The award of a major infrastructure project will generally come with strings attached by way of offsets to ensure that the purchasing country protects its interests, whether security or economic. In fulfilling these agreements beside the main contract, vendors need to pay close heed to the bribery and corruption risks, warn Derek Patterson and Lukas Bartusevicius of Forensic Risk Alliance.
Polymers and new inks are enabling banknote issuers to stay ahead of the counterfeiters – at least for now. FI correspondents look at the experience of issuing plastic currency in three jurisdictions: Alan Osborn reports from London, Lee Adendorff, from Byron Bay, Australia, and Kitty So, from Ottawa, Canada.
Anti-corruption campaigners are urging the UK Serious Fraud Office to use deferred prosecution agreements (DPAs) sparingly and under tough conditions.
Threatening punishment, such as fines, bonus clawbacks and even prison, to bankers creates a climate of fear and risk-taking, breeding more unethical conduct, not less, according to the latest PwC research, conducted with the London Business School.
European Union (EU) judicial and police agencies Eurojust and Europol joined forces on 10 June for a cross-border European clampdown on cybercrime leading to 49 arrests.
European Union (EU) research into anti-corruption policies has concluded that projects spending EU funds are one-third more likely to be marred by corruption than those funded by EU national governments.
The World Bank is, for the first time in its 70-year history, conducting a comprehensive review of its procurement policy and procedures. Alison Geary of WilmerHale looks at how the framework is tightening.
World football’s governing body FIFA – Fédération Internationale de Football Association – has claimed it is the victim following the arrests of seven senior officials in Zurich on 27 May, before its latest annual congress. The Office of the Attorney General of Switzerland (OAG), which made the arrests for its US counterpart, also announced it had opened its own separate inquiry.
The Italian government has launched a clampdown on corruption after both houses of the parliament backed a law that targets crimes involving public administration, especially fraud, and takes a tougher line on the mafia.
The legal framework around bribery and corruption in Turkey is in a phase of rapid transition, which foreign companies operating in the country need to watch closely if they are to avoid risk of sanction, say Pelin Baysal, Ceren Aral and Bensu Aydın of Istanbul-based law firm Gün + Partners.
Once viewed as an obscure, even idiosyncratic pursuit, combating fraud is fast entering the educational mainstream, evidenced by a rapid and international growth in university courses. Hanna Lange-Chenier studies the options.
Never has so much information been freely available but sifting it to find answers to specific queries calls for mastery of internet tools; fortunately, these are often free as well. Dr Stephen Hill shares some indispensable sites and techniques.
The Royal Bank of Scotland (RBS) and Japanese bank Nomura may have to pay millions of dollars in damages after a United States judge condemned the two for false statements in selling mortgage-backed securities to mortgage providers Fannie Mae and Freddie Mac before the 2008 financial crisis.
FINANCIAL CRIME NEWS
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