Unexplained Wealth Orders (UWOs) — nicknamed the “Mcmafia” law after the hit TV drama about Russian organized crime in London — received a lot of attention in the press as the solution to the UK’s dirty money problem.… Continue Reading
As we approach the anniversary of the Financial Conduct Authority’s first published set of aggregated results, it’s a good time to review what that means for risk managers across the UK and Europe.… Continue Reading
The former CEO and former chief operations officer of Monaco-based Unaoil pleaded guilty in March to arranging millions in bribes to officials in at least ten countries, and a former Unaoil business development director pleaded guilty in August last year, the DOJ said Wednesday.… Continue Reading
TechnipFMC plc paid the SEC $5 million Monday to settle FCPA offenses related to bribing Iraqi officials to win business with state-owned oil companies.
The London-headquartered oil and gas company disgorged $4.3 million plus pre-judgment interest of $735,000 to the SEC. … Continue Reading
One of four individuals charged in the UK as part of the corruption investigation into Unaoil pleaded guilty this week to conspiracy to pay bribes.
Basil Al Jarah, 70, described by prosecutors as “Unaoil’s former partner in Iraq,” pleaded guilty to five charges in Southwark Crown Court in London on July 15.… Continue Reading
The UK Serious Fraud Office said Tuesday it has brought more charges against two individuals already facing trial as part of the Unaoil investigation.
Basil Al Jarah and Ziad Akle were both charged last week with conspiracy to give corrupt payments.… Continue Reading
Almost all major international bribery cases involve third parties, typically commercial agents who pass on part of their commissions to government officials as bribes. As demonstrated by Richard Bistrong’s recent post, the relationship between these agents and their international clients is often psychologically complex.… Continue Reading
Amsterdam-based Core Laboratories N.V. said in a U.S. securities filing Monday that the DOJ and SEC have both closed investigations into the company’s dealings with Unaoil and won’t bring any enforcement action.… Continue Reading