Saturday, October 16, 2021

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European Investment Bank’s 2020 Fraud Investigation Activity Report

Duncan Smith and Catalina Manea, of the European Investment Bank and its Investigations Division, explain about the organization’s Fraud Investigation Activity Report. The annual report provides details about their investigations of alleged “Prohibited Conduct” involving EIB Group-financed operations and activities, or involving members of governing bodies or staff. The Report is prepared every year to […]
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Corruption Cited as Root Cause of Afghanistan Government Failure

In a March report, Special Inspector General for Afghanistan Reconstruction John Sopko warned that the failure to effectively address systemic corruption in Afghanistan put...

Fifth Circuit Gives Petrobras Second Chance in Samsung Fraud Suit

The Fifth Circuit reversed a lower court decision dismissing a lawsuit against Samsung Heavy Industries, in which Petrobras America accused Samsung of bribing Petrobras employees in exchange for their help awarding high-value contracts. The district court concluded that Petrobras’ lawsuit was untimely filed, but the circuit court disagreed, finding it uncertain when the plaintiff discovered that […]
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Review of Recent Whistleblower Developments

Recent significant cases, decisions, proposals, and legislation related to whistleblower statutes include: SEC charges financial services firm with violating rule protecting whistleblowers. SEC whistleblower program awards break another record in second quarter of 2021. Congress addresses CFTC whistleblower program funding. New Jersey district court transfers SOX and Dodd-Frank whistleblower claims to Texas for improper venue […]
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CFIUS Releases 2020 Annual Report

The Committee on Foreign Investment in the United States (CFIUS or the Committee) released a public version of its annual report to Congress for...

Defendants in Dominican Republican Odebrecht Bribery Case Could Serve 10 Years in Prison

Prosecutors in the Dominican Republic – expecting a conviction – have requested sentences of 10 years in prison for Odebrecht lobbyist Ángel Rondón and former Minister of Public Works Víctor Díaz Rúa, in a case involving US$92 million in alleged bribes from Odebrecht to Dominican officials. For other defendants in the case, prosecutors requested sentences […]
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Japanese Ministry of Economy, Trade and Industry Updates Guidance to Prevent Foreign Bribery

In May 2021, Japan’s Ministry of Economy, Trade, and Industry revised the Guidelines for the Prevention of Bribery of Foreign Public Officials. Although the Guidelines do not impose legal obligations on companies, METI expects each company to create and implement an appropriate compliance system with reference to the Guidelines. The revised Guidelines include detailed guidance […]
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Happy Birthday! Ten Takeaways as We Chart the Tenth Birthday of the UK Bribery...

On 1 July 2021, the UK Bribery Act – one of the world’s global bribery and corruption benchmark laws – turned 10. It’s been an eventful 10 years: the Serious Fraud Office, the Act’s primary enforcement agency, have had their ups and downs. Equally, it cannot be denied that the Act has successfully reformed bribery […]
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Reflections on the UK Bribery Act (Part II)

On 1 July 2021, it will have been ten years since the United Kingdom’s Bribery Act came into force. The Act is widely considered to have been a pioneering piece of legislation. In addition to having raised the standard for anti-bribery and corruption law globally, the Act has profoundly influenced the attitude of organizations to […]
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World Bank Debars Chinese Hydropower Construction Company over Bribery

The World Bank has debarred China-based Zhejiang First Hydro & Power Construction Group Co. for two years, after a de facto agent and subcontractor of the company bribed two government officials for a contract on a project funded by the bank. First Hydro also misrepresented its readiness to execute the terms of the contract. The […]
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