All South Africa articles

  • SAP
    News Brief

    SAP to pay $220M in FCPA settlements


    German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.

  • Gartner
    News Brief

    Gartner to pay $2.5M to settle alleged FCPA violations in South Africa


    Gartner agreed to pay nearly $2.5 million as part of a settlement with the Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act in South Africa.

  • South Africa flag
    News Brief

    South Africa, Nigeria added to FATF’s AML/CFT watchlist


    The Financial Action Task Force placed Nigeria and South Africa on its list of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

  • ABB

    ABB avoids DOJ monitor, to pay $327M over South African bribes


    ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts. The company entered into a three-year deferred prosecution agreement with the DOJ for violations of the Foreign Corrupt Practices Act.

  • South Africa flag

    South Africa edges toward FATF watchlist


    South Africa could be designated by the Financial Action Task Force as a jurisdiction with anti-money laundering/countering the financing of terrorism risks subject to increased monitoring should a November review not meet the organization’s standards.

  • KPMG

    KPMG South Africa, two partners fined $275K for using unregistered firm


    The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.

  • Bain

    Bain banned from U.K. government contracts over South Africa corruption scandal


    Global management consultancy Bain & Co. was barred from competing for U.K. government contracts for three years following its role in a corruption scandal involving South Africa’s national tax offices.

  • Global currency

    Anti-corruption developments in 2020: China, India make strides


    A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.

  • Hospital bed

    Want an image of corruption? Look to the victims


    Harrowing images of coronavirus-related suffering exacerbated by bad actors plaguing healthcare systems offer a glimpse at the true devastation of corrupt activity, writes financial crime expert Martin Woods.

  • Blog

    If geopolitical risks change, scrub your operations


    The recent political upheavals in South Africa and Malaysia should serve as a reminder for companies to review their operations in politically evolving countries in which they might have conducted government business.

  • Blog

    What will be the cost to KPMG for South Africa failures?


    The unraveling of KPMG in South Africa drives home a key point for any company that has done business in the country during the Zuma presidency.

  • Blog

    South Africa reminds the FCPA covers political parties


    For any company doing business in South Africa, all your contacts with the African National Congress have FCPA implications; This means all the investigations you might be performing for contracts with the South African government, anything associated with the Gupta family or state-owned enterprises, should be assessed for ANC contacts ...

  • Blog

    South Africa sets up corruption commission


    The Man From FCPA explores South African President Jacob Zuma’s intent to set up a nationwide corruption commission to look into allegations of rampant corruption through looting of government agencies and state-owned entities.

  • Blog

    Safeguarding HSBC against Zupta


    HSBC’s new anti-money laundering (AML) and sanctions policies are due to be in place by the end of the year, but what form of compliance or enforcement will they take?

  • Blog

    What newspapers do you read?


    In this day and age, it would be wise for chief compliance officers to keep on top of the news, especially when it regards corruption, says The Man From FCPA.

  • Blog

    Compliance and unethical business practices down the chain


    The fallout from the KPMG and McKinsey scandals in South Africa has led to backlash from customers—including Barclay’s and Munich Re—demonstrating not only the potential reputational harm for engaging in unethical business practices, but the real risk for losing business opportunities.

  • Article

    South Africa Gupta saga: A long list of compliance failures


    Corruption allegations in South Africa have entangled some major international companies, highlighting due diligence, risk management, compliance, and audit control failures.

  • Blog

    Fallout of corruption in South Africa worries U.K. government


    The House of Lords, the U.K. Parliament’s upper chamber, debated this month what action the U.K. government is taking to prevent money laundering through British banks by families and businesspeople linked to the government of South Africa.

  • Blog

    KPMG makes leadership, governance changes following internal investigation


    KPMG International has taken several significant actions—including leadership changes, governance changes, and enhanced quality control procedures in certain areas—following an internal investigation concerning KPMG South Africa’s work on behalf of the politically connected Gupta family.

  • Blog

    Is a country sweep coming to South Africa?


    The recent corruption scandal to focus on McKinsey & Co., SAP, and KMPG in South Africa has driven home a truism that many in the compliance space have known for some time: South Africa is one of the most corrupt countries on earth. For U.S. and U.K. companies doing business ...