Frictionless mobile payments may not be as good as cash for paying bribes and buying contraband, but they’re the next best thing.
At the World Economic Forum in Davos Thursday, Secretary of State John Kerry highlighted the links between corruption and unrest in countries including Libya, Yemen, Burundi, and Iraq.
“Only better governance can rout the scourge of corruption, which costs the global economy $2.6 trillion, blights job prospects, and opens up a vacuum that allows the predators to move in,” he said.… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) Tuesday fined a money transfer business based in Hamtramck, Michigan and its owner for processing millions of dollars in wire transfers to Yemen without any due diligence on those involved.… Continue Reading
Last year, 17,958 people were killed in terrorist attacks, 61% more than the previous year. More than 80% of all deaths from terrorist attacks occurred in five of the world’s most corrupt countries — Iraq, Afghanistan, Pakistan, Nigeria, and Syria.… Continue Reading
It is that time of the year again. Transparency International released its 2013 Corruption Perceptions Index (CPI) today. The CPI, which is the most widely used indicator of corruption worldwide, measures the perceptions of public sector corruption.… Continue Reading
Jack Stanley paid his former employer Kellogg, Brown & Root LLC $9.25 million last week as partial restitution for kickbacks he took when he ran the company.
The Wall Street Journal is reporting that Swiss logistics giant Panalpina and its customer Shell are close to settlement of FCPA charges with the DOJ and SEC. The paper said Panalpina may pay about $85 million in penalties and Shell about $30 million.… Continue Reading
The DOJ is investigating potential bribery in Yemen by oil field services giant Schlumberger Ltd., according to a report today by Dionne Searcey of the Wall Street Journal.
The investigation focuses on payments to a consulting firm with ties to Yemen’s government when Schlumberger needed approval to create an oil-exploration databank there.… Continue Reading
George Terwilliger — formerly of the DOJ and now in private practice — had some wise words about decisions to launch internal investigations. His article in law.com included this tightly packed and well-mannered exhortation:
… Continue Reading
Most corporate decision-makers do not have the experience necessary to anticipate the judgments and proclivities of enforcement officials.