For at least ten years, Germany’s financial regulator heard detailed complaints from reliable sources about a $2 billion accounting fraud at Wirecard AG but failed to act.… Continue Reading
Compliance officers should have executive authority. That means the power to block hiring decisions, reject subcontracts and purchase orders, disapprove proposed partners and other intermediaries, and stop projects from happening or continuing.… Continue Reading
Late last month, reporter and editor Sam Rubenfeld announced via Twitter that after ten years, he was leaving the Wall Street Journal.
He joined the Journal fresh out of college and quickly found his way to the Corruption Currents blog, while also editing and writing for the Dow Jones Newsletters and Newswires.… Continue Reading
The DOJ has taken “preliminary steps” to investigate if managers at Uber Technologies Inc. violated the Foreign Corrupt Practices Act, the Wall Street Journal said Tuesday.
The story cited as sources “people familiar with the matter” but didn’t name them.… Continue Reading
Here’s some good news for compliance officers from the Wall Street Journal’s Sam Rubenfeld:
. . . Though the number of jobs on Wall Street in risk and compliance isn’t broadly tracked, industry players and recruiters say anti-money laundering compliance has seen a boom in recent years.… Continue Reading
Some of the biggest U.S. banks are adding risk and compliance professionals as they seek to comply with increasing regulations, particularly in their overseas operations.
Cisco Systems Inc. is investigating whether some of its activities in Russia, Eastern Europe and Central Asia may have violated the Foreign Corrupt Practices Act.
The networking equipment manufacturer announced the internal probe in a public filing in late February.… Continue Reading
The U.K.’s Serious Fraud Office (SFO) obtained an order from a British judge last month forbidding the Wall Street Journal from printing the names of dozens of individuals who are expected to be named as co-conspirators in the SFO’s investigation of the London interbank offer rate (LIBOR).… Continue Reading
Chinese police this weekend reportedly detained GlaxoSmithKline managers in Shanghai, Beijing, and Changsha.
The British pharma also known as GSK said authorities are investigating whether some of its senior execs in China have committed ‘economic crimes.’… Continue Reading
‘A February report by the European Union alleged that Echelon [a spy satellite system run by the National Security Agency] has been used for economic espionage. Former CIA Director James Woolsey told a German newspaper in early March that Echelon collects “economic intelligence.”… Continue Reading