matters, look no further than the AML efforts of HSBC in preventing $500 million from reaching the bank accounts of criminals, writes Martin Woods.
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Och-Ziff investors reach $136M proposed settlement in FCPA case
Sculptor Capital Management (formerly Och-Ziff Capital Management) has “agreed in principle” to a $136 million settlement with former shareholders of Africo Resources and the DOJ for violations of the Foreign Corrupt Practices Act.
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Analysis: Don’t ignore financial misconduct in ‘plane’ view
Compliance officers must let go of the fear that often accompanies respect for big money (or luxurious aircrafts) and hold the difficult conversations when ferreting out bad actors, writes financial crime expert Martin Woods.
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Eni to pay $24.5M to resolve FCPA charges
Italian oil company Eni will pay $24.5 million to settle SEC charges that it violated the Foreign Corrupt Practices Act with regard to the award of certain contracts to its former subsidiary Saipem in Algeria.
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ICA extends to South Africa with Navigate Compliance partnership
The International Compliance Association announced it has partnered with Navigate Compliance to bring ICA education to the South Africa region.
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Ex-exec charged, but Goldman Sachs avoids FCPA liability for due diligence efforts
The SEC announced charges against a former Goldman Sachs exec for violating the anti-bribery provisions of the FCPA, but the firm was not charged in the case because of the due diligence measures it took.
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