All Middle East articles – Page 5
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ArticleTI 2021 corruption index shows world not willing to make real change
The adage that “no news is good news” doesn’t apply to Transparency International’s 2021 Corruption Perceptions Index. That corruption levels remain at a global standstill or have worsened highlights a disturbing trend for companies, governments, and citizens alike.
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ArticleSojitz Hong Kong subsidiary fined $5.2M for violating Iran sanctions
Sojitz HK agreed to pay approximately $5.2 million for violations of U.S. sanctions against Iran that occurred when rogue employees deliberately misled company executives and compliance regarding the true origin of goods worth more than $75 million.
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ArticleReport: Financial services fines drop 49 percent in 2021
The value of penalties against global financial services firms in 2021 dropped to half the total levied in 2020, according to research by compliance technology provider Fenergo.
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ArticleFATF adds Turkey to AML/CFT watchlist
The Financial Action Task Force has added three new jurisdictions, including Turkey, to its list focused on areas subject to increased monitoring for deficiencies in fighting financial crime.
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ArticlePetrofac to pay $105M for widespread bribery scheme
Petrofac was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates.
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ArticlePetrofac readies bribery guilty plea, touts compliance enhancements
Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.
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ArticleNewTek fined $189K over Iran sanctions violations
NewTek, a Texas-based company that develops 3D animation hardware and software, has agreed to pay $189,483 to settle OFAC allegations it knowingly violated U.S. sanctions against Iran.
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ArticleRomanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
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ArticleOFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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ArticleAlfa Laval subsidiaries fined $430K for Iran sanctions violations
Dubai and U.S. subsidiaries of Swedish manufacturer Alfa Laval will settle OFAC charges they violated U.S. sanctions when they shipped storage tank cleaning units to an Iranian company.
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ArticleCredit Suisse hires Goldman Sachs veteran as U.K. CCO
Credit Suisse has hired Nita Patel as its new chief compliance officer for the U.K. and EMEA regions. Of note, the bank was exposed to losses during the collapse of U.K. firm Greensill Capital.
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ArticleHow global compliance works at the local level
For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.
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ArticleSAP to pay over $8M for admitted Iran sanctions violations
German software company SAP SE agreed to pay more than $8 million in combined penalties issued by three U.S. agencies after admitting to committing numerous violations of sanctions against Iran.
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ArticleMoneyGram plagued by tech, human error in OFAC sanctions settlement
The Office of Foreign Assets Control announced a $34,329 settlement with MoneyGram Payment Systems for apparent violations of multiple sanctions programs, including the processing of transactions involving Syria.
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ArticleAlliance Steel to pay $435K for Iran sanctions lapses
The Office of Foreign Assets Control announced a $435,003 settlement with manufacturer Alliance Steel for apparent sanctions violations related to the company’s importation of engineering services from Iran.
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ArticleUSTR threatens tariffs on 6 trade partners in response to digital taxes
The United States Trade Representative is seeking public comment on the potential implementation of tariffs of up to 25 percent on a long list of goods by six U.S. trading partners, including the United Kingdom.
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ArticleOFAC fines Nordgas $950K for Iran sanctions violations
Italian company Nordgas, a producer and seller of components for gas boiler systems and applications, has agreed to pay $950,000 for apparent sanctions violations related to the sale of air pressure switches in Iran.
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ArticleJohn Wood Group earmarks $197M for global bribery settlement
Scotland-based multienergy services company John Wood Group is in “advanced stage” settlement talks with authorities in the United States, the United Kingdom, and Brazil regarding legacy bribery and corruption investigations.
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ArticleOFAC fines UniControl $216K for Iran sanctions violations
Ohio-based manufacturer UniControl will pay $216,464 for apparent U.S. sanctions violations that occurred when its European trade partners re-exported its products to Iran.
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ArticleDeutsche Bank to pay $130M to settle bribery, ‘spoofing’ charges
Deutsche Bank has agreed to pay more than $130 million to resolve charges that it paid bribes to third parties to secure business deals in Asia and the Middle East, in addition to a separate commodities fraud “spoofing” case.