China has wrapped up a 10-month bribery investigation into pharmaceutical giant GlaxoSmithKline’s operations there, resulting in bribery charges against the former head of GSK China, according to Chinese law enforcement and published reports. Mark Reilly, a British national who served as managing director of GSK China, is accused of ordering subordinates to commit bribery in […]
Europe
Posted inEurope
Europe’s ‘Little Differences:’ Kerviel Walks 400 Miles to Surrender to French Authorities
You know what the funniest thing about Europe is? As Vincent explained so well in Pulp Fiction (see video below at 0:41, which contains a few curse words), it’s the “little differences.” I mean, they have convicted felons turning themselves into the authorities over there like we have here, but there it’s just a little different. […]
Posted inAccounting & Auditing
Global Accounting Standards-Setters Renew Commitment to Cooperation
The International Accounting Standards Board (IASB) last week issued an updated charter reiterating the global group’s commitment to deep cooperation with other accounting standards-setting bodies. Formed in 2001, the IASB oversees the International Financial Reporting Standards (IFRS), which are aimed at creating one universal set of accounting rules. The group is a private sector body […]
Posted inEurope
EU Court Affirms ‘Right to be Forgotten’ in Landmark Data Privacy Case
The European Union’s top court this week ruled that Google and other Internet search providers must honor certain individuals’ requests to remove links to personal information appearing in search results. The Court of Justice of the European Union (ECJ) essentially upheld the so-called “right to be forgotten,” which gives users the right to ask that […]
Posted inAnti-Bribery
Corporate Gift Giving, Hospitality a Little Less Posh in Era of U.K. Bribery Act
Corporate gifts have gotten a little less lavish in the wake of the U.K. Bribery Act. Executives are less inclined to gift luxury baskets, cases of wine, or expensive trips, and instead giving clients and prospects upscale pens and items marked with the company logo, according to a recent analyisis published on the International Meetings […]
Posted inEurope
European Banking Authority’s Risk Dashboard Highlights Risks Facing EU Banks
The European Banking Authority’s first risk dashboard of the year highlights a number of high-risk areas facing the banking sector in the European Union. The risk dashboard is a regular quarterly assessment conducted by the EBA. The report released this week was based on data from Q4 2013from 55 EU banks, and examined a number […]
Posted inAnti-Bribery
EU Anti-Fraud Office Touts Higher Caseload, More Results in 2013
The European Anti-Fraud Office (OLAF) logged a record number of tips last year, with 1,294 pieces of information coming into the office, a 35 percent increase from 2009, according to the agency’s annual report for 2013. Officials said the higher volume points to increased attention by citizens and institutions to anti-fraud efforts and increased confidence […]
Posted inAnti-Bribery
Mixed Anti-Corruption Grades for EU Institutions According to TI’s New Integrity Report
European Union institutions have some work to do in tightening their houses against corruption, according to the first-ever such assessment conducted by the anti-corruption watchdog Transparency International. The EU Integrity System Report, released last week, found that the EU institutions are vulnerable to corruption because of “loopholes and poor enforcement” in matters of ethics, transparency, […]
Posted inEurope
European Parliament Approves Law to Aid Damages Claims by Antitrust Victims
Companies and individuals seeking damages from antitrust violations will have an easier path under a new law approved by European Parliament last week. The new directive will aid victims of cartel activity, price fixing, and abuse of dominant market positions to seek compensation, including lost profits and interest. It will give victims better access to information […]
Posted inAccounting & Auditing
IASB Proposes Overhaul of Accounting Standards for Macro Hedging
How banks and other financial institutions account for dynamic risk management activities in their financial statements is being retooled as the International Accounting Standards Board investigates new rules regarding macro hedging. The IASB, the body which oversees the International Financial Reporting Standards, released last week a discussion paper on accounting for macro hedging. The goal […]