One of the most powerful episodes in risk assessment history is the story of the Maginot Line, which the French military had deployed after WWI to prevail in any future trench warfare against the Germans.… Continue Reading
Conflicts of interest may not be illegal per se. But they may lead to corruption, for example when someone uses their official authority to benefit themselves , a relative or friend.… Continue Reading
Not all conflicts of interests lead to illegal conduct. But undisclosed connections between third-party suppliers and employees are a gateway to corruption and fraud. The best way to uncover conflicts of interests and harm flowing from them is through data.… Continue Reading
KVB Kunlun Financial Group in Hong Kong announced that its current CEO will assume the additional role of compliance officer.
CEO Liu Stefan is replacing Ng Chee Hung Frederick as compliance officer.… Continue Reading
Effective ethics laws, in Virginia and elsewhere, depend on enforcement through prosecution, independent ethics review boards, ethics training, and transparency and openness in government. In other words, Virginia will have to do more than change a few gift laws currently under review.… Continue Reading
The State Integrity Project found that Virginia’s ethics laws are among the least effective of the states for deterring corruption. The analysis cited Virginia’s weak conflict of interest laws, and found that those laws essentially have no bite.… Continue Reading
On Thursday, the Financial Industry Regulatory Authority (FINRA) released its 2014 Regulatory and Examination Priorities letter to help firms review and enhance their compliance programs. FINRA emphasized that it will be examining for strong controls and compliance efforts in the areas covered in the letter, since they were deemed to pose significant risk to the investing public and the integrity of the markets.… Continue Reading
When a compliance officer needs to vote with his feet, the key ingredients to look for at the next job are, among other things, a chief compliance officer who reports to an independent board, and incentives or bonus pay for outstanding work. … Continue Reading
It’s that time of year again. Across the country, law students are thinking about paper topics for seminar courses and journal notes. Like last year, I am posting a list of resources that I provide to students every fall in the Anti-Corruption seminar that I co-teach with my colleague, Professor Chris Yukins. … Continue Reading
A new Russian law, which went into effect on January 1, 2013, affirmatively requires companies to establish compliance programs.
The law, which was added as Article 13.3 of a broader 2008 Law on Combatting Corruption, is entitled “The Requirement of Organizations to Take Measures to Prevent Corruption” and provides that organizations are required to develop and implement measures to prevent corruption and states that such measures may include the following:
… Continue Reading
(1) designating departments and officers responsible for preventing bribery and related offenses;
(2) developing mechanisms for cooperation with law enforcement authorities;
(3) developing and implementing standards and procedures designed to ensure ethical business conduct;
(4) adopting a code of ethics and professional conduct for all employees;
(5) establishing means for identifying, preventing and resolving conflicts of interest; (6) preventing the creation and use of false and altered documents.