All Anti-Bribery articles – Page 52
-
Blog
Managing FCPA Audits on a Global Scale
Enforcing anti-corruption policies among employees and third parties is one of the foremost concerns for compliance departments, but developing a robust process to assess and uncover bribery risks is not easy. At Compliance Week 2015, legal and audit executives with oil services giant Baker Hughes shared how they audit parties ...
-
Blog
Ireland’s Central Bank Hits Western Union with €1.75m in Fines
Image: The Central Bank of Ireland levied €1.75m in fines on Western Union in Ireland after the firm failed to implement “robust” anti-money laundering and counter-terrorist financing controls. “The Central Bank action must be viewed in light of the inherent risks in the sector in which this firm operates … ...
-
Article
Doing God’s Work: Compliance Reform at the Vatican Bank
Image: The Istituto per le Opere di Religione, commonly known as the Vatican Bank, suffered for decades from poor internal controls and conduct. How has the Holy See tried to recover? Slowly, surely, and with a risk-based approach following international standards. “The expectations are huge in building trust and confidence, ...
-
Blog
Study: CCOs Struggle to Navigate Anti-Bribery Risks
A new report from Compliance Week and Kroll Advisory Solutions gauged the level of confidence chief compliance officers have in their companies’ financial controls to catch books-and-records violations of the Foreign Corrupt Practices Act; according to the study, only 48 percent felt confident. See inside for more study details.
-
Resource
2015 Anti-Bribery and Corruption Benchmarking Report
How do companies navigate bribery and corruption? On May 18, Compliance Week and Kroll released their 2015 Anti-Bribery & Corruption Benchmarking Report. The results give compliance officers a view into the anti-bribery and corruption threats they face and share resources for creating a risk-based compliance program. If you haven't already ...
-
Article
Brit Banking Regulators Wield Attestation More Often
Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...
-
Blog
SFO Brings Corruption Charges Against Former Alstom Compliance Executive
Image: Title: LainéBritain’s Serious Fraud Office has filed corruption charges against a former head of ethics and compliance at Alstom, the beleaguered French firm subject to anti-bribery investigations in multiple countries. The charges against Jean-Daniel Lainé stem from bribes Alstom allegedly paid in the 2000s to supply trains to the ...
-
Article
Anti-Corruption Compliance Improves in Defense Sector
Image: A new Transparency International report examining anti-corruption measures in the defense sector holds both good and bad news: Many defense companies have improved their ethics and anti-corruption compliance programs; plenty more still have lots to do. “It is clear that many companies in the industry are paying closer attention ...
-
Blog
Dun & Bradstreet Discloses FCPA Investigation Costs
Dun & Bradstreet, a commercial data and analytics provider, disclosed in a recent securities filing that it spent slightly more this time around than the same period last year on costs associated with its China investigation into possible violations of the Foreign Corrupt Practices Act. Details inside.
-
Blog
SFO: Alstom to Face More Criminal Charges
The U.K. Serious Fraud Office recently announced that it has brought fresh charges against Alstom Network U.K. and an Alstom employee in phase three of its ongoing investigation. The latest charges concern allegations of corruption for the supply of trains to the Budapest Metro. Details inside.
-
Article
Far East: The Epicenter of FCPA Enforcement?
Image: Everyone says bribery risk is highest along the Pacific Rim, but how acute is the problem really? Pretty bad, according to a Compliance Week review of recent FCPA enforcement actions—and the risks will only increase as more U.S. companies enter Asia and more Asian companies tap U.S. capital markets. ...
-
Blog
Ukraine Anti-Corruption Law Requires Compliance Officers
The Ukraine has enacted a new law that applies to almost all companies participating in public tenders and state-owned enterprises over a certain size, requiring them to have in place a compliance program. The law further requires companies to appoint a compliance officer with responsibility for implementing the compliance program. ...
-
Blog
China Targets Medical Device Companies in Bribery Probe
Chinese regulators are investigating several foreign medical device companies over suspicions that they may have bribed hospitals in exchange for sales. Regulators launched a preliminary investigation last year into the Chinese healthcare units of U.S.-based General Electric, Amsterdam-based Royal Philips, and Germany-based Siemens AG. Details inside.
-
Blog
TI Index Shows Anti-Corruption Improvements in Defense Sector
A new anti-corruption index examining anti-corruption measures in the defense sector reveals some good news: many defense companies are increasingly addressing corruption risks, with improvement evident in companies from every region of the world. The results show significant improvement overall,” said Transparency International, which last issued its index in 2012. ...
-
Blog
Braskem Self-Reports FCPA Probe
Brazil-based petrochemical giant Braskem has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. Braskem said it is investigating allegations that two of its former executive officers made improper payments from 2006 to 2012 to Brazil’s state-owned oil company Petrobras, in exchange for raw-material supply agreements. ...
-
Article
Whistleblower Laws Abroad Remain Weak and Untested
Image: What whistleblower protections exist overseas that are comparable to those under the Sarbanes-Oxley and Dodd-Frank Acts? Compliance Week did a spot-check of major countries, and the results of our round-the-world tour are inside. “There’s no country in the world whose whistleblower protection laws come close to what we’ve developed ...
-
Blog
TI Report Urges Southeast Asia to Make Anti-Corruption a Priority
Leaders of the Association of Southeast Asian Nations are not doing nearly enough to address corruption at the national level, warns a new report by Transparency International. In its report, TI recommended that ASEAN form an ASEAN Integrity Community to fast track anti-corruption policy measures and further recommended four targeted ...
-
Blog
UTC Gets Second Subpoena in Bribery Probe
United Technologies Corp. has disclosed that it received a second subpoena from the SEC for potential violations of anti-bribery laws. UTC said the SEC issued the subpoena “seeking documents related to internal allegations of alleged violations of anti-bribery laws from UTC’s aerospace and commercial businesses, including but not limited ...
-
Article
Cleaning Up FCPA Cases That Spill Into Litigation
Image: Companies under investigation for possible violations of the FCPA have more than enforcement action to worry about; they must be prepared to fend off shareholder lawsuits as well. That requires some careful strategy about how to investigate FCPA allegations and document them. “I can’t tell you how often I ...
-
Blog
OECD Roasts Iceland on Anti-Bribery Efforts
The Organization for Economic Cooperation and Development’s Working Group on Bribery this week said it has “serious concerns” about Iceland’s lack of progress in both combating the bribery of foreign public officials. Out of 17 recommendations made by the Working Group in 2010, just two of the recommendations had been ...