All Anti-Corruption articles – Page 17
-
ArticleSFO accepts ‘sobering’ results of Unaoil, Serco case reviews
The U.K.’s Serious Fraud Office was criticized for its leadership, culture, and conduct in a report examining why the agency botched a key corruption case against Unaoil that has now seen three convictions overturned.
-
ArticleBiogen discloses $900M agreement in whistleblower kickback suit
Massachusetts-based biotechnology firm Biogen reached a $900 million agreement in principle to resolve a False Claims Act lawsuit brought by a whistleblower alleging the payment of unlawful kickbacks to physicians.
-
ArticleAmerican Express to pay $430K for violations of sanctions against drug kingpin
A subsidiary of American Express agreed to pay $430,500 to settle charges its network processed 214 transactions on behalf of a Venezuelan drug kingpin who was designated on the U.S. sanctions list, according to the Office of Foreign Assets Control.
-
ArticleFormer Herbalife exec fined $550K in FCPA case
Jerry Li, the former managing director of Herbalife’s China subsidiary, was ordered to pay approximately $550,000 to resolve charges brought by the SEC of violating the Foreign Corrupt Practices Act by bribing Chinese government officials over the course of a decade.
-
ArticleCredit Suisse money laundering verdict start of new era of Swiss enforcement?
Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
-
ArticleTransaction monitoring: How we can do better
While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
-
ArticleFATF adds Gibraltar to AML/CFT watchlist; Malta removed
The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.
-
ArticleFCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
-
ArticleFCA fines JLT Specialty $9.7M for financial crime control lapses
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
-
ArticleLaw Commission proposals put heat on U.K. execs
The United Kingdom might make it easier for executives and senior managers to be held directly accountable for corporate crimes under reform proposals put forward by the body that reviews U.K. law.
-
ArticleStrain in your supply chain no excuse for compliance shortcuts
With the Russia-Ukraine war’s ever-expanding sanctions landscape, supply chain strain and risk of enforcement are sharply increasing. Speakers at a recent event hosted by Drexel University’s Kline School of Law offered best practices.
-
ArticleSurvey: Cyber threats, remote work, financial pressures key ABC concerns for 2022
Compliance programs globally expect to shoulder more responsibilities in 2022, according to Kroll’s latest Anti-Bribery and Corruption Benchmarking Report.
-
ArticleAddressing fraud via social media
Fraud and social media have a special relationship, with the two frequently combining to cause harm, distress, and loss to an enormous number of people.
-
ArticleSEC probing Ericsson over Iraq corruption scandal
The Securities and Exchange Commission opened an investigation into Ericsson following the Swedish telecommunications company’s acknowledgement of evidence of “corruption-related misconduct” that occurred in its Iraq operations.
-
ArticleTreasury considering rule to address AML ‘loopholes’ in private investment
The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
-
ArticleTenaris to pay $78M to settle FCPA charges over bribes in Brazil
Tenaris, a global manufacturer of steel pipe products, agreed to pay more than $78 million to the SEC to settle charges it violated the Foreign Corrupt Practices Act by paying more than $10 million in bribes to a Brazilian government official.
-
ArticleLaw firm Dechert, SFO criticized in ENRC case ruling
A High Court judge found the U.K. Serious Fraud Office induced a lawyer from Dechert acting for Eurasian Natural Resources Corp. to provide it with privileged and unauthorized information.
-
ArticleCourt rules Lafarge to face crimes against humanity charges
A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.
-
ArticleFactors to consider when implementing risk assessment technology
With the growing demands of huge data sets, an everchanging regulatory landscape, and constantly evolving typologies, the challenge of assessing, documenting, and managing financial crime risk has never been greater.
-
ArticleBest practices, common pitfalls in working in high-risk countries
A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.