Germany updated its anti-money laundering and countering financing of terrorism (AML/CFT) regime to be consistent with the EU’s Fourth Anti-Money Laundering Directive, by imposing cryptocurrency licensing requirements effective from January 1, 2020.… Continue Reading
A new report recently published by The Ethics and Compliance Initiative (ECI), the 2019 Global Business Ethics Survey, addresses the state of E&C programs across ten countries — USA, Brazil, UK, Spain, France, Italy, Germany, Russia, India, and China.… Continue Reading
The SEC summed up the criminal activity in the corner offices this way: In many instances, senior management actively thwarted compliance efforts, personally engaging in corruption schemes and directing employees to destroy records of the misconduct.… Continue Reading
The world’s biggest provider of dialysis equipment and services agreed Friday to pay the DOJ and SEC $231 million in penalties and disgorgement to resolve violations of the Foreign Corrupt Practices Act across Africa, the Middle East, and Europe.… Continue Reading
Hempel A/S said Monday it paid about $33.4 million to enforcement agencies in Denmark and Germany to resolve allegations of bribery.
The company said it discovered “illegal sales practices” in April 2017 “in Germany, other countries in Europe and in Asia.”… Continue Reading
The Pennsylvania-based consultant who bribed an officer at the European Bank for Reconstruction and Development for loan approvals lost his appeal against a 60-month prison sentence for violating the Foreign Corrupt Practices Act.… Continue Reading
In Control Risks’ experience, many Germany companies operating internationally still underestimate the reach of their own country’s anti-corruption laws. A new report published by the OECD shows why this could be a dangerous mistake.… Continue Reading
The DOJ unsealed an indictment Thursday charging the former head of Germany’s biggest company with helping hide emissions cheating software used to deceive U.S. regulators and car buyers.
Martin Winterkorn, 70, Volkswagen’s former chief executive, was charged in a sixteen-count indictment with conspiracy and wire fraud.… Continue Reading
Fresenius Medical Care AG said in a securities filing Tuesday that it has set aside €200 million ($245 million) for a potential FCPA resolution with the DOJ and SEC.
Fresenius, based in Homburg, Germany, said the money “represents an estimate from a range of potential outcomes.”… Continue Reading
Earlier this month, Oliver Schmidt, 48, a German citizen and the former general manager of Volkswagen AG’s U.S. Environment and Engineering Office, was sentenced to 84 months in prison for helping VW cheat on diesel emissions tests and covering up the scheme.… Continue Reading