A trove of money laundering scandals erupted in Northern Europe this year, tying major financial institutions from all three Scandinavian countries to alleged bribery schemes, attempts to evade U.S. sanctions, and serious regulatory failures.… Continue Reading
A recent survey by the Nordic Business Ethics Network into how 1,500 employees in Finland, Norway and Sweden, perceive ethics at their workplaces reveal that over 90 percent value an ethical working place higher than a salary increase or a promotion.… Continue Reading
Corruption remains a number one concern of citizens across the world. People feel left out of the benefits of globalization and are increasingly disillusioned with the public institutions meant to protect them and their economic and social interests.… Continue Reading
In its annual report filed with the SEC last week, VimpelCom described the continuing fallout from its February mega-settlement with U.S. and Dutch authorities for bribery offenses in Uzbekistan.
Among other things, VimpelCom said it has a reserve of $105 million for legal and other costs.… Continue Reading
Telecoms company VimpelCom said in an earnings release Wednesday that it has discussed terms of prospective settlements with the SEC, DOJ, and Dutch prosecutors and would would acknowledge “certain violations” of the Foreign Corrupt Practices Act and Dutch laws and pay fines and disgorgements to settle the offenses.… Continue Reading
Sevan Marine “more likely than not” made improper payments to win business with Brazil’s Petrobras, the company said in a statement released Friday.
An investigation led by lawyers from Advokatfirmaet Selmer DA and commissioned by Sevan’s board focused on how contracts with Petrobras were obtained from 2005 to 2008.… Continue Reading
A court in Norway Tuesday sentenced four former senior executives of Norwegian fertilizer maker Yara International to prison, including the ex-CEO and former top lawyer.
A three-judge panel convicted the defendants of paying about $8 million in bribes in India and Libya to gain access to markets there.… Continue Reading
Admittedly, we’re surprised to write that headline several weeks after “tax day” in the United States. However, a common theme emerged during a recent World Bank Group program on tax evasion: there’s currently an unprecedented level of enthusiasm, political will and momentum in support of combating global tax evasion and avoidance. … Continue Reading
Hughes Hubbard, a long-time sponsor of the FCPA Blog, has published once again a new version of its FCPA/Anti-Bribery Alert, an invaluable resource for compliance professionals.… Continue Reading
The Securities and Exchange Commission Monday charged Bruker Corporation with violating the Foreign Corrupt Practices Act by paying for sightseeing trips and shopping expenses for Chinese government officials responsible for buying the company’s products.… Continue Reading
The group of donors who contribute aid directly to Mozambique pledged $275 million in aid this week, a decrease from the $309 million given last year, citing concerns about corruption in the region.… Continue Reading
Norway’s anti-corruption agency has filed criminal charges against defense and technology firm Kongsberg Gruppen, the company said Tuesday.
The charges are related to deliveries of communication equipment to Romania from 1999 to 2008, the company said.… Continue Reading