- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2024-02-23T12:22:00
U.K. bosses are unlikely to face fines, jail time, or any other sanction if the companies they run are involved in economic or corporate crime, according to research by Spotlight on Corruption.
The campaign group’s report, “Power Without Responsibility,” found the U.K.’s main investigatory and enforcement agencies responsible for prosecuting serious economic and financial crime have dismal prosecution records against senior executives at large firms.
Since 2013, 6 percent of the investigations carried out under the Financial Conduct Authority’s (FCA) senior managers regime have resulted in any enforcement action, the group found.
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Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.
A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.
Moves by the U.K.’s financial regulatory body to encourage companies to list in London might fail to deliver or send mixed messages about the value placed on corporate governance, according to experts.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
