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Global Glimpses

“Global Glimpses” follows compliance, risk, and corporate governance news both in Europe and around the world. It covers developments at the International Accounting Standards Board, as well as global regulation, anti-bribery, and corruption enforcement, along with other compliance developments abroad. Global Glimpses is written by contributor Paul Hodgson. Hodgson welcomes questions, comments, and statements from readers on global issues and will address them here when appropriate. Readers can contact him at paul.hodgson@complianceweek.com.
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Global Glimpses Blog
SFO faces criticism for closing Rolls-Royce, GSK cases
Jaclyn Jaeger | February 22, 2019
The U.K. Serious Fraud Office closed two long-running bribery and corruption cases against Rolls-Royce and GlaxoSmithKline—a decision that casts further doubt around the effectiveness of the SFO’s investigatory powers and makes companies question the purpose of entering a deferred prosecution agreement at all.
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Global Glimpses Blog
U.K. committee slams Facebook as chief visits Zuckerberg
Neil Hodge | February 22, 2019
Facebook behaves like a “digital gangster,” has deliberately broken privacy and competition law, and should be subject to statutory regulation urgently, according to a U.K. parliamentary report.
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Global Glimpses Blog
E3 moves to circumvent U.S. sanctions on Iran
Paul Hodgson | February 21, 2019
The E3 has set up a special trade channel designed to allow companies in the European Union to circumvent U.S. sanctions in an effort to continue humanitarian trade with Iran.
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Global Glimpses Blog
EBA investigation linked to AML activities at Danske Bank
Jaclyn Jaeger | February 20, 2019
The European Banking Authority is formally investigating a possible breach of Union law by the Financial Services Authorities of Estonia and Denmark in connection to the Danske Bank money-laundering scandal.
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Global Glimpses Blog
Big Four: Please don’t break us up
Paul Hodgson | February 12, 2019
An in-depth look at responses to the Competition and Markets Authority proposals to reform the U.K. audit market.
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Global Glimpses Blog
Privacy violations surge despite Europe’s tougher regs
Neil Hodge | February 8, 2019
A steep uptick in potential privacy violations has hit Europe, eight months after it issued stringent data privacy regulations.
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Global Glimpses Blog
SFO: Former Petrofac executive pleads guilty in bribery case
Jaclyn Jaeger | February 7, 2019
A former executive of Petrofac pleaded guilty this week to bribery offenses in connection with an ongoing investigation by the U.K. Serious Fraud Office into the oilfield services company and its subsidiaries.
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Global Glimpses Blog
New rules would make setting up a company in the EU easier
Jaclyn Jaeger | February 6, 2019
EU co-legislators agreed this week on new rules to facilitate establishing businesses electronically and promote online operations throughout a company’s lifecycle. The new rules aim to save companies time and money, while increasing safeguards against fraud and abusive behaviour through online identity checks.
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Global Glimpses Blog
Little external audit improvement post-Carillion collapse
Neil Hodge | February 1, 2019
Only half of U.K. company secretaries feel that the level of service their organisations get from their external auditor has improved in the wake of the Carillion crisis and other corporate governance scandals.
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Global Glimpses Blog
U.K.’s top ethical lapses in 2018
Neil Hodge | February 1, 2019
The Institute of Business Ethics has recorded which industries had the most negative news coverage in the past year.
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Global Glimpses Blog
World Bank debars Odebrecht subsidiary
Jaclyn Jaeger | January 29, 2019
The World Bank has imposed a three-year debarment on Brazil-based construction and engineering company Construtora Norberto Odebrecht for fraudulent and collusive practices during its participation in the World Bank-financed Río Bogotá Environmental Recuperation and Flood Control Project in Colombia.
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Global Glimpses Blog
Two new members added to SFO senior management team
Jaclyn Jaeger | January 28, 2019
Following an open competition, the U.K. Serious Fraud Office has appointed two new members to its senior management team: a chief intelligence officer and a new head of corporate services.
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Global Glimpses Blog
EU fines Mastercard $648M for anticompetitive behavior
Jaclyn Jaeger | January 22, 2019
The European Commission on 22 January 2019 fined Mastercard 570.6 million euros (U.S. $648 million) for anticompetitive behavior, in breach of EU antitrust rules.
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Global Glimpses Blog
French data regulator fines Google under GDPR
Neil Hodge | January 22, 2019
France’s data protection regulator recently slapped Google with a substantial €50 million (U.S. $57 million) fine for failing to provide users with clear, accurate, and informative details on its data use policies.
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Global Glimpses Blog
Danske Bank provides update on AML probe in France
Jaclyn Jaeger | January 16, 2019
Danske Bank said it might again become subject to a formal investigation in France, instead of being an assisted witness, in connection with an ongoing investigation into organised money laundering of tax evasion proceeds.
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Global Glimpses Blog
New U.K. government taskforce to tackle economic crime
Jaclyn Jaeger | January 16, 2019
The Home Secretary and Chancellor will jointly chair a new government taskforce, the Economic Crime Strategic Board, to work with senior figures from the U.K. financial sector to tackle economic crime, the U.K. government announced on 14 January.
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Global Glimpses Blog
May’s Brexit plan suffers historic defeat
Joe Mont | January 15, 2019
With one of the most devastating losses in the history of British politics, Prime Minister Theresa May was handed a rebuke of her proposed Brexit framework for the future relationship between the European Union and the United Kingdom.
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Global Glimpses Blog
Brexit vote unlikely to produce clarity, so government prepping businesses for the worst
Paul Hodgson | January 14, 2019
While the current Brexit deal (set to be voted on Tuesday evening) remains the U.K. government’s top priority, it understands preparation for all scenarios is necessary.
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Global Glimpses Blog
SFO: Former global sales director of Alstom Power sentenced in bribery case
Jaclyn Jaeger | January 4, 2019
Nicholas Reynolds received four years and six months imprisonment and was ordered to pay costs of £50,000 (U.S. $62,930) for his part in a conspiracy to bribe officials in Lithuania’s Elektrenai power station and senior Lithuanian politicians in order to win two contracts worth €240 million (U.S. $273 million), the U.K. Serious Fraud Office announced.
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Global Glimpses Blog
French court fines Total SA €500,000 in Iran bribery case
Jaclyn Jaeger | December 28, 2018
The Paris Criminal Court on Dec. 21 found French oil and gas company Total SA guilty of bribing a foreign public official and ordered the company to pay a €500,000 (U.S. $570,000) fine.
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Global Glimpses Blog
Will the EU improve its monitoring of money-laundering threats?
Jaclyn Jaeger | December 27, 2018
EU ambassadors on 19 December 2018 agreed to give the European Banking Authority (EBA) more power over anti-money-laundering supervision for financial institutions, but some doubt the effectiveness of these measures.
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Global Glimpses Blog
U.K. government further tightens AML net
Paul Hodgson | December 21, 2018
A reform package introduced recently by the U.K. government aims to increase transparency and tackle corruption in limited partnerships.
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Global Glimpses Blog
May survives ‘no confidence’ vote over Brexit handling
Joe Mont | December 12, 2018
British Prime Minister Theresa May withstood a parliamentary “no confidence” vote, keeping her efforts for a U.K. exit from the European Union on track, if not any less contentious and fragile.
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Global Glimpses Blog
FRC issues corporate governance principles for private companies
Paul Hodgson | December 12, 2018
The Financial Reporting Council (FRC) issued its long-awaited corporate governance standards for private companies, providing a framework to help the companies meet legal requirements and improve and disclose their governance.
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Global Glimpses Blog
Amid likely defeat, May delays Brexit vote by MPs
Joe Mont | December 10, 2018
Amid faltering odds that became apparent during three days of debate, British Prime Minister Theresa May has, at least temporarily, withdrawn her much-maligned Brexit plan from Parliamentary voting consideration.
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