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The U.S. Drug Enforcement Administration (DEA) will host a webinar on June 20, 2017. The webinar will cover the updated Import and Export regulations for Controlled Substances and Listed Chemicals. The U.S. Customs and Border Protection (CBP) will also be in attendance.
Click here to register for the webinar. Click here for the webinar announcement.
On Monday, June 5th, the U.S. Supreme Court, in a 9-0 ruling (Kokesh v. SEC), limited the Securities and Exchange Commission's ability to obtain profits from a defendant. The ruling found that the SEC's "disgorgement" remedy is subject to a five-year statute of limitations. In 2013, the Supreme Court also ruled (Gabelli v. SEC) that civil monetary penalties are subject to a five-year limitation.
Background
The SEC brought an enforcement action against Charles Kokesh in which they alleged he had violated various securities laws. The allegation claimed Kokesh violated SEC laws by misappropriating $34.9 million from four businesses from 1995-2009. As a result the SEC sought civil penalties and a $34.9 million disgorgement.
A jury found that the defendant had in fact violated securities laws. The District Court applied the 5-year limitation to the civil penalty, but found that the $34.9 million disgorgement was not a "penalty" and not subject to a five year statute of limitation. The Tenth Circuit agreed with the District Court and held that disgorgement was neither a penalty nor a forfeiture.
Ruling
Justice Sotomayer, writing for the unanimous Court said the following:
"Because SEC disgorgement operates as a penalty under §2462, any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the claim accured."; and
"The application of these principles here readily demonstrates that SEC disgorgement constitutes a penalty within the meaning of §2462. First, SEC disgorgement is imposed by the courts as a consequence for violating public laws...Second, SEC disgorgement is imposed for punitive purposes."
Consequences
The ruling provides a little more clarity for companies as to what disgorgement amounts they may have to pay if found guilty of violating a securities law. As a result of this ruling, the SEC is likely to move more quickly to bring cases to a conclusion.
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The High Court of Justice in London ruled on May 8, 2017 that the Serious Fraud Office (SFO) in certain instances could pierce the attorney-client privilege during their investigation of Eurasian Natural Resources Corporation Ltd (ENRC). The ruling allows the SFO to obtain evidence that was gathered by the Defendant, ENRC during an internal corruption investigation.
The SFO began a criminal investigation into ENRC in 2013. The investigation was begun after the SFO terminated discussions with ENRC, which they had begun in 2011. ENRC stated they were innocent of the charges and originally claimed they would cooperate with the SFO. However, after the SFO sought access to the disputed documents, ENRC refused and the SFO filed a civil action to obtain access. The SFO ended discussions with ENRC after ENRC's Chairman, who had been leading the investigation, resigned and they ended their relationship with the Dechert LLP law firm.
The court ruled that "for the purposes of this claim, it is unnecessary to decide whether the SFO's characterization of the dialogue between itself and the ENRC is correct..."
The investigation focused on allegations of corruption in Kazakhstan and Africa. While ENRC denied they committed any criminal offences, the court ruling said whether or not they committed an offence wasn't material to the ruling.
ENRC claimed the documents in dispute were subject to litigation privilege or legal advice privilege. The SFO position was they accepted the redaction of specific legal advice (as the term was defined in Three Rivers DC v. Bank of England) from the documents in question, but they rejected any generic claim to litigation privilege covering all the information in the documents.
The disputed documents fell into four categories:
Litigation privilege is defined as:
"Communications between parties or their solicitors and third parties for the purpose of obtaining information or advice in connection with existing or contemplated litigation attract litigation privilege when, at the time of the communication in question, the following conditions are satisfied: (1) Litigation is in process or reasonably in contemplation; (2) The communications are made with the sole or dominant purpose of conducting that anticipated litigation; (3) The litigation must be adversarial, not investigative or inquisitorial."
The ruling rejecting ENRCs claims of litigation privilege says the following:
"I reject ENRC's submission that by parity of reasoning, litigation privilege extends to third party documents created in order to obtain legal advice as to how best to avoid contemplated litigation (even if that entails seeking to settle the dispute before proceedings are issued). There is no authority cited in support of that proposition, and it self-evidently contradicts the underlying rationale for the privilege. Equipping yourself with evidence to enable you to conduct your defence free from the risk that your opponent will discover how you are preparing yourself, and to decide what evidence you are planning to call if the case goes to court, and what tactics to employ, is something entirely different from equipping yourself with evidence that you hope may enable you (or your legal advisers) to persuade him not to commence proceedings against you in the first place."
The ruling says the following about legal advice privilege:
"Legal advice privilege attaches to all communications passing between the client and its lawyers, acting in their professional capacity, in connection with the provision of legal advice, which "relates to the rights, liabilities, obligations or remedies of the client either under private law or under public law"
"If the communication is between client (or the client's agent) and lawyer for the purpose of obtaining legal advice in connection with anticipated litigation, it is covered by legal advice privilege rather than litigation privilege. If the communication is between the lawyer and someone other than the client, it will only be subject to LPP if it satisfies the test for litigation privilege. That is so whether the client is an individual, a partnership, an unincorporated association or a corporate entity. Communications between clients and third parties, such as professional advisers who are not lawyers, are not subject to legal advice privilege. Interposing a lawyer in the chain of communication will not improve the client's chances of claiming legal advice privilege."
"The question of who was the "client" in this context did not directly arise for consideration. However, the judgment of the Court of Appeal supports the proposition that where the party asserting privilege is a corporate entity, legal advice privilege attaches only to communications between the lawyer and those individuals who are authorised to obtain legal advice on that entity's behalf. Communications between the solicitors and employees or officers of the client, however senior in the corporate hierarchy, who do not fall within that description will not be subject to legal advice privilege."
"I accept that the question "who is the client to whom the lawyer owes a duty?" and the question "who has the client authorised to act on his behalf in communicating with the lawyers?" are different; but in this specific context it is important to bear in mind that the privilege attaches only to those communications between lawyer and client (or the client's authorised representative) whose purpose is obtaining legal advice."
"The judgments of the Court of Appeal in Wheeler v Le Marchant (1881), which played a large part in the Court of Appeal's reasoning in Three Rivers (No 5), support the proposition that privilege will not attach to the employee's (or anyone else's) communication with the lawyer unless that person is acting as the client's agent for the purpose of obtaining the legal advice (in the sense that he has been tasked with obtaining it)."
Ultimately, the court granted relief to the SFO on all disputed categories of documents, except for Category 3.
In GCSG's experience, we have often seen General Counsels believe privilege is much easier to claim and defend than this ruling would imply. The ruling brings into doubt the ability of companies to claim litigation privilege in similar situations. While ENRC will likely appeal this ruling, we recommend General Counsels, with registered businesses in the UK, track the ultimate outcome of this case and carefully review this ruling to determine how it may impact their current approach to claiming privilege during investigations of potential violations of the law.
Contact us at info@globalcompliancesg.com with any questions or for more information.
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GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.
Procurement Leaders: Risk Management Ranks Among Top Concerns | Risk & Compliance Journal - WSJ
"Reducing costs ranks as the biggest priority for chief procurement officers (CPOs) around the world, but risk management, technology, and talent are also top of mind..." (Click here for the article) - North America, South America, Asia Pacific, Europe, Middle East, Africa
Compliance Officers Less Worried About Liability | Risk & Compliance Journal - WSJ
"Concerns about personal liability have lessened somewhat for compliance professionals but a survey shows they continue to be a big worry for those tasked with handling compliance for their organization." (Click here for the article) - Global
The Emergence of Compliance - A new profession? | Harvard Law School Center on the Legal Profession
"What do compliance officers, social media marketers, and 3-D designers have in common? They are all members of relatively new specialties, attempting to carve out areas of expertise to meet the evolving demands brought on by economic, technological, business, and social change." (Click here for the article) - Global
UN expands North Korea blacklist in first U.S., China sanction deal under Trump | Reuters
"The U.N. Security Council on Friday expanded targeted sanctions against North Korea after its repeated missile tests..." (Click here for the article) - China, North Korea, USA
Federal Contractors Face New Training Requirements | Risk & Compliance Journal - WSJ
"New rules that took effect Wednesday require cleared U.S. government contractors to have in place insider-threat awareness training programs before they can handle classified information." (Click here for the article) - USA
SEC Bars Former PetroTiger GC Convicted in Bribery Case | Corporate Counsel
"Former general counsel Gregory Weisman has been suspended from practicing before the U.S. Securities and Exchange Commission more than three years after his guilty plea in the PetroTiger Ltd. bribery case." (Click here for the article) - USA
Compliance Boosts Foothold in C-Suite, Boardrooms | Risk & Compliance Journal - WSJ
"Chief compliance and ethics officers are increasingly being included in senior-level discussions about corporate strategy, showing compliance is gaining favor in boardrooms worldwide but also pointing out the challenges the function continues to face, according to a survey..." (Click here for the article) - Global
General Motors Accused of Rigging Diesel Pickup Truck Emissions | Road and Track
"A class-action lawsuit accuses General Motors of rigging emission-control systems on 2011-2016 Chevrolet Silverado HD and GMC Sierra HD pickups with GM's Duramax turbo-diesel 6.6-liter V-8 engine." (Click here for the article) - USA
Exports and End-Use | RealClear Defense
"In a report this week, Amnesty International expresses its annoyance that the US Army failed to keep tabs on more than $1 billion worth of arms and other military equipment in Iraq and Kuwait." (Click here for the article) - Iraq, Kuwait, USA
Hong Kong and Macau regulators intensity efforts against money laundering, financial crime and terrorist funding | South China Morning Post
"Hong Kong and Macau have launched simultaneous shake-ups of the systems they have in place to tackle the growing menace of money laundering, financial crime and the funding of terrorist groups." (Click here for the article) - China, Hong Kong, Macau
China's Cyber Security Law: The Impossibility of Compliance? | Forbes
"China's much-anticipated Cyber Security Law (CSL) will come into effect on 1 June 2017. The new law is the first comprehensive law to address cyber security concerns at the national level and to some extent consolidates cyber activities captured in other laws and regulations." (Click here for the article) - China
CVS's Omnicare to pay $23 million to resolve U.S. kickback case | Reuters
"CVS Health Corp's Omnicare unit has agreed to pay $23 million to resolve a whistleblower lawsuit alleging that it took kickbacks from a drugmaker..." (Click here for the article) - USA
Unaoil Probe Threatens Oil-Sector Merger | Risk & Compliance Journal - WSJ
"An oil merger is in danger after revelations of ties to Unaoil, which is under U.K. investigation for bribery and money laundering." (Click here for the article) - UK, USA
Japan's METI Issues Updated End User List | METI
(Click here for the post) - Japan
Bank's slapped with fines for weak anti-money laundering controls | Mail & Guardian
"Several local and international banks have been slapped with administrative fines by the South African Reserve Bank, for weak anti-money laundering and combating of financing of terrorism controls." (Click here for the article) - South Africa
In November of 2016, China passed a new law that broadened its cyber security requirements. The law went into effect on June 1, 2017. The effort by China is similar to other cybersecurity initiatives we've seen advanced in multiple jurisdictions around the world.
The law focuses on cybersecurity but it also outlines how companies are to handle personal information and data. The new law requires a user's consent before collecting personal information and the information must be kept confidential.
Personal information is defined as that which can be used on its own or with other information to determine the identity of a natural person (including name, date of birth, ID card number, biological ID information, address, and telephone number).
The Cyberspace Administration of China published a draft "Measures for Security Assessment of Personal Information and Important Data Leaving the Country" in April. The guidance raises concerns for multi-national businesses that operate in China by expanding the measures to all network operators. This means that all personal information and important data collected by network operators within China must be stored and kept within China. The only exceptions are for a "genuine business need" and only after a security assessment is completed.
Network operators are owners of networks, administrators of networks, and network service providers. Networks are systems consisting of computers or other data terminal equipment and relevant devices that collect, store, transmit, exchange, and process information. The definitions of network and network operators are vague enough to leave a lot of room for interpretation.
If you are a multi-national company operating in China, and collect personal data you should follow the developments of the guidance documentation and the enforcement practices around this law.
Contact us at info@globalcompliancesg.com with any additional question's or for more information.
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GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.
Chief Compliance Officer Fined, Barred from Work - Corporate Counsel
"Once again, the federal government has held a chief compliance officer personally liable for failing to stop a company's misconduct." (Click here for the article) - USA
Why Me? What Triggers a US Customs Inspection? - More Than Shipping
"Even today, it remains a mystery - how import shipments are selected to be inspected by U.S. CBP (Customs and Border Protection)..." (Click here for the article) - USA
Industries ranked by open FCPA related investigations - The FCPA Blog
"Here are industries ranked by the number of companies that have disclosed open FCPA-related investigations..." (Click here for the article) - USA, Global
Thirty companies name Brazil in connection with FCPA-related probes - The FCPA Blog
"Of the 104 companies that have disclosed open and active FCPA-related investigations, 30 have mentioned Brazil. Seventeen have mentioned China. Poland and India each have three mentions..." (Click here for the article) - Brazil, China, Poland, India
New ISO Anti-Bribery Standard Gaining Traction - Forbes
"Bribery and other forms of corruption continue to plague business and society. According to the World Bank, some $1.5 trillion is paid globally in bribes each year..." (Click here for the article) - USA, Global
DOJ Sheds Some Light on U.K. Prosecutor Assignment - The Wall Street Journal
"A top U.S. Justice Department official spent part of a speech at an anti-corruption conference in Brazil revealing some of the reasons why the department plans to send a prosecutor on a detail to the U.K." (Click here for the article) - USA, UK, Brazil
On Friday, May 26, 2017 the U.S. State Department published (82 FR 24424) a determination and certification under the Arms Export Control Act designating five countries as not cooperating fully with United States anti-terrorism efforts.
The five listed countries are:
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In May 2017, the Australia Group posted a control list of dual-use chemical manufacturing facilities and equipment and related technology and software on their website.
The Australia Group, established in 1985, is a voluntary and informal export control arrangement in which 41 countries, as well as the European Union, coordinate their national export controls. The purpose is to limit the supply of chemicals and biological agents-as well as related equipment, technologies, and knowledge-to countries and entities that are suspected of pursuing chemical or biological weapons capabilities.
The May 2017 web page includes information related to the four main sections listed below.
GCSG's compliance experts closely follow dual-use developments. Contact us at info@globalcompliancesg.com with any additional question's or for more information.
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GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.
Police raid BT's Italian offices over £530m accounting scandal - The Times
"BT's offices in Italy have been raided by police as part of an investigation into a £530 million accounting scandal." (Click here for the article) - Italy
Investigation in Brazil "much bigger" than Watergate, says lead prosecutor - CBS News
"The political corruption investigation in Brazil known as Operation Car Wash is 'much bigger' than the Watergate scandal in the U.S., the lead prosecutor tells correspondent Anderson Cooper..." (Click here for the article) - Brazil
Trump administration formally launches NAFTA renegotiation - Washington Post
"The Trump administration on Thursday formally notified Congress of its intent to renegotiate the North American Free Trade Agreement, a step forward on a campaign promise that was widely popular among voters..." (Click here for the article) - USA, Mexico, Canada
Brazil's corruption scandals may be the best thing to happen to Latin America - Miami Herald
"If you think that the corruption scandal swirling around Brazilian President Michel Temer is the only one that will shake Latin America in coming weeks, mark your calendar..." (Click here for the article) - Brazil, Latin America
FIFA audit official admits bribery in US federal probe - USA Today
"The sprawling American investigation of bribery and corruption in international soccer has reached into Asia and claimed the first guilty plea from a senior official in the new FIFA leadership." (Click here for the article) - Switzerland, USA, Guam, Kuwait, Philippines, Germany, France
FDA launches new webpage to promote use of symbols in medical device labeling (Imports) - Customs & International Trade Law
"If you think that the corruption scandal swirling around Brazilian President Michel Temer is the only one that will shake Latin America in coming weeks, mark your calendar..." (Click here for the article) - USA
Chinese National Pleads Guilty to Economic Espionage and Theft of a Trade Secret from US Company - The US Department of Justice
"Today, Xu Jiaqiang, 31, formerly of Beijing, China, pleaded guilty to economic espionage and theft of a trade secret, in connection with Xu's theft of proprietary source code from Xu's former employer..." (Click here for the article) - USA, China
Big data driving SEC focus on disclosures, recommendations and security - OnWallStreet
"Advisers will see SEC regulators employ new methods to investigate a firm's staff training, the suitability of its investment recommendations, conflicts of interest disclosures and cybersecurity safeguards..." (Click here for the article) - USA
UK Plans to Fold Serious Fraud Office into NCA Meet Skepticism - The Wall Street Journal
"UK Prime Minister Theresa May promised to fold the Serious Fraud Office into the National Crime Agency if her Conservative Party wins the general election next month..." (Click here for the article) - UK
More CEOs are getting forced out for ethics violations - Washington Post
"If it seems like more CEOs are getting cast aside amid ethical blunders or corporate scandals, they are." (Click here for the article) - USA
US Presses China to impose sanctions on DPRK - worldecr.com
"The US has indicated that it believes that China will agree to impose new UN sanctions on North Korea..." (Click here for the article) - USA, China, North Korea
GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.
Global Trade Growth is About to Slow, Morgan Stanley Says - MH&L
"Signs are pointing to a looming slowdown in global trade growth according to Morgan Stanley. Each component of the bank's proprietary global trade leading indicator -- save for the U.S. dollar -- declined in April to mark back-to-back drops for the index, which is used to forecast real activity with a one-month lead." (Click here for the article) - Global
Qualcomm settles FCPA charges in hiring case for $7.5 million - The FCPA Blog
"The Securities and Exchange Commission said Tuesday that Qualcomm Incorporated agreed to pay $7.5 million to settle charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials." (Click here for the article) - China, USA
Singapore Customs recently issued an advisory document that included basic import requirements, common issues of non-compliance, red flags, and a list of some Best Practices.
Some of the Best Practices listed for traders included:
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On April 27, 2017, the Vietnam Chamber of Commerce and Industry (VCCI) released the results of a 2016 survey that shows 31% of businesses admitted to paying "under the table" fees for customs procedures.
The survey was released in cooperation with Vietnam Customs and shows a slight increase from the 2015 survey when 28% of respondents indicated they paid customs bribes. Some of the interesting results from the survey respondents include:
Both the Corruption Perceptions Index 2016 (CPI) and the Trace Matrix 2016 (TM) rank Vietnam as a high risk for bribery. CPI ranks Vietnam 113 out of 176 countries and TM ranks Vietnam 175 out of 199 countries for bribery risk.
The survey results demonstrate the necessity of having awareness of the markets in which your company operates as well as having a good compliance program in place that includes risk based diligence of your third parties.
Often bribery risk for a corporation will arise from third party vendors who are facilitating transactions on your behalf. Customs brokers should be part of any good third party due diligence program.
GCSG offers a variety of due diligence services and reports and utilizes a risk based ranking method to help our clients develop a tailored approach to their third party due diligence program. Contact us at info@globalcompliancesg.com with any additional question's or for more information on how we can help you with your third party due diligence program.
On Friday, May 12 US Attorney General Jeff Sessions issued a memorandum providing charging and sentencing principles for the US Department of Justice (DOJ). The DOJ in its press release said "This policy was formulated after extensive consultation with Assistant U.S. Attorneys at both trial and appellate level, as well as U.S. Attorneys and Main Justice Attorneys. It ensures that the Department enforces the law fairly and consistently, advances public safety and promotes respect for our legal system."
The guiding principles within the memo include:
In addition, the memo rescinds any previous policy of the DOJ that is inconsistent with the above guiding principles.
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GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.
US President Issues Executive Order Addressing Trade Agreement Violations and Abuses - The White House (Click here for the EO) - USA
India bans all trade with North Korea - CNN Money
"North Korea has lost one of its biggest trading partners after India banned most dealings with the country." (Click here for the article) - India, North Korea
Huawei's Plano office responds to NYT report about investigation into smartphone maker's sales to Iran, Syria, others - The Dallas Morning News
"American officials are investigating whether the company violated American trade controls on Cuba, Iran, Sudan and Syria, according to an administrative subpoena..." (Click here for the article) - China, USA
UK Serious Fraud Office (SFO) confirmed investigation opened into KBR, Inc. - SFO News Releases (Click here for the news release) - UK, USA
FBI agents raid offices, government buildings across Texas in statewide corruption probe - Hearst Newspapers, LLC
"The FBI descended on a host of city and county government buildings...across Texas, executing search warrants as part of a public corruption probe..." (Click here for the article) - USA
On April 21, the Indian government announced it was banning most trade with North Korea. The only exceptions are for food and medicine. The changes to Indian trade policy in regards to North Korea, now bring it into line with United Nations (UN) sanctions on North Korea.
Until recently India was the third largest trading partner with North Korea, behind China and Saudi Arabia. From 2015-2016 India exported $111 million in goods to North Korea and imported around $88 million.
In addition, India has stated that it will freeze funds and financial assets held within its territory by the North Korean government.
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GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world, that we deliver on Monday morning's.
UK's failure to deal with customs fraud could affect post-Brexit trade deal with the EU - IBTimes Co., Ltd.
"EU expected to seek 2bn from Britain for not stopping Chinese gangs undervaluing imported goods." (Click here for the article) - UK, European Union
China Indicts Former Statistics Bureau Director Wang for Bribery - Bloomberg
"Wang Baoan, former head of China's National Bureau of Statistics, was indicted on suspicion of accepting bribes, the official Xinhua News Agency reported Tuesday." (Click here for the article) - China
Brazilians fight back against corruption - with the help of a purple plug-in - theguardian
"Released before what is expected to be the highest general strike in decades, Colour of Corruption is an online political scorecard that details criminal allegations against members of the cabinet, the upper and lower houses of parliament, state governors, their deputies - and even the president." (Click here for the article) - Brazil
US President slaps first tariffs on Canadian lumber - CNN Money
"The Trump administration is hitting Canada with stiff tariffs of up to 24% on lumber shipped into the United States." (Click here for the article) - USA
US Attorney General Stresses Continued FCPA Enforcement - Wall Street Journal
"The US attorney general stressed Monday that prosecutors won't relent in their pursuit of foreign-bribery cases." (Click here for the article) - USA
US Administration Launches National Security Probe on Steel Imports - Wall Street Journal
"The Trump administration has opened a wide-ranging probe into whether to curb steel imports in the name of national security, ramping up its campaign to give a more economic nationalist tinge to American trade policy." (Click here for the article) - USA
US administration launches investigation into aluminum imports - CNN
"President Donald Trump on Thursday will formally order an investigation into the effect of aluminum imports on US national security." (Click here for the article) - USA
GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting compliance news bites, from around the world, that we deliver every Monday morning.
US plans to announce new sanctions for Syria in near future, Mnuchin says - CNBC
"U.S. Treasury Secretary Steve Mnuchin on Friday told reporters that he plans to announce additional economic sanctions aimed at Syria in the near future..." (Click here for the article) - USA, Syria
GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting compliance news bites, from around the world, that we deliver every Monday morning.
Identity Fraud Cases Skyrocket in Netherlands - NLTimes.nl
"The number of reports about identity fraud in the Netherlands more than doubled last year, according to figures from the Identity Fraud Hotline." (Click here for the article) - Netherlands
How hackers made off with millions - Thomson Reuters
"It's been a little over a year since the New York Federal Reserve and the SWIFT international transaction system were breached in a cyber-attack that resulted in $81 million stolen from a Bangladesh central bank account - one of the biggest known bank thefts in history" (Click here for the article) - USA, Bangladesh
Report Faults Wells Fargo's Law Department in Sham-Accounts Scandal - Law.com
"The report, released Monday, was commissioned by Wells Fargo last year after the bank agreed to pay $185 million to settle accusations that employees opened as many as 2.2 million unauthorized accounts by transferring funds without customers consent from existing accounts." (Click here for the article) - USA
The money machine: how a high-profile corruption investigation fell apart - Guardian News and Media Limited or its affiliated companies
"The 2014 summit - much like David Cameron's highly publicized global Anti-Corruption Summit in 2016 - was intended to show Britain's determination to live up to its responsibilities. Instead, the case of the $23m collapsed within a year - when a British judge ruled that the SFO had built its case on 'conjecture and suspicion', and ordered the money returned to its owner." (Click here for the article) - Britain, Ukraine
North Korea oil imports, airline among possible US sanctions targets - Thomson Reuters
"...the Trump administration is focusing its North Korea strategy on tougher economic sanctions, possibly including an oil embargo, banning its airline, intercepting cargo ships and punishing Chinese banks doing business with Pyongyang..." (Click here for the article) - USA, North Korea, China
How one of the world's biggest oil firms secured a $1.3 billion deal mired in corruption allegations - BuzzFeed
"On the evening of 17 February 2016...the chief executive of oil giant Shell, picked up his phone...The topic of their conversation: a 'dawn raid' on the company's headquarters earlier that day by Dutch police investigating a controversial $1.3 billion Nigerian oil deal struck five years previously." (Click here for the article) - Netherlands, Italy, Nigeria
Trump considers trade order that could lead to duties - CNBC
"U.S. President Donald Trump is considering an executive order to launch a trade investigation that could lead to supplemental duties in certain product categories..." (Click here for the article) - USA
Barclays CEO pay slashed after he tried to identify whistleblower - CNN Money
"The American boss of one of Britain's top banks will have his pay slashed after he admitted trying to unmask a whistleblower" (Click here for the article)
Top 50 Airfreight Forwarders - Transport Topics (Click here for the article)
Swedish defense industry uneasy over proposed export controls - Defense News
"A Swedish government plan to introduce a new legislative bill that would restrict arms exports to so-called non-democracies is causing disquiet.." (Click here for the article)
Japan orders Yusen Logistics to shut down customs operations - JOC.com
"Japanese authorities have ordered Yusen Logistics Co. to completely suspend its customs clearance operations in the country for more than two months for violating the Customs Brokerage Act by making false declarations." (Click here for the article)
In October of 2016, the Organisation for Economic Co-operation and Development (OECD) and the African Development Bank Group (AfDB) published new guidance to assist African companies with improving their anti-bribery compliance programs. The guidance is designed to assist companies with both designing and implementing corporate anti-bribery programs in Africa.
"The African Development Bank estimates that USD 148 billion is lost to corruption in Africa every year." (1)
The guidance document attributes the bribery risks, that confront both African and foreign companies in Africa, to:
The guidance includes a checklist to help companies monitor their progress and includes discussion on:
Download the guidance document here.
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