Estonian lawmakers are balking at a proposed directive coming out of the European Union that would require large companies to disclose non-financial and diversity information. The directive, put forward as an amendment to accounting rules, calls on large companies with over 500 employees to provide the additional information as a way to provide more transparency […]
Anti-Bribery
Posted inAccounting & Auditing
Internal Audit Playing Bigger Role in Anti-Bribery Efforts
As companies continue to push into global markets and regulators intensify scrutiny of risk-management practices, internal auditors are playing a greater role in evaluating and mitigating bribery and corruption risks. “Bribery and corruption are top risks for many companies,” says Princy Jain, a partner in PwC’s risk assurance practice. Because of the regulatory focus on […]
Posted inAnti-Bribery
Report: More Cops on the Global Anti-Corruption Beat
During the last several years, the United States has pursued global corporate bribery and corruption cases with vigor. Now, many other countries are getting into the act, with new corruption laws and added enforcement muscle. According to a report by TRACE International, an anti-bribery group, 15 countries initiated their first-ever bribery enforcement action last year, […]
Posted inAnti-Bribery
Special Report: Study Finds Big Gaps In Anti-Corruption Compliance Programs
Forty-seven percent of global corporations take no steps to train their third parties and business partners on anti-bribery and corruption efforts, according to a new survey from Compliance Week and Kroll, despite piles of evidence that third parties are one of Corporate America’s biggest bribery risks today. That eye-popping statistic was only one among several […]
Posted inAnti-Bribery
Weighing the Compliance and Regulatory Risks of India
From rampant corruption to bureaucratic red tape to unique cultural practices, doing business in India is fraught with compliance and regulatory challenges. But for many companies, the benefits of its growing economy and skilled workforce outweigh those perils. With a $1.85 trillion gross domestic product and projections of becoming the third largest economy in the […]
Posted inAnti-Bribery
Russia Anti-Bribery Law Sets New Compliance Standards
Given Russia’s dark cloud of business corruption, it’s hard to believe it would enact the most onerous and stringent anti-corruption law in the world to date. Well, believe it. Russia’s new anti-corruption law goes where none, including the U.K. Bribery Act or the U.S. Foreign Corrupt Practices Act, have gone before by requiring organizations that […]
Posted inAnti-Bribery
U.K.’s Bribery Act Fails to Deliver Significant Cases
When Britain’s Bribery Act went into effect in July 2011, it struck fear into the hearts of businesses and executives with operations in the United Kingdom. Yet more than a year and a half later, it’s yet to deliver a significant scalp. To date, no companies have been prosecuted, let alone convicted, under the Act. […]
Posted inAnti-Bribery
Justice Department’s Use of Deferred Prosecution Causes Backlash
As the British government prepares to introduce deferred-prosecution agreements as a new enforcement tool to fight corporate bribery and corruption, some serious questions over the effectiveness of such agreements are emerging here in the United States. In recent years, the Department of Justice has used deferred-prosecution and non-prosecution agreements with increasing frequency to secure settlements […]
Posted inAnti-Bribery
It’s Not Just the Crime or the Cover-up, It’s the Inaction
We all know the aphorism, “it’s not the crime, it’s the cover-up.” Organizations can take this one step further: even simply looking the other way when faced with evidence of a major problem is nearly as bad. This is especially true for potential violations of the Foreign Corrupt Practices Act. Enforcement officials at the U.S. […]
