Identification of foreign PEPs can be a nightmare for financial institutions and other service providers. It is hard to do proper customer due diligence due to the lack of official lists of PEPs and publicly accessible reliable information about their assets.… Continue Reading
The world had a glimpse last month into how well large companies are implementing ideals of environmental care and fair labor into their supply chains and their own operations — and alas, the results were not great.… Continue Reading
Description: Specialist, Anti-money laundering, Anti-corruption and Trade Compliance, Legal is accountable for the following: Supports the design, implementation and continuous enhancement of BHP’s compliance programme (addressing anti-corruption, trade sanctions and anti-money laundering) within Marketing and Supply.… Continue Reading
The business community often complains during consultations with the OECD Working Group on Bribery that its focus on criminalizing the supply-side of foreign bribery creates an unbalanced approach to enforcement. In their view, companies face credible enforcement risks and high sanctions if they engage in foreign bribery, while the public officials who solicit or receive bribes seem to enjoy de facto impunity.… Continue Reading
A former Houston-based procurement officer for Venezuela’s state energy company who was supposed to be helping the DOJ investigate graft at the company pleaded guilty Monday to obstructing the government’s investigation.… Continue Reading
China recently enacted a law that could prevent China-based individuals and entities, including the China-based subsidiaries of non-Chinese companies, from providing certain assistance in criminal proceedings outside of China.
The law appears to block such companies, absent approval from the Chinese government, from disclosing evidence in China to criminal enforcement authorities outside of China in connection with a criminal matter.… Continue Reading
Not only is the UK’s much-vaunted public register of companies, held at Companies House, failing to meet the for ultimate beneficial owner (UBO) transparency, but Scotland continues to be mired up to its neck in controversy surrounding its status as an “offshore” service provider.… Continue Reading
Employer: Baker Hughes
Location: Houston, Texas USA
Description: An executive position leading the Baker Hughes’, a GE Company’s Legal Compliance function. The Chief Compliance Officer will lead and direct compliance and identify and abate compliance risks including policy compliance, legal and regulatory risks, develop strategy, and implement relevant changes to related policy & processes as needed.… Continue Reading
U.S. prosecutors charged four men with tax evasion and fraud in schemes first revealed by the Panama Papers leaked from law firm Mossack Fonseca.
An indictment unsealed this week in the Southern District of New York charged the four with conspiracy to commit tax evasion, wire fraud, and money-laundering conspiracy.… Continue Reading
Compliance professionals have many factors to consider when assessing the bribery risk of their companies’ proposed investments or engagements globally. Industries have different dynamics, companies have different business models, and business partners and intermediaries have different relationships and backgrounds.… Continue Reading
The chief financial officer of China’s Huawei Technologies was arrested in Canada last weekend and now faces extradition to the United States.
Meng Wanzhou was detained in Vancouver on December 1, the Canadian Justice Department said Wednesday.… Continue Reading
Hong Kong’s former home secretary was convicted by a Manhattan federal jury Wednesday for bribing African officials on behalf of a Chinese energy company.
Patrick Ho, 69, was found guilty after a one-week trial in the Southern District of New York.… Continue Reading