All Bribery articles – Page 3
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BlogArmada Group responds to Unaoil investigation; threatens legal action
Yet another company entangled in the massive media-leaked bribery and corruption scandal surrounding Monaco-based Unaoil has come forward, refuting the allegations and threatening legal action. Jaclyn Jaeger reports.
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Article
How the Panama Papers uncovered a global cornucopia of corruption
Working from one of the most ambitious whistleblower tips of all time, more than 370 journalists in 80 countries embarked on a year-long effort to parse through leaked files from the Panama-headquartered law firm Mossack Fonseca.
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Blog
VimpelCom and the conscious indifference of a board under the FCPA
Image: The joint Justice Dept., SEC settlement with telecom giant VimpelCom resolving a longstanding FCPA violation will cost the company more than $795 million, say reports. But there’s a bright side, says CW Columnist Tom Fox. The multiple bribery schemes seem to have been supported by top management and will ...
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Blog
Petrobras refinery explosion reveals poor compliance of a different kind
When corruption-plagued Brazilian energy giant Petrobras overpaid for a Houston-area refinery by some $950 million, it raised more than a few eyebrows. And when that refinery suffered a large explosion and fire recently, it showed that failure to practice good safety and failure to practice good business ethics go hand-in-hand.
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Blog
The Swiss Tackle International Corruption
Last week the Swiss government announced that it had found improprieties in the conduct of the Malaysian government’s sovereign wealth fund, 1Malyasia Development Berhad. The problem for the government of Malaysia is that the sovereign wealth fund is headed by the country’s Prime Minister, who had over $700 million deposited ...
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Blog
U.K. Serious Fraud Office: ‘Why Engage At All?’
At a recent anti-bribery forum in London, Ben Morgan, joint head of bribery and corruption for the Serious Fraud Office, spoke about companies that have been prosecuted and investigated for bribery and corruption. Morgan pointed out that while no legislation is on the horizon to reward whistleblowers financially, ...
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Blog
Sticky Situation: Ill-Gotten Gains From FCPA Violations
Image: One of the continuing myths around FCPA enforcement is so-called “springing liability,” where a company that acquires a business also acquires a FCPA violation along with the purchase. That is not an accurate understanding of the issue, our anti-corruption blogger Tom Fox writes. But it does touch on issues ...
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Blog
Former Gov. Contractor in Afghanistan Charged With Bribery
A former employee with International Relief and Development Inc., a government contractor, has pleaded guilty to charges of bribery in connection with a federal program and attempting to avoid currency transaction reporting requirements. The announcement was made this week by Assistant Attorney General Leslie Caldwell of the Justice Department’s Criminal ...
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Blog
More on Poverty, Bribery, and Compliance
Image: Earlier this week I wrote about poverty: how its brutal reality makes corporate compliance programs so difficult to implement, because people in emerging markets (foreign officials and employees alike) need to take bribes to survive. Then came a recent conversation with a foreign official in said emerging markets, and ...
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Article
EU AML Directive Fires Starting Pistol on Beneficial Owners Reform
European financial firms are preparing to implement new anti-money laundering rules that will require reporting about the real owners of the businesses they work with. The rules, intended to help EU governments pursue tax crimes and terrorist financing, “will increase the level of transparency across all transactions,” says Ambrose Loughlin ...
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Blog
Bio-Rad Laboratories Will Pay $55M to Settle FCPA Charges
The Securities and Exchange Commission has charged Bio-Rad Laboratories, a life sciences research company, with violating the Foreign Corrupt Practices Act when its subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand to win business. The company, which self-reported the misconduct, agreed to pay $55 million to ...
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Blog
Few Countries Make Good on OECD Anti-Bribery Pledge
Oct. 23—Despite a 15-year-old promise to do so, many of the world’s leading economies are failing to do enough to prevent corruption and bribery. The Organization for Economic Co-operation and Development’s Anti-Bribery Convention, adopted in 1997, was a pledge by 41 countries to make foreign bribery a crime. Years later, ...
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