Anti-bribery Archives

Anti-bribery
0
1 min read

Upcoming webinar: Risk mitigation for bribery – What do companies need to know?

Wednesday 19 June 12PM UK

Bribery and corruption are not new issues. But they remain impressively persistent in their ability to wreak havoc and cause trouble. Companies are losing hundreds of thousands of pounds to these schemes, not to mention reputational damage and legal action. In this webinar we will look at the different types of bribery risks your company can face, how to assess the specific dangers to your company and what you can do to mitigate those risks so you can sleep at night.

Join us in this free, one-hour webinar. We will provide key information on bribery legislation, including a look at the changes if there is a Labour government after July 4, the myriad of ways companies can get caught up in bribery and the implications if a company doesn’t have effective anti-bribery policies in place. Significantly, we will guide companies in how to manage their bribery and corruption risks, develop an effective anti-bribery programme and learn how to mitigate the risks of bribery and corruption.

This webinar will feature:

A basic understanding of the anti-bribery laws
Ways to assess your company’s risks for bribery and corruption
Relevant bribery case studies – and what you can learn from these stories
How to effectively mitigate your company’s risks
How to develop an anti-bribery programme that works

Anti-bribery Anti-Bribery and Corruption Webinar Webinars
0
1 min read

Upcoming webinar: Risk mitigation for bribery – what do companies need to know?

Wednesday 19 June 12pm UK

Join us in this free, one-hour webinar. We will provide key information on bribery legislation, the myriad of ways companies can get caught up in bribery and the implications if a company doesn’t have effective anti-bribery policies in place. Significantly, we will guide companies in how to manage their bribery and corruption risks, develop an effective anti-bribery programme and learn how to mitigate the risks of bribery and corruption.

This webinar will feature:

A basic understanding of the anti-bribery laws
Ways to assess your company’s risks for bribery and corruption
Relevant bribery case studies – and what you can learn from these stories
How to effectively mitigate your company’s risks
How to develop an anti-bribery programme that works

Anti-bribery
0
3 min read

In $126m deal, Trafigura pled guilty to a decade of bribery

The international commodities trading company resolved a long-standing bribery case with the US DOJ

Trafigura agreed to pay over $126 million to settle the US Department of Justice’s investigation into a case that involved employees and agents who wanted to secure business with Brazil’s state-owned and controlled oil company Petroleo Brasileiro (Petrobras).

Between 2003 and 2014, Trafigura, which is headquartered in Switzerland, paid bribes to Petrobras officials in order to secure and maintain contracts with the oil company. Under the scheme, Trafigura, along with its co-conspirators, made illicit payments of up to 20 cents per barrel of oil products bought from or sold to Petrobras. The bribes were concealed in shell companies or funnelled through intermediaries who used offshore bank accounts to deliver cash to officials in Brazil.

Anti-bribery Anti-Bribery and Corruption
0
8 min read

Transparency International’s Corruption Perception Index 2023: What are the riskiest countries for bribery and corruption?

The annual list is a must-read for global businesses

The anti-corruption NGO Transparency International has released their annual report into perceptions of corruption and bribery across the world. This list forms a critical part of any organisation’s bribery and corruption risk assessment. Countries within the supply chain or which are significant markets or resources should be assessed for their bribery and corruption risks, with the Transparency International Corruption Perception Index (CPI) forming a key source for bribery mitigation measures.

If a country which forms a critical part of the supply chain, base of operation, or otherwise plays a significant role in a business, a lower score on the Corruption Index should be incorporated into a bribery risk assessment, and would necessitate further anti-bribery risk mitigation measures.

Anti-bribery
0
3 min read

Guilty: British lawyer tipped off client about fraud probe

Probe was part of a larger 10-year investigation into corruption at ENRC

A British lawyer, William Osmond, was found guilty of “tipping off” his client about a money laundering investigation that was being conducted by the Serious Fraud Office (SFO). The case was part of a larger 10-year probe into allegations of corruption against Eurasian Natural Resources Corporation PLC (ENRC), a public Kazakh mining company. Its offices are headquartered in London.

The 10-year investigation was abruptly dropped this past August. It focused on allegations of bribery and fraud relating to ENRC’s acquisition of mining contracts in Africa.

Anti-bribery
0
6 min read

Cheaper by the scandal: Gifts, bribery, and the US government

When corporate board members are held to a higher standard than public officials

The senior US senator from New Jersey Bob Menendez has so far refused to resign despite being indicted on federal charges of bribery, along with his wife and three businessmen from the state.

The senator allegedly agreed to use his official position to benefit the Egyptian military, and also interfered with a law enforcement probe into these three businessmen. The former chairmen of the foreign relations committee had cash stuffed in envelopes and clothes at his home, with his fingerprints all over them. Prosecutors say he and his wife accepted money, 13 gold bars and a luxury car in exchange for political favor’s.

Anti-bribery Events
0
1 min read

On-demand webinar: Gifts and Hospitality Registers: The Overlooked Compliance Challenge

The appearance of impropriety is one of the hardest compliance challenges to combat. Regarding gifts and hospitality, even modest tokens could cause problems if given at the incorrect time or to the wrong person. Gifts given to public officials could even cause significant regulatory breaches as laws differ worldwide.

As the United States Supreme Court has demonstrated, with some justices receiving all manner of bribes in exchange for favourable rulings, the appearance of impropriety can cause severe reputational damage, even if no rules were technically broken.

With new EU rules on public sector gifts and hospitality on their way and updates to bribery laws in Canada and the US, now is a vital time to refresh your bribery policies and think about having an automated solution to track who’s giving and getting what at your organisation.

In this webinar, we discuss:

Gifts and hospitality cases from around the world, including the storm over gifts to US justices
New EU regulations on gifts and hospitality for public officials
Key corporate bribery cases linked to improper gifts and hospitality
Why G&H registers should track gifts given, as well as received
Best practice in designing your G&H register

Watch the on-demand webinar and understand the importance of tracking who’s giving and getting what at your organisation.

Watch Now

AML case study: Shelf company in Jersey charged with money laundering–then returns $3.7m in confiscated funds to Kenyan citizens

VinciWorks’ most recent money laundering case study tells the story of a Jersey shelf company that was charged with money laundering and ultimately returned $3.7m in confiscated funds to Kenyan citizens, which was then used for much needed medical funds and pandemic relief.

There is much to be learned from this recent case study, a case which marked the first time Jersey repatriated confiscated assets to Kenya. VinciWorks’ case study about the corruption case explains what happened, how the case was cracked, how the funds were accessed, what the penalties were, and what the red flags in the case were, and points out innovative approaches that were taken in the course of resolving this case.

Gulnara Karimova: Uzbek president’s daughter, pop star, diplomat… and money launderer?

A report says she is. And that London and Virgin Islands firms didn’t do enough to stop her

Gulnara Karimova has already achieved a measure of fame – or notoriety. She is the daughter of Islam Karimov, who was president of Uzbekistan from 1989 until 2016, when he died. There was a period when it was thought that she would succeed him. She also appeared in pop videos under the stage name, “Googoosha,” she ran a jewellery company and she served as ambassador to Spain.

And now, an NGO, Freedom For Eurasia, released a report detailing how Karimova built a £200m empire on properties from London to Hong Kong with funds obtained through bribery and corruption.

Anti-bribery Money Laundering News Thought Leadership
0
10 min read

How will failure to prevent fraud work?

The new offences of failure to prevent fraud are likely to shake up corporate compliance for all UK business. How will they work in practice?

The UK government have announced they are pushing ahead with a game-changing new regulation to expand the ‘failure to prevent’ family of offences to failure to prevent fraud.

Proposed amendments could even see corporate officers jailed if they take a decision, or fail to take a decision, that could lead to economic crime such as fraud, false accounting or money laundering being committed.

Failure to prevent encompasses a wide array of compliance failures, from not having the right policies in place, to a lack of procedures to even training courses that aren’t effective in delivering the right information to employees.