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Your source for international risk & compliance related news, insights, and best practices.
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The new home of the FCPA Newswire edited by Mike Kenealy

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.
 

Below are some recent stories from the Anti-Corruption Digest


 

TRACKING THE TRILLIONS: 6-MONTH CHECKUP ON IMF’S COVID-19 EMERGENCY AID

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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The malicious whistleblower

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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Internal whistleblower exposes fraud at Illinois engine manufacturer

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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Coronavirus: Up to £10,000 fine for failure to self-isolate in England 

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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Angolan Corruption Case Snares Irene Neto 

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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Iraq Judicial Council demands details of corruption probe outcomes 

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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Permafrost descends on US-Russia ties

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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The ethics storm brewing over Chinese government bonds 

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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Five must-read stories from the intersection of tech, business and politics

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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Dominguez supports e-governance proposal 

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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Africa has defied the covid-19 nightmare scenarios. We shouldn’t be surprised.

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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AI ethics – why teaching ethics and “ethics training” is problematic

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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EU recovery fund should endure beyond the crisis 

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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Australia Westpac Bank to pay $1.3B fine for money laundering connected to child exploitation, terrorism

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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Indian banks involved in money laundering, dubious transactions

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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Can banks solve money laundering puzzle through technology?

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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Global tax abuses, money laundering and corruption take heaviest toll on the world’s poor

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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The Hidden Truth Behind Money Laundering, Banks And Cryptocurrency

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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China Seeks to Stem $146bn Annual Outflow to Foreign Gambling Operators 

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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FinCEN Files investigations from across Asia 

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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New case deals with the freezing of bank accounts in South Africa

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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SEC to rate entities on risks vs laundering, terror finance 

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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European bank stocks including Deutsche Bank’s slide after money-laundering allegations

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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Leaked Treasury Documents Prompt Fresh Calls for Updated Anti-Money-Laundering Regulations

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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‘Most local banks ignore cyber security ’ 

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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Verizon, AT&T settle overcharging whistleblower case for $116 million

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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‘Netwalker’ ransomware attacks pose challenge for businesses, organizations in Canada 

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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UCPB probes P167-million cyber heist

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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Instagram bug opened a path for hackers to hijack app, turn smartphones into spies 

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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North Korea’s evolving cyber warfare strategy 

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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