Offsetting – the way to a better deal

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.

Legislation, Prevention, Bribery & Corruption

Paper money – securing the future

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.

Prevention, Plastic Card & Payments, Asia-Pacific, Europe, North America

SFO urged to use DPAs sparingly, make prosecution the norm

Anti-corruption campaigners are urging the UK Serious Fraud Office to use deferred prosecution agreements (DPAs) sparingly and under tough conditions.

Criminal & Civil Proceedings, UK Government & Public Sector, Comment, Surveys and Research

Threats of sanction risk more unethical conduct, says study

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.

Prevention, Comment, Surveys and Research, Market Abuse

Eurojust and Europol swoop in Europe-wide cybercrime crackdown

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.

International agencies, Law Enforcement, Online Fraud, Africa, Europe

MEPs sceptical about OLAF 2014 performance

The European Union (EU) anti-fraud office OLAF is under fire again with MEPs questioning its case report figures in a 2014 activity report published 2 June.

International agencies, Europe

Switzerland peels aside secrecy, in EU tax pact

European Union member states will receive information on their residents holding bank accounts in Switzerland annually starting from 2018.

Tax & Excise, Tax Fraud, Europe

EU projects at higher risk of corruption than nationally-funded contracts

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.

Detection, Prevention, Comment, Surveys and Research, Bribery & Corruption, Europe

First World Bank procurement review: anti-corruption implications

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.

International agencies, Prevention, Bribery & Corruption, Vendor, Supplier and Procurement Fraud

MEPs sceptical about OLAF 2014 performance

The European Union (EU) anti-fraud office OLAF is under fire again with MEPs questioning its case report figures in a 2014 activity report published 2 June.

International agencies, Europe

FIFA claims it’s the victim in corruption foul play

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.

Criminal & Civil Proceedings, Bribery & Corruption, Europe, Latin America & Caribbean, North America

Italy targets corruption with new law

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.

Law Enforcement, Legislation, Whistleblowing, Bribery & Corruption, Europe

Forex rigging settlements bite

“Primed like a coiled cobra… concentrating so hard… made of wax”: a Barclays trader poised to trigger a stop loss order was so engrossed he hadn’t “even blinked”.

 

Criminal & Civil Proceedings, Law Enforcement, Cartels, Market Abuse, Europe, North America

The Turkish question: anti-corruption legislation or enforcement, which needs to change?

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.

Legislation, Bribery & Corruption, Europe, Middle East

Learn how to fight

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.

Detection, Fraud (Risk) Management, Investigation, Prevention, Internal Fraud, Asia-Pacific, Europe, North America

Open-source investigations – how to search efficiently online

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.

Due Diligence, Intelligence Sharing, Investigation, Technology

Back from a cyber hack

The first reaction will be panic, so having a process to turn to is invaluable. Corey Fotheringham of Deloitte walks us through what’s involved when responding to a cyber incident.

Response Plan, Online Fraud

RBS and Nomura face massive damages after US mortgage-backed securities fraud ruling

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.

Criminal & Civil Proceedings, Securities & Investment Fraud