Transparency International (TI) published its 2013 Corruption Perceptions Index last week. Spain dropped 10 notches in its ranking on the Index, and the reason is clear. The royal family and some national elected officials have been embroiled in scandal. What’s a country to do? Proposing a law to control more tightly the financial activities of political parties to avoid further corruption scandals is a good start.
Industry Canada, a department of the nation’s government that works to improve conditions for investment and create an efficient and competitive marketplace, is conducting public consultations on the Canada Business Corporations Act (CBCA). Specifically, Industry Canada is focusing on matters such as executive compensation, corporate transparency, combating bribery and corruption and fostering corporate social responsibility, among others, to help provide standards in the corporate governance of businesses of all sizes.
Sarah Dahlgren, Executive VP of the Financial Institution Supervision Group of the Federal Reserve Bank of New York, said anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance are areas that have not gottten enough attention, during and following the financial crisis. The decision of where to direct resources has often been to areas other than AML and BSA compliance and “increased attention and investment is obviously needed,” she said.
On December 4, the FCPA Blog spoke with Neil MacBride, who served as U.S. Attorney for the Eastern District of Virginia (EDVA) from September 2009 to September 2013 and will be a partner in Davis Polk & Wardell’s Washington, D.C. office in April 2014. He told Julie DiMauro about the “rocket docket,” the Virginia Financial and Securities Fraud Task Force he created and a few of its memorable cases, and the importance of ethics and business conduct rules in companies.
On November 14, the New York State Department of Financial Services (NYDFS) announced that it will hold a public hearing on virtual currency regulation soon (date to be determined) in New York City. The goal of regulation is to provide greater security when it comes to its use, while allowing this new technology to grow.
The former director of the UK Serious Fraud Office, Richard Alderman, shared with the FCPA Blog a Preliminary Study (pdf here) conducted by the B20 Task Force on Improving Transparency and Anti-Corruption that focuses on regulatory developments that could enhance the private sector’s role in fighting global corruption.
After analyzing almost 400 cases over 13 years, the World Bank reports that only 3.3 percent of $6 billion in fines have been shared with developing countries whose officials accepted bribes.
The Anti-Corruption Ethics and Compliance Handbook for Business is ready, and its authors at the Organisation for Economic Co-operation and Development (OECD), The United Nations Office on Drugs and Crime (UNODC) and the World Bank hope it provides helpful guidance in the global effort to eradicate corrupt practices.
Neil MacBride, former U.S. Attorney for the Eastern District of Virginia (EDVA), is joining the law firm Davis Polk & Wardwell LLP in April 2014 to serve as a partner in its Washington, D.C. office. The FCPA Blog looks forward to speaking with him next week about his experience and thoughts on modern-day bribery and corruption investigations and effective corporate compliance programs.
A new report released by Transparency International (TI) said most European Union nations offer whistleblowers little to no protection from retaliation from their employers.