All Anti-Corruption articles – Page 40
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ArticlePraxsyn’s apparent COVID-19 investment scam points to broader trend
The SEC announced charges against Praxsyn and its CEO for lying about acquiring and being able to supply millions of N95 masks, joining a long list of other companies alleged to have participated in COVID-19 investment scams.
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ArticleDevelopment bank bans Brazilian company for paying kickbacks
A Brazilian construction company that paid nearly $50 million in kickbacks has been banned from participating in Inter-American Development Bank-funded projects for more than two years.
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ArticleAnalysis: A case study on why following steps on ABC compliance is so important
If there is an A-Z compliance procedure to follow, don’t stop at X or miss out LMN. Adhere to the procedure and preserve the integrity of your firm and those honest people who work within the rules.
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ArticleAnalysis: Lessons from a Singapore oil tycoon in the time of coronavirus
When the tide of coronavirus went out on the oil industry, it revealed a mountain of hidden debt for OK Lim’s oil trading company, which reminds financial crime expert Martin Woods of an old saying from Warren Buffet.
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ArticleEni to pay $24.5M to resolve FCPA charges
Italian oil company Eni will pay $24.5 million to settle SEC charges that it violated the Foreign Corrupt Practices Act with regard to the award of certain contracts to its former subsidiary Saipem in Algeria.
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ArticleU.K. court orders EY to pay $11M to whistleblower, a former partner
A former EY partner who blew the whistle on a massive money laundering scheme was awarded nearly $11 million by a U.K. judge, settling a lawsuit in which he claimed EY buried an audit that uncovered wrongdoing by a client.
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ArticleWestpac sets aside $570M to resolve money laundering violations
Westpac has set aside AUS$900 million (U.S. $570 million) for a potential fine with Australian enforcement authorities related to a money laundering scandal and for allegations of facilitating child exploitation in the Philippines and Southeast Asia.
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ArticleEx-exec charged, but Goldman Sachs avoids FCPA liability for due diligence efforts
The SEC announced charges against a former Goldman Sachs exec for violating the anti-bribery provisions of the FCPA, but the firm was not charged in the case because of the due diligence measures it took.
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ArticleMy Compliance Library: ‘Crude Intentions’ gets at the why of compliance
A reading of “Crude Intentions” can go a long way toward educating those who work in high-risk regions as to the ramification of their misguided decisions.
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ArticleSFO: Tesco concludes three-year DPA for accounting scandal
The U.K. Serious Fraud Office announced British supermarket chain Tesco Stores has fulfilled the terms of its 2017 deferred prosecution agreement resulting from an accounting fraud scandal.
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ArticlePandemic, government money create perfect storm for financial fraud
A global pandemic, an unprecedented flow of government money, and a weakening of lending controls could create a perfect storm of opportunity for fraudsters.
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ArticleLuckin Coffee, iQIYI fraud allegations point to wider China problem
Scathing reports against China-based Luckin Coffee and iQIYI both alleging fabricated revenues are the latest examples of a much broader accounting and auditing problem in the United States.
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EventVEON’s Joshua Drew wins Compliance Comeback of the Year award
Compliance Week is proud to announce Joshua Drew as the winner of its inaugural Compliance Comeback of the Year award after he successfully navigated VEON through to the recent conclusion of its three-year compliance monitorship and deferred prosecution agreement.
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ArticleStudy: Europe blows U.S. away in financial crime spending
A new report found financial institutions spent $181 billion on financial crime compliance worldwide last year, with European firms spending three to four times more than their counterparts in North America.
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ArticleEni, SEC in ‘advanced discussions’ on corruption probe resolution
Italian oil company Eni said in a recent regulatory filing it is in “advanced discussions” regarding a resolution to an SEC probe into allegations of corruption for the award of certain contracts in Algeria.
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ArticleSEC charges chief compliance officer in trading scheme
The SEC has filed a complaint against four individuals, including a former chief compliance officer, for conducting a fraudulent unauthorized trading scheme through retail customer accounts at their Commission-registered brokerage firm.
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EventFirst round of finalists named for Excellence in Compliance Awards
Compliance Week has pared down its list of more than 300 nominees for its first annual Excellence in Compliance Awards and is pleased to announce the finalists for nine of the 15 categories.
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ArticleSwedish regulator delays SEB money laundering probe
Sweden’s financial regulator announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.
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ArticleDOJ indicts Venezuela President Maduro, others in regime
The DOJ unsealed indictments against Venezuelan President Nicolás Maduro and several high-ranking former and current members of his regime for alleged drug trafficking and money laundering crimes, as well as violations of the FCPA.
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DOJ begins enforcement crackdown on coronavirus fraud
The Department of Justice has acted swiftly on its vow to crack down on fraud during the coronavirus pandemic, issuing its first related enforcement action against a Website acting as an alleged wire-fraud scheme.