Financial crime in its various manifestations is the principal reason many societies around the world remain impoverished and subjected to the most dehumanizing conditions. It seems therefore befitting that those found guilty of financial crimes such as the theft of public resources face the most stringent penal sanctions.… Continue Reading
In the prior post, I talked about steps governments in East Africa can take to lift the natural resource curse that plagues the region. Let’s look now at how extractive companies and foreign governments can also help make life better for millions of people.… Continue Reading
There’s no silver bullet to overcome the natural resource curse that haunts much of the globe. But countries in East Africa, the region I am most familiar with, can take several practical and affordable steps to exploit resources in ways that will benefit citizens and put realistic development goals within reach.… Continue Reading
Since discovering oil in 2009, Uganda has not pumped a single barrel and the resource remains unexploited. An historic opportunity has so far been stymied by bureaucracy, law suits, corruption, hostilities with neighbors taking on a military hue, as well as the lack of adequate infrastructure to move the oil to market.… Continue Reading
The vast majority of the 50 most corrupt countries boast of at least one centralized anti-corruption agency tasked with the duty of preventing, investigating and prosecuting corruption cases.
On the other hand, the 10 least corrupt countries do not have centralized anti-corruption agencies.… Continue Reading
Enforcement is a greater deterrent, in my opinion, if directed at both corporations and individuals.
While corporations are legal persons, they are typically incorporeal. They rely on natural persons (employees, agents or officers) to act on their behalf.… Continue Reading
Africa’s youngest nation, the Republic of Southern Sudan, has lost more than $4 billion due to public sector corruption.
The country’s first and current president, Salva Kiir, sent a letter to 75 current and former government officials, accusing them of embezzling the money from state coffers.… Continue Reading
Three Chinese executives were found guilty of bribery in Algeria and sentenced last week to ten years in prison in absentia.
According to a report on the French language news site Le Soir D’Algerie, ZTE’s Dong Tao and Chen Zhibo and Huawei’s Xiao Chuhfa were accused of paying bribes amounting to $10 million to a senior official working at state-owned Algérie Télécom, through offshore accounts in Luxembourg.… Continue Reading
Elizabeth Spahn’s post yesterday — Is Bribery Acceptable To People Abroad? — elicited this thoughtful comment:
Dear FCPA Blog,
I am a counter fraud and counter corruption consultant active in the East African region, where I am a native of.… Continue Reading