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Anti Corruption Digest is the most comprehensive source for global risk & compliance related news, insights, and best practices.
Readers are welcome to research the Anti Corruption Digest’s curated database of over fifteen thousand risk and compliance related articles, offer comments on any article as well as submit material for publication.
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By Anti-Corruption Digest on Sep 28, 2020 04:43 pm
The COVID-19 pandemic has exacerbated already staggering levels of economic inequality in many countries around the world. Now there is a real risk that trillions of dollars meant to support those hardest hit by the crisis may be captured by the wealthy, increasing inequality as countries are saddled with public debt for money lost to corruption.
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By Anti-Corruption Digest on Sep 28, 2020 08:26 am
Samuel Shaw and Richard Marven, two naval officers, witnessed the torture of British prisoners of war at the hands of their commanding officer, Esek Hopkins. Outraged by his action, they reported him, which resulted in their dismissal from the US Navy. That was 1777. Shaw and Marven sought Congressional support and testified before the Congress. A year later, on July 30, 1778, the US Congress passed a whistleblower resolution, now widely considered as the world’s first whistleblower protection law. Many countries have since enacted laws for the protection of whistleblowers.
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By Anti-Corruption Digest on Sep 28, 2020 08:24 am
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate its revenue, then attempt to cover their tracks by lying to company accountants and independent counsel.
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By Anti-Corruption Digest on Sep 28, 2020 08:22 am
Refusing to self-isolate when told to is now illegal in England from Monday, with fines of up to £10,000.
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By Anti-Corruption Digest on Sep 28, 2020 08:21 am
Really? Carlos Manuel de São Vicente is currently a jailbird. On September 23 he was remanded in custody in Viana prison (Luanda) awaiting trial, where conditions might soon make him forget his ill-gotten billions. One by one, the bit-part players in the Dos Santos kleptocracy are being taken down, evidence of their crimes adding up against the long-ruling kleptocrat-in-chief who oversaw the outrageous theft of tens of billions of dollars of Angolan patrimony. It's no easy matter to bring a former president to justice - especially one who secured a permanent amnesty for his actions - but the wheels of justice are turning inexorably towards his family, friends and former colleagues.
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By Anti-Corruption Digest on Sep 28, 2020 08:19 am
The President of the Supreme Judicial Council of Iraq, Judge Fayeq Zaidan, yesterday called on the government to disclose the outcomes of its investigations into corruption, Anadolu reported.
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By Anti-Corruption Digest on Sep 28, 2020 08:18 am
On September 24, a bipartisan group of US senators proposed sanctions against Russian officials over the alleged poisoning of the opposition politician Alexei Navalny in Siberia recently.
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By Anti-Corruption Digest on Sep 28, 2020 08:01 am
Fraser Howie is co-author of "Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise." He has worked in China's capital markets since 1992.
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By Anti-Corruption Digest on Sep 28, 2020 08:00 am
From the EU’s war on encryption to Facebook’s threat to pull out of Europe, here are the key developments from this week.
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By Anti-Corruption Digest on Sep 28, 2020 07:57 am
Dominguez said that Senate Bill (SB) No. 1738 or the “E-Governance Act of 2020” underscores the importance of switching to electronic governance to cut red tape, upgrade the delivery of services to the people and curb corruption in the system.
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By Anti-Corruption Digest on Sep 28, 2020 07:56 am
After the novel coronavirus first appeared in Africa in late February, Ghana’s government decided it would take no chances. Ghanaian citizens were soon put under lockdown, and travel between major cities was banned. Then President Nana Akufo-Addo announced the closure of the country’s land and sea borders.
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By Anti-Corruption Digest on Sep 28, 2020 07:54 am
After three years speaking about, writing about and training in AI Ethics, organizations I speak with report that many of the students come back with a good understanding of the elements and remedies for ethical issues. But they continue to work as before. My observation is that this is the result of four factors:
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By Anti-Corruption Digest on Sep 28, 2020 07:52 am
The ink on a landmark EU agreement to establish a €750bn recovery fund is barely dry. Many of the details are still to be worked out. Member states are at loggerheads over safeguards to ensure governments spend the money well and protect the rule of law. The European parliament wants more money for education and research. New EU taxes to help pay back hundreds of billions of euros in commonly-issued debt remain a distant prospect. It will be months before any money is paid out.
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By Anti-Corruption Digest on Sep 28, 2020 07:43 am
Australia’s Westpac Bank agreed to pay a A$1.3 billion fine on Thursday in a proposed settlement with the Australian Transaction Reports and Analysis Centre (AUSTRAC) for breaching the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 (AML/CTF Act) by failing to reasonably monitor suspicious transactions associated with possible child exploitation and terrorist networks.
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By Anti-Corruption Digest on Sep 28, 2020 07:41 am
FinCEN report finds suspicious transactions through Indian banks between 2010 and 2017 were possibly used for money-laundering, terror financing, drug dealing
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By Anti-Corruption Digest on Sep 28, 2020 07:39 am
Connecting the databases of regulators, law enforcement and banks, and automatically blocking certain transactions, could be a way out of a banking catch-22 by enabling them to react more quickly. But the complex nature of stopping money laundering makes the tech challenge a big one.
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By Anti-Corruption Digest on Sep 28, 2020 07:38 am
Governments and banks around the world are doing little to tackle tax abuses, money laundering and corruption in a global financial system that perpetuates inequality and condemns people to endemic poverty, a high-level United Nations panel concluded on Thursday.
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By Anti-Corruption Digest on Sep 28, 2020 07:37 am
The Financial Crimes Enforcement Network (“FinCEN”), an agency within the Treasury Department, charged with combating money laundering, terrorist financing, and other financial crimes. A collection of “suspicious activity reports” offers a window into financial corruption, and how governments are unable or unwilling to stop it. Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in Ponzi schemes, all flow through financial institutions, despite warnings from bank employees.
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By Anti-Corruption Digest on Sep 28, 2020 07:34 am
A new report by the Ministry of Public Security claims that Chinese gamblers remit $146 billion a year to cross-border operators. Liao Jinrong, an official at the ministry, argued that this posed a threat to national security during a keynote on Thursday at the Ninth China Payment and Settlement Forum in Beijing.
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By Anti-Corruption Digest on Sep 28, 2020 07:32 am
FinCEN Files, a new investigation led by the International Consortium of Investigative Journalists, reveals the role of global banks in industrial-scale money laundering.
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By Anti-Corruption Digest on Sep 28, 2020 07:31 am
South Africa’s courts were recently asked to rule on whether a financial institution, a bank, can freeze or restrict a client’s access to an account because they did not properly identify themselves.
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By Anti-Corruption Digest on Sep 28, 2020 07:28 am
THE Securities and Exchange Commission (SEC) wants to be more proactive in tracking money laundering and terrorist financing by rating the effectiveness of firms in preventing such activities.
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By Anti-Corruption Digest on Sep 28, 2020 07:26 am
Shares of Europe’s top banks dropped on Monday, after the publication of reports alleging they kept doing business with customers they suspected of money laundering and other wrongdoing.
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By Anti-Corruption Digest on Sep 28, 2020 07:23 am
A leak of U.S. Treasury Department records on red-flagged financial transactions underscores a message that national security officials, banks and regulators have been sending for more than a decade: Anti-money-laundering rules need to be updated to better disrupt illicit cash flows.
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By Anti-Corruption Digest on Sep 28, 2020 06:31 am
Recently, most banks restricted their ATMs, cards and online transactions and strengthened their security measures after the Bangladesh Bank (BB) had alerted banks about a cyber hacking risk
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By Anti-Corruption Digest on Sep 28, 2020 06:30 am
Verizon and AT&T have agreed to pay $116 million to settle a lawsuit claiming that both carriers have overcharged government agencies for over a decade.
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By Anti-Corruption Digest on Sep 28, 2020 06:28 am
TORONTO — A shadowy group of cyber criminals that attacked a prominent nursing organization and Canadian Tire store has successfully targeted other companies with clients in governments, health care, insurance and other sectors.
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By Anti-Corruption Digest on Sep 28, 2020 06:25 am
Nigerian hackers were able to steal through malware, which gave them remote access functions and allowed them to send and receive cash online
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By Anti-Corruption Digest on Sep 28, 2020 06:23 am
Facebook has patched a critical vulnerability in Instagram that could lead to remote code execution and the hijack of smartphone cameras, microphones, and more.
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By Anti-Corruption Digest on Sep 28, 2020 06:20 am
While South Korea and the United States focus on North Korea’s growing nuclear weapons and ballistic missile capabilities, the alliance must increasingly prioritise countering the development of North Korea’s cyber capabilities.
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