A federal grand jury in Brooklyn indicted an oil trader Tuesday for bribing officials in Ecuador.… Continue Reading
Our respective organizations have long been committed to the creation of a global standard of public access to beneficial ownership information. That is why we helped launch OpenOwnership, whose mission is to support countries to publish public beneficial ownership data that is freely accessible, easy to use and connected globally.… Continue Reading
The Securities and Exchange Commission voted Wednesday to propose another version of its rule to require resource extraction issuers to disclose payments to foreign governments for the commercial development of oil, natural gas, or minerals.… Continue Reading
I have been considering the events of the past 12 months from an anti-money laundering (AML) regulatory perspective, and with what we may be faced with in the year ahead.
For me, the main issue arising from 2018 is the ongoing debate I have been having with a variety of NGOs and pressure groups who would see public UBO (ultimate beneficial owner) company register systems implemented across the board, including the Caribbean islands that provide offshore company services to the globe.… Continue Reading
The Organization for Economic Cooperation and Development published a list of “golden passport” schemes from 21 countries that are high risk and “required to be taken into account” during due diligence.… Continue Reading
Performing due diligence on third parties can be hard. When you discover that your third party is still in diapers, however — that’s pretty much a surefire sign something is amiss.… Continue Reading
The Milan Public Prosecutor’s Office has charged Royal Dutch Shell and four former executives for an alleged plot to pay massive bribes to win oil exploration rights in Nigeria.
One of those charged is Malcolm Brinded, 64, the former executive director for Upstream International when the alleged bribery happened.… Continue Reading
An oil and gas or mining company can avoid all kinds of reputational and legal challenges by swearing off deals with certain corruption warning signs. This month’s developments in an evolving scandal might have Royal Dutch Shell wishing it had done so.… Continue Reading
The U.S. Senate voted Friday to repeal an SEC rule that would have required oil and gas and mining companies to disclose each year all of their payments to foreign governments for exploration and production rights, permits, taxes, and other things.… Continue Reading
A Liberian lawyer who heads the country’s ruling party was arrested Wednesday for allegedly paying bribes on behalf of a UK-listed mining company once chaired by former England cricket star Phil Edmonds.… Continue Reading
The French bill for Transparency and Modernization of Economic Life, which, among other things, aims at preventing foreign bribery and intensifying the fight against it, has been the subject of much speculation during the past few months.… Continue Reading
In January, CBS’s 60 Minutes aired Anonymous, Inc. in which a person with Global Witness, pretending to be a lawyer representing a minister from a poor West African country, sought legal advice about investing millions of dollars into the United States.… Continue Reading