Let's not complicate the globalized Corruption.
Western cultures are built on governance rules and transparency. In other part of the world relationships are an essential cultural element. People and enterprises in the 'West' have trust in their rule-based institutions while other nations trust their friends and family.
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UK bribery law was delayed (again).
The Bribery law was meant to bring the UK closer in line with the US, which has taken a tougher approach in rooting out corruption in foreign business deals.
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Bribes and Corruption issues are rampant in China
When international companies make major inroads in China, it often means meeting with strong demand for bribes. As a general rule, these companies often lack the knowledge, procedures and the tools to combat or tackle fraud and corruption in their daily transactions.
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European Police in a major cross border offensive against corruption
Efforts are underway to combat cross-border economic crimes throughout the EU countries. The authorities wish that economic crimes related to fraud, bribery and corruption must be fought with new and common investigation teams within the Europol.
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$203M fine for Health Care Fraud
The settlement resolves a whistle-blower lawsuit filed by a Massachusetts physician. The law allows citizens with knowledge of fraud to file civil actions on behalf of the United States and share in any recovery.
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33 years of non compliance.
The Foreign Corrupt Practices Act (FCPA) from 1977 continues to be a cash cow. Companies settling FCPA-related charges in 2010 paid a record $1.8 billion in financial penalties to the DOJ and SEC. That compares with $641 million in 2009 and $890 million in 2008. Isn't it about time that the lax corporate control environment is replaced by good governance, risk management and internal controls that detect non compliance?
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BAE admits breakdown in accounts records
Enforcing anti-corruption law only against individual employees, smaller contractors and foreign rivals will not do. A better solution would be to get European agreement on making the procurement regime rather less savage for those who repent. The UK is getting its Bribery act together – "giving the companies a run for their money.
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Clawback and settlement issues continue for Madoff victims
Results after two years of trying to claw back false returns paid to big banks, hedge funds and money managers who never questioned the profits they were earning from Madoff scheme. Some of the victims were unaware of the Ponzi scheme.
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Company Director Faces Massive Confiscation Order
The courts are increasingly exercising the powers given them by the Proceeds of Crime Act to confiscate assets and to use the seized assets to compensate their victims.
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Deutsche Bank to pay over $550M in fraud probe
The non prosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert, who will review its compliance measures, ensure it does not help people dodge taxes in the future and bars the bank from involvement with any prepackaged tax products of the type the bank had previously offered.
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