Oct. 22—A new survey of European and U.S. corporate counsel and compliance officers showed that risks of litigation remain a major concern, with 88 percent reporting that the amount of legal disputes faced by their company in the past year has either stayed the same or increased. The annual survey, conducted by consulting firm AlixPartners, also revealed that European respondents were more likely to report an increase in cross-border disputes and the use of arbitration than their U.S. counterparts. More results inside.
Roberta Holland
Posted inAnti-Bribery
U.K. Businesses in Spotlight in Massive Money Laundering Scheme
Image: Title: ClarkeOct. 22—An investigative report published last week by The Independent revealed that 19 businesses registered in the United Kingdom are under suspicion for involvement in a complex money laundering scheme that cleaned £12.5 billion in illicit money over four years. The report cited corporate secrecy laws that make the United Kingdom an attractive center for money laundering, and it noted efforts to right the situation. Former U.K. Fraud Squad Director David Clarke told the paper, “…at the moment we’re still handing it on a silver platter to the villains.” More inside.
Posted inRegulatory Enforcement
SEC Fines Current, Former E*Trade Subsidiaries for Penny Stock Violations
The Securities and Exchange Commission last week announced a $1 million penalty and other enforcement action against one current and one former brokerage subsidiaries of E*Trade Financial Corporation for not adhering to rules on the sale of penny stocks. The SEC said in a press release that the two subsidiaries, E*Trade Securities and E*Trade Capital […]
Posted inRisk Management
Social Media Requires Better Risk Management, Accenture Report Shows
Traditional risk management policies are not sufficient when it comes to handling the plethora of exposures posed by social media, a new report from Accenture Finance & Risk Services cautions. The Accenture report, “A Comprehensive Approach to Managing Social Media Risk and Compliance,” addresses the growing importance of social media to business and how business […]
Posted inTechnology
IT Confidence Wavers Beyond the Firewall
IT professionals are confident in their perimeter security, but beyond those initial firewalls confidence about protecting sensitive data dips considerably, according to a recent survey. The global survey conducted by U.S.-based SafeNet showed that 74 percent of those polled believe their perimeter security is sufficient to guard against security threats. However, 41 percent believe unauthorized […]
Posted inAnti-Bribery
U.K.’s Anti-Corruption Efforts Raising Questions
Questions have begun percolating over the state of the United Kingdom’s anti-corruption efforts, with a reported plan to break up its national fraud-fighting office and speculation over the whereabouts of the U.K.’s promised national plan to combat corruption. While the U.K.’s Serious Fraud Office had cause for celebration this week with its first victory in […]
Posted inAnti-Bribery
After Lengthy Delay, Germany Moves on UN Anti-Corruption Pact
Eleven years after agreeing to join a United Nations push against corruption, Germany is moving forward with ratifying the measure and ending its claim as one of the last major economies to do so. Germany’s Bundestag, the lower house of parliament, last week approved legislation to ratify the United Nations Convention Against Corruption (UNCAC). Now […]
Posted inAccounting & Auditing
EU Passes Non-Financial Reporting Law, But Implementation in Flux
The European Union this week adopted its first law requiring disclosure of non-financial information by large companies, but guidelines to help companies implement the new directive are still in the offing. The Council of the European Union approved the non-financial reporting directive without discussion this week. The council had previously agreed to the legislation with […]
Posted inUncategorized
France Passes New Transparency Rules for Extractives Industry
The French government last week approved legislation to boost transparency in the extractives industry, forcing large mining, forestry, and other extractive companies to report payments to governments on a country by country basis as well as on a project basis. France joined the United Kingdom in implementing the European Union directive before the July 2015 […]
Posted inTechnology
Banking Group, Europol Join Together in Cyber-Crime Fight
Due to the ever-increasing threat of cybercrime, the European Banking Federation and Europol are teaming up to boost cooperation between the financial sector and law enforcement. The EBF and Europol’s European Cybercrime Centre, known as EC3, this week inked a memorandum of understanding to provide closer cooperation between the two sectors. The agreement will help […]