Weekly Compliance News - Around the World

GCSG's Weekly Compliance News feature is a compilation of some of the previous weeks interesting trade compliance, anti-bribery and corruption, fraud, and due diligence news bites, from around the world.

Denmark’s DSV to Buy Logistics Company Palpina in $4.6 Billion Deal  | Reuters

“Swiss logistics group Panalpina has bowed to an increased 4.6 billion Swiss francs ($4.6 billion) bid from Danish rival DSV, ending a more than two month takeover battle designed to build scale in the consolidating transport sector” (Click here for the article) - Denmark, Switzerland

Corruption Costs $1 Trillion in Tax Revenue Globally: IMC  | Reuters

“Curbing corruption could generate about $1 trillion in tax revenues annually across the world, according to research from the International Monetary Fund.” (Click here for the article) - Global

Canada Ignored its Gigantic Money Laundering Problem for Years  | Financial Post

“Ottawa’s budget earmarked about $200 million over the next five years to address Canada’s massive money laundering problem… but follows years of neglect resulting in the creation of gigantic laundering networks in Canada, the growth of criminal organizations, increased drug trafficking, housing unaffordability, and few prosecutions.” (Click here for the article) - Global

Standard Chartered Enters Global Resolution to Settle “Egregious” Sanctions Case  | Global Investigations Review

“Standard Chartered has agreed to pay $1.1 billion to resolve allegations that it violated sanctions in Myanmar, Cuba, Iran and Syria, seven years after it signed a deferred prosecution agreement over failures to adhere to US sanctions laws.” (Click here for the article) - US, Myanmar, Cuba, Iran, Syria

Treasury Secretary Mnuchin has “Very productive” Trade Meeting with China  | CNBC

“Treasury Secretary Steven Mnuchin said the U.S. and China are making progress on a trade deal, including resolving a key sticking point that’s been dragging out the process.” (Click here for the article) - US, China

MEPs Warn on Corruption in Malta and Slovakia  | KYC360

“Members of the European Parliament are voicing concerns about the rule of law in Malta and Slovakia following the murder of two journalists investigating corruption and organized crime in the countries.” (Click here for the article) - Europe

Italy’s UniCredit to Pay $1.3 Billion to Settle US Sanctions Probe  | Reuters

“Italy’s top bank UniCredit SpA and two subsidiaries have agreed to pay $1.3 billion to U.S. authorities to settle probes of violations of U.S. sanctions on Iran and other countries, U.S. authorities said on Monday.” (Click here for the article) - US, Italy, Iran

Second Round of Product 301 Exclusions Announced  | Mohawk Global

“More good news for importers. The office of the U.S. Trade Representative has announced the second round of product exclusions for Section 301 Tariffs. These exclusions will be retroactive as of July 6, 2018 and will extend for one year after the March 25 notice.” (Click here for the article) - US