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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


 

Are Sheraton Hotels Placing the Public and their Employee’s at Risk of COVID19 Over Revenue?

By Anti-Corruption Digest on May 03, 2020 03:37 am

Sheraton Hotels and Resorts, the largest brand in the Starwood Hotels & Resorts portfolio, operates hotels located around the globe.
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Corporate profitability and the global persistence of corruption  

By Anti-Corruption Digest on May 03, 2020 03:22 am

Corporate corruption exerts a number of adverse influences on a nation’s economy (Mauro 1995). The presence of corruption encourages the growth of unofficial economies and affects the ability of a nation to efficiently allocate resources or sustain economic growth (Tanzi 1983, Slemrod 2007). Corruption also impedes the development of market-supporting institutions such as independent legal or regulatory systems (de Soto 1989, Shleifer and Vishny 1993).
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General Motors not a target in UAW corruption probe 

By Anti-Corruption Digest on May 03, 2020 03:20 am

WASHINGTON: General Motors Co is not a target in the Justice Department's investigation into corruption within the United Auto Workers union, the U.S. Attorney's Office in Detroit said on Friday.
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Lebanon: When Corruption Discovers the Virtues of Justice 

By Anti-Corruption Digest on May 03, 2020 03:17 am

Among the most interesting landmarks in the life of any country, whose people delude themselves that they were living in a normal “state”, is when its government goes to war against one of its most senior civil servants. This is exactly what happened last week when the de facto rulers of Lebanon held Riad Salameh, the Governor of Lebanon’s Central Bank, responsible for the horrific financial and economic collapse.
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India: How addressing corruption and fraud risks creates higher value

By Anti-Corruption Digest on May 03, 2020 03:15 am

However, India, like many emerging economies, presents a risk landscape that is difficult to navigate. In order to structure and price transactions appropriately and avoid unpleasant surprises, companies must proactively assess and address inherent risks underlying their transactions. This article explores key compliance risks that foreign businesses investing in India need to mitigate in order to avoid threats and delays to completion, successor liability for ongoing illegal activities, reduced revenue, profits and ultimately, resale value.
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Corruption situation in Singapore ‘firmly under control’

By Anti-Corruption Digest on May 03, 2020 03:14 am

SINGAPORE: While fewer corruption-related reports were received in 2019, more cases were registered for investigation.
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Jacob Zuma withdraws ConCourt appeal 

By Anti-Corruption Digest on May 03, 2020 03:12 am

Former president Jacob Zuma's new lawyers have confirmed that he has withdrawn his Constitutional Court appeal, paving the way for him to face corruption charges.
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US prosecutors signal Honduras leader is target in drug case

By Anti-Corruption Digest on May 03, 2020 03:10 am

TEGUCIGALPA, Honduras — References to the Honduran president appear throughout U.S. prosecutors’ statements announcing drug trafficking charges against the former chief of Honduras’ national police this week.
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Post-Covid-19 crisis pathways

By Anti-Corruption Digest on May 03, 2020 03:07 am

Virologists suggest that this virus will need to be folded into the way we “do life” from now on (Preiser, 2020). So what does that mean for African economies, considering the ways countries have responded so far to navigate a health and economic crisis?
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S. Korean bank pays fine of US$86 million for violating money laundering laws 

By Anti-Corruption Digest on May 03, 2020 02:18 am

The Industrial Bank of Korea (IBK) reached an agreement with US judicial authorities on penalties of US$86 million in connection with violations of laws for preventing money laundering by a South Korean business that violated sanctions on Iran.
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Regulator fines Citadele bank nearly 650,000 euros

By Anti-Corruption Digest on May 02, 2020 10:33 pm

"The Bank had not provided for sufficient operation of individual internal control system components for the management of money laundering and terrorism financing risks inherent in its activities and customers; e.g. in some cases it had not obtained and documented supporting information on the customer's beneficial owner; in some cases it had not paid sufficient attention to all complex, unusually large inter-related transactions and had not obtained documents supporting the business of customers and in some cases it neither had ensured timely and high-quality customer due diligence and documentation, nor had decided properly on the termination of business relations with the customer, if it has not been possible to conduct enhanced customer due diligence," the regulator said.
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UAE at risk of landing on watchlist over money laundering 

By Anti-Corruption Digest on May 02, 2020 10:31 pm

The United Arab Emirates is not doing enough to prevent money laundering despite recent progress, and risks landing on an international watchlist, a global dirty-money watchdog - the Paris-based Financial Action Task Force (FATF) - said on Thursday.
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Delhi Court Grants Bail To Lobbyist Deepak Talwar In Money Laundering Case

By Anti-Corruption Digest on May 02, 2020 10:29 pm

New Delhi:  A Delhi Court Friday granted bail to corporate lobbyist Deepak Talwar, arrested by the Enforcement Directorate in a money laundering case related to receiving foreign funding illegally.Special judge Ajay Kumar Kuhar gave the relief to Mr Talwar on the condition that he will cooperate with the investigation and not try to influence witness or hamper the probe in the case.
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The Netherlands’ AMLD5 Interpretation Appears to Be Killing Crypto Firms  

By Anti-Corruption Digest on May 02, 2020 10:28 pm

Announced Friday in a company blog, Bittr founder Ruben Waterman said his bitcoin exchange, launched in 2018, will shut down by April 28 as the one-man operation does not have the capital to meet the new regulations. The Dutch National Bank (DNB) estimates that registration alone costs $36,500, in addition to rolling compliance needs.
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Laws ban poor man’s gambling, but POGOs allowed?

By Anti-Corruption Digest on May 02, 2020 10:26 pm

MANILA, Philippines – Supreme Court Associate Justice Marvic Leonen on Saturday, May 2, pointed out the "discrepancies" in Philippine laws that ban forms of gambling accessible to the poor, but allow Philippine offshore gaming operators (POGOs) patronized by the rich.
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India struggles on outsourced AML, Hong Kong fraudsters impersonate banks

By Anti-Corruption Digest on May 02, 2020 10:18 pm

India and its financial crime fighting teams have faced a bevy of challenges when attempting to balance compliance in a time of coronavirus – issues that have touched many large global banks due to outsourced anti-money laundering (AML) duties.
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Amid COVID-19 Pandemic in South Africa, Zuma One Step Closer to Justice 

By Anti-Corruption Digest on May 02, 2020 10:14 pm

Easy to overlook among the COVID-19 headlines is a positive development involving the prosecution of former President Jacob Zuma. It has the potential for reaffirming, perhaps reanimating, South African commitment to the rule of law and trust in government, which flagged considerably during Zuma’s tenure. For the past decade, Zuma has fought charges and indictments related to his alleged acceptance of bribes, employing every means available to obstruct the judicial process. His final appeals have been rejected by the constitutional court, South Africa's highest, or withdrawn.
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Turkey-UAE spat: How the rogue Gulf state sowed chaos in the Middle East

By Anti-Corruption Digest on May 02, 2020 10:11 pm

Turkey and UAE traded barbs this week about whose actions harmed the Middle East and North Africa the most.
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Acting commissioner confident police will reach anti-money laundering targets by deadline 

By Anti-Corruption Digest on May 02, 2020 10:00 pm

Acting Police Commissioner Carmelo Magri said he is confident that the investment being made in the police financial crimes unit will help the country reach its anti-money laundering targets and avoid being placed on the ‘grey list.’
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Brazil has the most confirmed COVID-19 cases in Latin America.  

By Anti-Corruption Digest on May 02, 2020 09:58 pm

With infection rates spiralling, some big city ICUs on the verge of collapse and COVID-19 spreading into remote corners of the Amazon rainforest, Brazil's president earlier this week responded to the pandemic's growing ferocity with a simple quip: "So what?"
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FIFA: First banks admit money laundering role

By Anti-Corruption Digest on May 02, 2020 09:56 pm

NEW YORK — An Israeli bank and its Swiss subsidiary agreed to pay over $30 million for their role in conspiring to launder more than $20 million in kickbacks to football officials, becoming the first financial institutions implicated in the FIFA scandal to reach a resolution with U.S. prosecutors.
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UAE failing to stem money laundering and terrorist financing 

By Anti-Corruption Digest on May 01, 2020 06:49 pm

The United Arab Emirates will be placed under a year-long observation by a global finance watchdog for failing to stem money laundering and terrorist financing. Abu Dhabi, says the Paris-based Financial Action Task Force (FATF), is not doing enough and has been urged to take extra measures to avoid being included on an international watchlist.
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The Dutch crypto market faces challenges to comply with new anti-money laundering regulations  

By Anti-Corruption Digest on May 01, 2020 06:25 pm

In an official blog, Bittr founder Ruben Waterman announced that his bitcoin exchange would be shutting down before the end of this month as the one-man operation does not have the capital to comply with the new regulations. Bittr was launched back in 2018. The Dutch National Bank estimates that registration alone costs $36,500, other than the cost of compliance needs for a crypto exchange. European Union’s 5th Anti-Money Laundering Directive (AMLD5) has forced several crypto companies to shut down for many different reasons. 
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Lebanon president says reform begins with confronting corruption  

By Anti-Corruption Digest on May 01, 2020 06:01 pm

Lebanese President Michel Aoun said yesterday that reform in his country begins with tackling corruption that is widespread in the Lebanese system and negatively affects the state building project.
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ICC bans Indian owner of T10 franchise for corrupt practices

By Anti-Corruption Digest on May 01, 2020 06:00 pm

The International Cricket Council (ICC), on Wednesday, banned Deepak Agarwal, an Indian businessman who owned a franchise in the 2018 T10 League held in the UAE, after he admitted to obstructing an ongoing anti-corruption investigation.
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Egypt’s Suez Canal shipping traffic unaffected by coronavirus  

By Anti-Corruption Digest on May 01, 2020 05:58 pm

CAIRO: Traffic in Egypt’s Suez Canal has so far been unaffected by the spread of the coronavirus, the chief of its authority said on Wednesday, citing a 4.6% increase year-on-year in the number of ships passing through.
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Bank Hapoalim to pay $904 million for role in FIFA bribe scandal, US tax evasion 

By Anti-Corruption Digest on May 01, 2020 05:57 pm

NEW YORK (AP) — An Israeli bank and its Swiss subsidiary agreed to pay over $30 million for their role in conspiring to launder more than $20 million in kickbacks to soccer officials, becoming the first financial institutions implicated in the FIFA scandal to reach a resolution with US prosecutors.
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Saudi Arabia busts drug smuggling operation from Assad’s Syria 

By Anti-Corruption Digest on May 01, 2020 05:56 pm

Saudi Arabia’s anti-drug unit has captured a shipment of around 44.7 million narcotics pills hidden within herbal beverage packages, which were being smuggled into the kingdom from the Assad regime-controlled areas of Syria.
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Cyber-attacks on healthcare facilities ‘growing threat’ during coronavirus pandemic  

By Anti-Corruption Digest on May 01, 2020 05:54 pm

Government and private hospitals in the Middle East region and beyond are being warned of an increased risk of ransomware attacks during the COVID-19 pandemic.
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Iraq PM-designate’s Mustafa Al Kadhimi’s ambitious plans may not win him support

By Anti-Corruption Digest on May 01, 2020 05:53 pm

Iraq’s prime minister-designate Mustafa Al Kadhimi proposes to restrict access to weapons, curb corruption and hold early elections under a plan presented to Parliament, whose approval he needs to get the job.
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