The World Bank debarred a South Korean engineering and construction company Wednesday for thirteen months for fraud involving a project in Vanuatu.… Continue Reading
Quad/Graphics Inc. agreed Thursday to pay the SEC nearly $10 million to settle violations of the Foreign Corrupt Practices Act for long-running bribery schemes and cover-ups in Peru and China.
The Sussex, Wisconsin print and digital marketing company disgorged $6.9 million and prejudgment interest of about $960,000, and agreed to pay a civil penalty of $2 million.… Continue Reading
We know the various ways to measure the human costs of corruption: depletion of the public fisc, unequal access to government services, shoddy contracts awarded to sub-standard providers, the de facto business tax that makes economies less efficient, and so on.… Continue Reading
For over a year, Brazilian federal police could not access the files on Marcelo Odebrecht’s notebook computer. They tried using the password from Marcelo’s cell phones, with no luck.
Even Marcelo himself could not access the computer, as his password had been generated by two different electronic tokens that change combination with each access, and he no longer had the tokens following his arrest.… Continue Reading
Peru welcomed the new year by enacting into force Law 30424, which introduces corporate criminal liability applicable to bribery.
Peruvian law now recognizes the independent criminal liability of a legal person for local and foreign bribery, imposing sanctions ranging from fines, debarment from government contracting to dissolution of the legal entity.… Continue Reading
Three fund managers and a national government said in SEC filings last week that Odebrecht’s corruption scandal has become a problem and a risk factor for them.
Brazil-based Odebrecht, an engineering and construction giant with world-wide reach, agreed late last year to settle bribery offenses by paying global criminal penalties of at least $2.6 billion.… Continue Reading
Wal-Mart’s Executive Vice President and Global Chief Ethics and Compliance Officer told the Thomson Reuters Financial and Risk Summit that his company is seeking ISO 37001 certification.
“We have begun looking for a company that would certify us,” Jay Jorgensen, said on May 3.… Continue Reading
The ISO 9001 Quality Management System has been a spectacular success, with over 1.3 million organizations certified around the world since the standard’s 1987 introduction.
We believe the ISO 37001 Anti-Bribery Management Systems may enjoy similar widespread worldwide acceptance.… Continue Reading
One of the world’s biggest gold miners said in a securities filing Wednesday it is investigating some business activities in countries outside the United States.
Colorado-based Newmont Mining said the investigation includes a review of compliance with the requirements of the Foreign Corrupt Practices Act.… Continue Reading
Here are highlights about Latin American corruption, enforcement, and compliance through June 2015.
Although some countries aren’t strictly “Latin American” (Guyana and Puerto Rico, for example), they’re usually included in the regional grouping, and I thought it was appropriate to mention them.… Continue Reading
Here are highlights from Latin America in connection with corruption, enforcement, and compliance through May 2015.
Argentina: The Minister of Planning, Julio de Vido, and the governor of the Chubut province, Mario das Neves, are under investigation by the United States Securities and Exchange Commission for involvement in a bribery scheme to award oil contracts.… 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