Anti-Corruption


Brockmeyer

Former FCPA chief’s 7 steps to third-party compliance

2019-12-12T21:03:00+00:00By

Speaking at CW’s Third-Party Risk Management and Oversight Summit, former FCPA Unit chief Kara Brockmeyer called attention to recent enforcement actions against Walmart and Ericsson as a way to highlight seven steps to third-party compliance.

Swedbankcrop

Swedbank announces governance overhaul, launches culture probe

2019-12-10T18:18:00+00:00By

Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”

Investigate

SFO latest to investigate Glencore over bribery concerns

2019-12-09T18:53:00+00:00By

Glencore announced it is under investigation by the U.K. Serious Fraud Office over suspicions of bribery, making it the third investigation the multinational commodity trading and mining company is now facing.

FCPA-July

Ericsson finalizes $1B FCPA settlement

2019-12-09T16:14:00+00:00By

Swedish telecom giant Ericsson has entered a $1 billion settlement with U.S. authorities to resolve a long-running investigation into violations of the FCPA that spanned 17 years and several geographies and involved high-level executives.

AdobeStock_201248007

Take our 2020 survey on anti-bribery & corruption

2019-12-06T21:21:00+00:00By Compliance Week

The 2020 Anti-Bribery and Corruption Benchmarking report will strive to give compliance practitioners valuable insights into bribery and corruption challenges facing them in today’s corporate world and, specifically, their compliance programs.

GE

EBRD debars GE Power Sweden for record six years in corruption case

2019-12-06T18:55:00+00:00By

The European Bank for Reconstruction and Development has imposed a record six-year term of debarment on GE Power Sweden concerning a long-running corruption scheme at 2015 acquisition Alstom Power Sweden.

TPRM2

Guide for practitioners: How to effectively monitor anti-corruption compliance

2019-12-05T19:28:00+00:00By Vera H. Powell and Alice Hsieh

In a guest column for CW, Uber’s senior counsel for global compliance helps to outline a best-in-class compliance monitoring program.

Excellence in Compliance Awards

Introducing ‘The Excellence in Compliance Awards’

2019-12-02T22:03:00+00:00By

Compliance Week is making some changes to its annual awards for 2020, evolving the “Top Minds” recognition into a full-blown, specifically targeted awards program dubbed “The Excellence in Compliance Awards.”

Campaign money

Dannenbaum Engineering overhauls compliance; fined $1.6M for campaign contributions

2019-11-25T21:04:00+00:00By

Dannenbaum Engineering and its parent company have agreed to pay a $1.6 million criminal fine for a scheme involving illegal campaign contributions. While the fine might not be significant, the compliance lessons are.

Shipping

Samsung Heavy Industries to pay $75M in foreign bribery case

2019-11-25T20:21:00+00:00By

Samsung Heavy Industries will pay total criminal penalties of $75.5 million to enforcement authorities in the United States and Brazil to resolve violations arising out of a bribery scheme in Brazil.

Rail yard

Alstom U.K. fined $20.8M for role in long-running bribery case

2019-11-25T19:04:00+00:00By

Alstom Network U.K., the British subsidiary of the French rail and power company, has been ordered to pay a total of £16.4 million (U.S. $20.8 million) for bribes it paid to win a contract to supply trams in Tunisia.

Westpac

Westpac accused of 23M violations of Australian AML rules

2019-11-21T18:54:00+00:00By

Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.

Bribe

U.S. trending up in new TRACE matrix bribery report

2019-11-18T19:03:00+00:00By

The latest edition of TRACE International’s annual Bribery Risk Matrix shows many of the same countries named in last year’s report are still struggling with business-related bribery risk. One country on the rise: the United States.

Money

Sutter Health pays $30M in lawsuit

2019-11-15T19:35:00+00:00By

Healthcare services provider Sutter Health will pay $30.5 million in a lawsuit filed by a former compliance officer alleging fraud and kickbacks, though Sutter did not admit laibility and points out there was no finding that Sutter violated anti-kickback laws.

China money

Former Herbalife execs charged with FCPA violations

2019-11-15T19:21:00+00:00By

The DOJ has charged two former executives of Herbalife with violations of the Foreign Corrupt Practices Act for bribing Chinese government officials for over a decade and then trying to cover up the illicit payments.

Alstom

Alstom exec convicted of FCPA, money-laundering charges

2019-11-11T20:57:00+00:00By

A former Alstom executive was found guilty by a federal jury for his role in a multi-year, multi-million-dollar foreign bribery scheme and related money-laundering scheme in Indonesia.

Collusion

European Commission probing two retailers for possible collusion

2019-11-04T20:35:00+00:00By

The European Commission announced it has opened a formal antitrust investigation to assess whether two French groups of retailers—Casino Guichard-Perrachon and Les Mousquetaires—have coordinated their conduct in the market in breach of EU competition rules.

GoodJob

Veon’s compliance monitorship comes to an end

2019-11-04T20:02:00+00:00By

Veon, a global provider of connectivity and digital services, has announced a deferred prosecution agreement it entered with the U.S. Department of Justice in February 2016 has concluded.

columnist icons

Time to reassess the meaning of ‘compliance’

2019-11-04T16:22:00+00:00By

Deutsche Bank is just the latest scandal-plagued bank to make headlines, once again, for ignoring sound compliance advice. Maybe it’s time to eliminate the entire concept of compliance altogether, writes an exasperated Jaclyn Jaeger.

Oilfield

Unaoil execs plead guilty for roles in global bribery scheme

2019-11-01T17:48:00+00:00By

The former CEO and chief operations officer of Monaco-based Unaoil have pleaded guilty for their roles in a scheme to corruptly facilitate millions of dollars in bribe payments to officials in multiple countries.

Money

DOJ recovers $700M in 1MDB scandal

2019-10-31T18:28:00+00:00By

Jho Low, a Malaysian businessman-turned-fugitive, has agreed to forfeit more than $700 million worth of assets that he and his family allegedly misappropriated from Malaysian’s sovereign-wealth fund, 1MDB.

WorldBankGroup

World Bank Group debars MTZ Equipment for fraud

2019-10-30T17:12:00+00:00By

The World Bank has imposed a 30-month debarment on Canada-based MTZ Equipment for fraudulent practices connected to Afghanistan’s On-Farm Water Management Project.

Gold

EY accused in U.K. gold-laundering scheme

2019-10-29T17:41:00+00:00By

Big Four audit firm EY has been accused of covering up evidence of smuggling by an organized crime gang that was laundering British drug money through gold dealings, according to an investigation by the BBC.

RiskLessons

Risk management tips from Tullett Prebon compliance woes

2019-10-24T18:57:00+01:00By

The U.K. Financial Conduct Authority fined Tullett Prebon (Europe) Limited £15.4 million (U.S. $19.8 million) after its compliance department failed to implement adequate risk management systems.

world map index

Compliance lessons from recent nine-figure FCPA settlements

2019-10-24T15:46:00+01:00By

Walmart, TechnipFMC, Fresenius—just to name a few—have all fallen prey to the Foreign Corrupt Practices Act in a record year of jacked-up enforcement and sky-high penalties.

Capitol

Bill to expose shell companies passes House vote

2019-10-23T16:16:00+01:00By

A proposed bill to crack down on anonymous shell companies passed a House of Representatives vote Tuesday and will progress to the Senate.

Columnist_Fox

The evolution of FCPA enforcement

2019-10-22T17:55:00+01:00By

Compliance Week guest columnist Tom Fox writes about the Foreign Corrupt Practices Act’s journey from 2012 through today.

HangUpGloves

EC uses ‘interim measures’ on Broadcom to curb anticompetitive behavior

2019-10-18T18:31:00+01:00By

The European Commission has ordered Broadcom to cut out harsh contract terms with six TV and modem manufacturers because they may infringe antitrust rules. It’s the first time the agency has imposed “interim measures” in 18 years

CourtRulingBustsBalloon

Labeling employee a ‘compliance risk’ not defamation, says court

2019-10-16T19:51:00+01:00By

A former Biomet Argentina employee—in a bit of FCPA hot water—landed on his company’s restricted persons list, sued for defamation, and lost.

2nd Annual APAC Conference took place in Singapore on 16-17 October

Singapore regulator: Technology creates both challenges, opportunities

2019-10-16T13:22:00+01:00By Compliance Week

The evolution of technology is enabling myriad capabilities for regulatory and financial crime compliance, but it is also presenting complex financial crime risks, according to a representative from the Monetary Authority of Singapore (MAS) at the International Compliance Association’s second Asia Pacific (APAC) conference this week in Singapore.

CrackedSkinMan

Oxfam slams U.K. supermarkets over worker abuses in supply chains

2019-10-11T16:47:00+01:00By

In an effort to cut costs and raise revenue, U.K. supermarkets are endangering employees with such abuses as a lack of toilets, unsafe drinking water, and illnesses resulting from exposure to pesticides, says a new report from Oxfam.

DOJ

DOJ contests Eni’s statement concerning corruption case

2019-10-03T15:47:00+01:00By

Calling Eni’s statement “misleading,” the Department of Justice wants to make it clear its corruption inquiry into the Italian oil company was not closed for lack of evidence.

Refinitiv FCPA

e-Book: FCPA: More Crumble Under Revised DOJ Policy

2019-10-03T10:14:00+01:00Provided by

Violations of anti-corruption laws can have devasting consequences for any company across any industry, if not managed appropriately—including significant fines, reputational damage, and litigation that can span several years—all of which create disruption to business operations.

MoneyLaunderingTop

Bill requiring shell companies to disclose ownership introduced in Senate

2019-10-02T19:08:00+01:00By

Aimed at fighting money laundering, newly proposed legislation looks to mandate full transparency from shell companies on ownership and also fosters greater communication between financial institutions and law enforcement agencies.

Take note

Compliance lessons from Quad/Graphics’ $10M FCPA settlement

2019-10-01T16:22:00+01:00By

Quad/Graphics will pay $10 million to resolve SEC charges that it violated the Foreign Corrupt Practices Act by engaging in widespread bribery schemes in Peru and China, but the compliance lessons are priceless.

Barclays

Compliance takeaways from Barclays’ $6.3M FCPA settlement

2019-10-01T14:39:00+01:00By

Barclays joins a growing list of financial institutions to pay a penalty for violations of the books and records and internal accounting controls provisions of the FCPA due to questionable hiring practices.

Bribe

Westport Fuels, former CEO pay $4.1M in FCPA case

2019-09-30T19:46:00+01:00By

Westport Fuels Systems and its former CEO have reached a $4.1 million settlement with the SEC for violating the Foreign Corrupt Practices Act by paying bribes to a foreign government official in China.

Pharmaceuticals

Avanir to pay $116M for engaging in kickback scheme

2019-09-30T19:30:00+01:00By

Avanir Pharmaceuticals will pay a combined $116 million in civil and criminal penalties for paying kickbacks to a physician to induce prescriptions of its drug Nuedexta, the Department of Justice announced.

Fiat

Fiat Chrysler to pay $40M for misleading investors

2019-09-30T17:57:00+01:00By

Automaker FCA U.S. and its parent company, Fiat Chrysler Automobiles, have reached a $40 million settlement with the SEC for misleading investors about the number of new vehicles sold each month to customers in the United States.

Prudential

FCA fines Prudential $26.4M in misselling scandal

2019-09-30T16:14:00+01:00By

The U.K. Financial Conduct Authority has hit Prudential with a £23.8 million (U.S. $26.4 million) fine for misleading 17,000 customers into accepting a deal with the insurance firm when they might have done better on the open market.

DentedCans

European Commission fines companies $34.5M in cartel case

2019-09-27T14:54:00+01:00By

The European Commission has fined Dutch food-processing company Coroos and French agricultural cooperative Groupe Cecab a total of €31.6 million (U.S. $34.5 million) for engaging in a cartel scheme that spanned more than a decade.

Kroner

Ericsson reserves $1.2B in FCPA case; speaks candidly on compliance program

2019-09-27T14:07:00+01:00By

Ericsson announced it has set aside $1.2 billion to resolve a long-running FCPA investigation that spans several geographies. CEO Börje Ekholm spoke candidly about the shortcomings of the company’s ethics and compliance program and how it’s addressing them.

Emissions

More VW execs charged in emissions scandal; Daimler fined $960M

2019-09-24T20:52:00+01:00By

German prosecutors have charged two current Volkswagen executives and its former CEO for alleged market manipulation practices relating to its emissions-cheating scandal. In a separate action, Daimler was fined $960 million, also related to emissions cheating.

Swedbank_Automat

Embattled Swedbank names permanent CCO

2019-09-19T13:52:00+01:00By

Faced with numerous AML investigations, Swedbank made several significant moves this week, including naming a permanent CCO and agreeing to waive attorney-client privilege by handing over an internal report to local prosecutors.

Cognizant

Third Cognizant executive settles FCPA charges

2019-09-17T18:43:00+01:00By

A third former executive at Cognizant has settled charges with the SEC for violating the FCPA by participating in a scheme to bribe an Indian government official.

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SEC closes FCPA probe into Ciena

2019-09-16T15:37:00+01:00By

Ciena says the SEC advised the company it does not intend to recommend an enforcement action in connection with a previously disclosed investigation into potential violations of the FCPA.

Fraud

CFTC orders chief compliance officer to pay $150K for fraud

2019-09-13T15:44:00+01:00By

The CFTC has ordered a chief compliance officer to pay $150,000 for engaging in fraudulent acts and making false statements to a self-regulatory organization.

Jay Clayton

SEC’s Clayton calls out dearth of global assistance in battling corruption

2019-09-10T20:27:00+01:00By

Is the SEC tired of being a global cop? In a speech Monday, SEC Chair Jay Clayton rallied against a “continuing lack of global commitment” to combatting offshore corruption.

Crane

Odebrecht to make $50M in charitable contributions under settlement

2019-09-09T15:18:00+01:00By

Brazil-based construction and engineering company Odebrecht has committed to make $50 million in total charitable contributions as part of a settlement reached to resolve allegations of bribery.

Blockchain

FINMA publishes AML guidance on blockchain

2019-09-03T15:24:00+01:00By

The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.