All Anti-Bribery articles – Page 49
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Blog
OECD Praises, Pans Israel Anti-Corruption Efforts
Israel still has a long way to go when it comes to combating the bribery of foreign public officials involving Israeli companies and individuals, according to the Organization for Economic Cooperation and Development. Out of 14 foreign bribery allegations, four are the subject of a formal investigation—three of which were ...
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Article
In London, Compliance Officers in the Crosshairs
Recent cases in the United Kingdom suggest that prosecutors and regulators are increasingly willing to hold compliance officers personally liable as they wage war against corporate fraud. Inside, we look at the corruption charges brought by Britain’s Serious Fraud Office against Alstom SA and the Financial Conduct Authority’s case against ...
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Article
Anti-Corruption Reforms Push Forward in Mexico
Mexico has moved forward again on its quest to strengthen anti-corruption laws there, adopting reforms to clear the path for government authorities to uncover and prosecute acts of corruption committed by companies, individuals, and government officials. More legislative work is ahead, but so far Mexico’s laws might even surpass the ...
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Blog
Eletrobras Investigating Possible FCPA Violations
Brazil’s state-run power company Eletrobras announced this week in a Form 6-K filing with the Securities and Exchange Commission that it has hired law firm Hogan Lovells to evaluate whether the company may have violated the Foreign Corrupt Practices Act, Brazil’s anti-corruption law, and Eletrobras’ Code of Ethics. Eletrobras said ...
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Blog
IAP Worldwide to Pay $7.1 Million in FCPA Case
Defense and government contracting company IAP Worldwide Services yesterday agreed to pay a $7.1 million penalty and entered into a non-prosecution agreement with the Department of Justice. The NPA requires IAP to “conduct a review of its existing internal controls, policies and procedures, and make any necessary modifications to ensure ...
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Article
FIFA Fallout Has Banks Fearing Due Diligence Failures
The FIFA corruption scandal has pulled many banks—HSBC, Barclays, Citigroup, Bank of America—into its orbit, although none have tumbled into the black hole just yet. The case does, however, send a vivid message on the importance of enhanced due diligence processes. “It is not enough to know your customer,” says ...
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Blog
Report: Non-U.S. Bribery Actions Doubled Since 2012
A new report released by anti-bribery group TRACE International shows that while the United States still sets the pace for cracking down on bribery, non-U.S. enforcement actions have more than doubled since 2012, and in 2014 total non-U.S. enforcement actions concerning bribery of foreign officials outnumbered U.S. enforcement actions. Details ...
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Article
Lessons From the BHP Billiton Case
Image: If compliance officers needed another reminder that the FCPA’s books-and-records provisions are still a dangerous trap for global businesses, look no further than the SEC’s recent $25 million fine against BHP Billiton. Observers say it offers valuable lessons in the SEC’s expansive interpretation of the law. “A check-the-box compliance ...
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Blog
FIFA Drops the Ball: Corruption and FCPA Charges
Last week, a 47-count indictment was unsealed in a federal court in Brooklyn, charging 14 defendants—all associated with the governing body of international soccer, the Fédération Internationale de Football Association—in connection with their participation in a 24-year scheme to enrich themselves through the corruption of international soccer. In a special ...
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Blog
Italian Lawmakers Toughen Anti-Corruption Law
Italy is taking a stance on fighting corruption after the Chamber of Deputies unanimously approved a “contested” regulation, stiffening penalties for balance sheet fraud and graft and other corruption behavior, says a recent report. According to Transparency International’s 2014 Corruption Perceptions Index, Italy ranked 69th on the list, which scores ...
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Blog
FCA Fines Compliance Officer £200,000 in ‘Death Bonds’ Case
Image: Title: FordStewart Ford, CEO of now-defunct investment firm Keydata, has been hit with a record £75 million fine by the Financial Conduct Authority—one of the largest fines ever levied on an individual by the FCA. The British regulator also fined the firm’s sales director £4 million and its compliance ...
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Article
Survey: CCOs Lack Confidence in FCPA Financial Controls
Compliance officers do not have much confidence in their companies’ financial controls to catch books-and-records violations of the FCPA, according to a new report published by Compliance Week and Kroll. The finding was one of many included in the 2015 Anti-Bribery & Corruption Report, looking at all manner of anti-corruption ...
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Blog
No Charges in HyperDynamics FCPA Case
Oil and gas company HyperDynamics announced last week that the Department of Justice has decided not to file charges following the completion of its investigation into potential violations of the Foreign Corrupt Practices Act. "We are extremely pleased to be informed that the DOJ has closed its inquiry into this ...
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Blog
Managing FCPA Audits on a Global Scale
Enforcing anti-corruption policies among employees and third parties is one of the foremost concerns for compliance departments, but developing a robust process to assess and uncover bribery risks is not easy. At Compliance Week 2015, legal and audit executives with oil services giant Baker Hughes shared how they audit parties ...
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Blog
Ireland’s Central Bank Hits Western Union with €1.75m in Fines
Image: The Central Bank of Ireland levied €1.75m in fines on Western Union in Ireland after the firm failed to implement “robust” anti-money laundering and counter-terrorist financing controls. “The Central Bank action must be viewed in light of the inherent risks in the sector in which this firm operates … ...
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Article
Doing God’s Work: Compliance Reform at the Vatican Bank
Image: The Istituto per le Opere di Religione, commonly known as the Vatican Bank, suffered for decades from poor internal controls and conduct. How has the Holy See tried to recover? Slowly, surely, and with a risk-based approach following international standards. “The expectations are huge in building trust and confidence, ...
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Blog
Study: CCOs Struggle to Navigate Anti-Bribery Risks
A new report from Compliance Week and Kroll Advisory Solutions gauged the level of confidence chief compliance officers have in their companies’ financial controls to catch books-and-records violations of the Foreign Corrupt Practices Act; according to the study, only 48 percent felt confident. See inside for more study details.
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Resource
2015 Anti-Bribery and Corruption Benchmarking Report
How do companies navigate bribery and corruption? On May 18, Compliance Week and Kroll released their 2015 Anti-Bribery & Corruption Benchmarking Report. The results give compliance officers a view into the anti-bribery and corruption threats they face and share resources for creating a risk-based compliance program. If you haven't already ...
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Brit Banking Regulators Wield Attestation More Often
Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...
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Article
Anti-Corruption Compliance Improves in Defense Sector
Image: A new Transparency International report examining anti-corruption measures in the defense sector holds both good and bad news: Many defense companies have improved their ethics and anti-corruption compliance programs; plenty more still have lots to do. “It is clear that many companies in the industry are paying closer attention ...