Monday Compliance News - Around the World
/GCSG's Monday Compliance News is a compilation of some of the previous week's interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.
BT appoints KPMG as auditor as PwC is ousted after 33 years in wake of Italian scandal | The Telegraph
"BT has appointed KPMG as its new auditor to replace PwC in the wake of the fraud scandal in Italy that triggered a major profit warning earlier this year. PwC has held the blue-chip account ever since BT was privatised 33 years ago." (Click here for the article) - Italy, UK
Japan-EU trade deal in sight as gaps narrow on autos, farm produce | The Japan Times
"Japan and the European Union are in the final phase of wrapping up a wide-ranging agreement on free trade early next month, seeking to strike deals on sensitive issues, such as access to the agriculture and automobile markets." (Click here for the article) - Japan, Europe, Germany, USA
Russian energy and infrastructure sectors targeted by new US sanctions, aimed at expanding their scope and scale | Jane's 360
"On 14 June 2017, the US Senate approved a new package of sanctions against the Russian government for allegedly meddling in the 2016 US presidential election." (Click here for the article) - USA, Russia, Iran
Classification Decisions - Latest Session of the Harmonized System Committee | World Customs Organization
"Classification decisions taken in March 2017 - Harmonized System Committee Session." (Click here for the article) - Global
Wilbur Ross: NAFTA renegotiation may take until next year| CNBC.com
"Renegotiating the North American Free Trade Agreement could spill into next year, Commerce Secretary Wilbur Ross said Monday. " (Click here for the article) - US, Mexico, Canada
Bengkulu Governor and wife arrested with a box of money | Jakarta Globe
"A team from the Corruption Eradication Commission arrested Bengkulu Governor Ridwan Mukti and his wife Lili Madari for allegedly taking bribes from several local contractors — who were also arrested with them — during a sting operation in Bengkulu." (Click here for the article) - Indonesia
"On Friday, June 16, the Trump administration announced new changes to U.S. policy towards Cuba, and instructed the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and U.S. Department of Commerce’s Bureau of Industry and Security (BIS) to “initiate a process” to adjust current regulations regarding transactions with Cuba within 30 days. Accordingly, it remains to be seen when new regulations will be issued, although it is likely some months away." (Click here for the article) - USA, Cuba
SEC charges general counsel with fraud in fake loan scheme | Corporate Counsel
"The U.S. Securities and Exchange Commission has charged Arista Power Inc., its general counsel, Michael Hughes, its CEO and a third party with securities fraud." (Click here for the article) - USA
Report by Brazilian police ties Michel Temer to bribery scheme | NY Times
"President Michel Temer of Brazil probably benefited from a bribery scheme aimed at helping a conglomerate with a business project, according to a preliminary Federal Police report released on Tuesday that has already intensified pressure on the beleaguered leader as he struggles to push austerity measures through Congress amid a political crisis." (Click here for the article) - Brazil
Barclays charged with conspiracy to commit fraud | The Independent
"The Serious Fraud Office has charged Barclays PLC and four individuals, including the bank's ex-chief executive John Varley, with conspiracy to commit fraud and for providing unlawful financial assistance during the financial crisis." (Click here for the article) - UK, Qatar
FCPA Enforcement may change due to supreme court ruling | WSJ
"Defense lawyers say a recent Supreme Court ruling could change the way the Securities and Exchange Commission enforces U.S. foreign-bribery law." (Click here for the article) - Global
OECD urges Czech Republic to prosecute bribery cases | WSJ
"The Czech Republic has yet to prosecute a single case involving bribery of foreign officials, according to the latest peer review by the Organization for Economic Cooperation and Development." (Click here for the article) - Czech Republic
EU leaders reach political deal to extend sanctions in Russia | WSJ
"European Union leaders reached a political deal Thursday to extend the bloc’s economic sanctions on Russia by a further six months, citing the failure of Russia to end the conflict in eastern Ukraine." (Click here for the article) - Europe, Russia
EPA releases new chemical testing rules | WSJ
"The Environmental Protection Agency on Thursday released rules enabling the agency to prioritize the testing of certain chemicals used in consumer goods and other products while forgoing the testing of others, overturning more sweeping Obama-era procedures that the chemicals industry deemed overly burdensome." (Click here for the article) - USA
The European Union dumps China | Asia Times
"In one fell swoop, a legislative committee of the European Union Parliament has snubbed China’s recent easing of restrictions on inbound foreign investment, rejected Beijing’s demand to be recognized as a market economy and established stringent requirements for the EU’s possible contribution to Chinese President Xi Jinping’s Belt and Road infrastructure initiative." (Click here for the article) - Europe, China
