The chairman of the U.S. Securities and Exchange Commission, Jay Clayton, chose a speech in September to the Economic Club of New York to argue that when it comes to enforcement of anti-corruption laws, the United States is “acting largely alone.” He cited figures to back his stance and followed up by calling on other nations to follow the U.S.… Continue Reading
The UK Serious Fraud Office said Friday it has closed bribery investigations into UK-based GlaxoSmithKline PLC and individuals at subsidiaries of Rolls-Royce Holdings PLC.… Continue Reading
The DOJ unsealed FCPA charges against five men Tuesday for a bribery plot to help Rolls-Royce win an equipment contract on a gas pipeline from Kazakhstan to China.… Continue Reading
The Financial Reporting Council is investigating KPMG for failing to spot large-scale bribery at Rolls-Royce. But there are serious questions whether the regulator, which is yet to impose a sanction in a corruption-related case, will carry out a proper inquiry.… Continue Reading
There’s a growing sense that agents and intermediaries that facilitate corrupt deals are immune from prosecution in the UK.
The Unaoil case — and it should be stressed that no allegations of corruption against the company have been proven — provides an opportunity to rectify this perception of impunity for intermediaries.… Continue Reading
The SEC rule that would have required oil and gas and mining companies to disclose each year their payments to foreign governments was intended to increase transparency and prevent back-handers, bungs, and bribes from reaching those able to influence contractual decisions.… Continue Reading