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.
As US enforcement lags, international attention to domestic corruption takes front seat | Corporate Compliance Insights
"Indeed, the biggest FCPA settlement of the year, the $965 Million Telia Resolution, was a joint effort among U.S., Dutch and Swedish authorities. While commentators may disagree about the cause of the apparent slowdown, or whether it will continue throughout the Trump presidency, it is undeniable that since January 23, 2017 enforcement authorities abroad have grabbed the major headlines in the international anti-corruption space." (Click here for the article) - Global
DEA Report: Bitcoin used for trade-based money laundering | Coindesk
"A new report from the U.S. Drug Enforcement Administration (DEA) claims that bitcoin is being used to facilitate trade-based money laundering (TBML) schemes." (Click here for the article) - USA, China
Ghana opens investigation into soccer corruption, fixing | News24
"Soccer officials in Ghana have opened an investigation into bribery, match-fixing and corruption." (Click here for the article) - Ghana
Corporate governance is a board issue for Japanese investors: Kageyama | Business Standard
"Foreign direct investment inflow to India from Japan has seen a sizeable leg-up over the past three-four years, growing from $1.7 billion in 2013-14 to $4.7 billion in 2016-17. Corporate investigation and risk consulting firm Kroll Inc’s regional managing director and head of Asia operations, Tadashi Kageyama, has over the years worked closely with many Japanese businesses and investors and helped them shape their India strategy. He shares with Sudipto Dey the key regulatory challenges that are of concern for many Japanese investors looking at India." (Click here for the article) - Japan, India
Canada warns NAFTA talks can't be "winner take all" | Bloomberg
"Canadian Foreign Minister Chrystia Freeland criticized a one-sided strategy in Nafta negotiations after U.S. Commerce Secretary Wilbur Ross said he wasn’t prepared to make concessions to reach a deal." (Click here for the article) - USA, Canada, Mexico
SAP reports itself to US authorities over Gupta scandal | WSJ
"German software maker SAP SE has reported itself to U.S. authorities after paying 94 million rand ($6.7 million) to companies with ties to South Africa’s controversial Gupta family to secure contracts with state-owned enterprises." (Click here for the article) - USA, Germany, South Africa
Standard Malaysia, MACC launch anti-bribery management system | Straits Times
"The Department of Standards Malaysia and Malaysian Anti-Corruption Malaysia launched an anti-bribery management system based on the Malaysian Standards ISO 37001:2016." (Click here for the article) - Malaysia
Fear grows that EU glyphosate ban could disrupt global trade | Politico
"Some of Europe’s biggest trade partners fear a potential EU ban on glyphosate could hit exports of crops ranging from Australian wheat to Brazilian soybeans." (Click here for the article) - Europe, Argentina, Australia, Brazil, Canada, New Zealand
Supreme Court 'corruption' ruling will factor in Menendez trial | New York Post
"A federal judge Tuesday began discussions over how a jury will be charged to deliberate the fate of New Jersey Sen. Bob Menendez and a wealthy pal from whom he’s accused of taking bribes by bringing up the 2016 Supreme Court decision that has changed the definition of “official corruption.” (Click here for the article) - USA
Akin Gump partner compelled to testify against Paul Manafort | Abovethelaw
"Usually lawyers can be confident that their communications with their clients and any work they do on their behalf will remain shielded from public consumption through the attorney-client and work-product privileges. We do not live in usual times." (Click here for the article) - USA
Airbus could face debarment, fine over US export control missteps - lawyers | Fox Business
"Airbus SE could be barred from receiving U.S. export licenses for military equipment over misstatements that the company says it made on certain arms deals, some legal experts said, though they see a monetary fine as a more likely outcome." (Click here for the article) - USA, UK, Brazil
US backs out of global oil anti-corruption effort | The Hill
"The Trump administration said Thursday it would exit an international effort to fight corruption that targeted revenue from oil and natural gas extraction." (Click here for the article) - USA
Billionaire Saudi Prince Alwaleed Bin Talal arrested in corruption crackdown | The Hill
"Saudi Arabia's Prince Alwaleed Bin Talal, a prominent member of the country's royal family and a wealthy investor, has been swept up in connection with a wide-ranging anti-corruption initiative, according to reports." (Click here for the article) - Saudi Arabia, USA
NAFTA country of origin marking rules - an overview | Braumiller Law Group
"Most trade professionals are quite familiar with the long-standing country of origin marking rules applicable to foreign produced goods imported and sold into the U.S., but many are not quite so familiar with the country of origin rules applicable to goods traded between the three NAFTA countries." (Click here for the article) - USA, Canada, Mexico
The importance of effective internal controls - learning from Hobby Lobby's mistakes | Braumiller Law Group
"Hobby Lobby has agreed to a settlement with the U.S. Attorney’s Office that requires the company to pay fines totaling $3 million, in addition to the surrender of a trove of ancient Middle Eastern artifacts, and the installation of rigorous new internal compliance standards to avoid future trade law violations." (Click here for the article) - USA
US trade deficit inches up in September | American Shipper
"The U.S. trade deficit ticked up another 1.7 percent between August and September to $43.5 billion as rising exports were offset by an even higher increase in imports." (Click here for the article) - USA
Five myths about white collar crime | Washington Post
"Bankers and government officials continue to feature prominently on our newspapers’ front pages — and not in a good way. Since the financial crisis of 2008, a string of political and corporate scandals has played out in our political and financial centers, and recent investigations of people close to President Trump, including Paul Manafort and Rick Gates, have produced indictments for money laundering and tax fraud. Corporate malfeasance, corruption and tax fraud are shrouded in misconceptions." (Click here for the article) - USA
New Canadian sanctions legislation in effect: Sergei Magnitsky Law | Blake Business Class
"On November 3, 2017, the Government of Canada introduced regulations under the recently enacted Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) imposing an asset freeze on a number of foreign nationals identified by the government to be responsible for, or complicit in, significant corruption or gross violations of human rights." (Click here for the article) - Canada
US Treasury levies further sanctions against Venezuelan officials | WSJ
"The U.S. Treasury Department sanctioned 10 current and former Venezuelan government officials Thursday as part of the Trump administration’s broader crackdown on the troubled Latin American country." (Click here for the article) - USA, Venezuela
SEC says companies can expect new guidelines on reporting cybersecurity breaches | WSJ
"A senior Securities and Exchange Commission regulator said Thursday that public companies will soon face new guidelines for how they report cybersecurity breaches to investors." (Click here for the article) - USA
Tech critical as government sharpens focus on sanctions violations | WSJ
"A senior Securities and Exchange Commission regulator said Thursday that public companies will soon face new guidelines for how they report cybersecurity breaches to investors." (Click here for the article) - Global
