Posts Tagged: Abu Dhabi
The FCPA in 2020: New compliance requirements shake industries, and severe punishment for broken controls
As I look back over the FCPA developments from 2020, one thing stands out: the DOJ and SEC continue to demand robust compliance controls. In some cases, the agencies reinforced long-standing expectations, and severely punished companies that strayed from them –something old.… Continue Reading
Deutsche Bank AG agreed Friday to pay the DOJ and SEC $122.9 million in penalties and disgorgement to resolve FCPA offenses in China, Italy, Abu Dhabi, and Saudi Arabia.… Continue Reading
Singapore’s bank regulator Tuesday shut down a second bank for “serious failures in anti-money laundering controls and improper conduct” linked to Malaysia’s 1MDB fund.
The Monetary Authority of Singapore (MAS) said Falcon Bank “demonstrated a persistent and severe lack of understanding of MAS’ AML requirements and expectations.”… Continue Reading
Construction and professional services company Sweett Group plc was sentenced Friday in London and ordered to pay £2.25 million ($3.15 million) for bribing an official in the United Arab Emirates.
The company pleaded guilty in December 2015 to a charge of failing to prevent an act of bribery intended to secure and retain a contract with Al Ain Ahlia Insurance Company (AAAI), contrary to Section 7(1)(b) of the Bribery Act 2010.… Continue Reading
German truck and diesel engine maker MAN AG has said a five-year old bribery scandal has now cost the company €250 million ($344 million) in fines and penalties and investigation costs.… Continue Reading