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Bribery & Corruption

Over 40 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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CSW news: Anti-corruption groups urge increased investment in government agencies

UK anti-corruption organizations are calling on the government to step up its efforts by appointing a new anti-corruption champion and boosting funding for the NCA and SFO. The UK Anti-Corruption Coalition highlighted that the new Labour government has a unique opportunity to rebuild trust in institutions and democracy though it will require bold action…

GFI publishes new report titled “Illicit Financial Flows Risks Related to Beneficial Ownership in the Mining Sector in Kenya” 

The report examines the regulatory and legal framework governing Kenya’s mining industry and offers an in-depth exploration of the challenges and gaps in implementing and enforcing beneficial ownership in the country…

GRECO issues the Fourth Round Addendum to the Second Compliance Report on Germany, dealing with corruption prevention in respect of members of parliament, judges and prosecutors

GRECO recommended that the transparency of the parliamentary process be further
improved, e.g. by introducing rules for members of parliament on how to interact
with lobbyists and other third parties seeking to influence the parliamentary process.

Eurojust supports searches into bribery and money laundering involving the sale civilian and military equipment

A multinational company is being investigated for possible corruption and money laundering involving civilian and military equipment. French authorities have started multiple investigations into the company. The first investigation, opened at the end of 2016, concerns the sale of defence material and the construction of a naval base, around which there are suspicions of corruption…

FATF publishes horizontal review of gatekeepers’ technical compliance related to corruption

On the surface, the Horizontal Review shows positive results – over half of FATF members have scores over 80%. However, these results are less promising when one considers the context and materiality of the seven FATF members falling below the score of 50%. These jurisdictions represent more than half of the world’s GDP.

Council of EU has agreed on an EU law to combat corruption, along with preventive measures and rules for more effective investigation and prosecution

The new law will consolidate rules on corruption in both the public and private sectors into a single legal act. It will also amend the 2017 directive on fraud and other criminal offences that affect the EU’s financial interests. The offences and penalties will include: Harmonised definition of offences, Penalty…

FATF publishes a report titled ‘Horizontal Review of Gatekeepers’ Technical Compliance related to Corruption, which assesses the current state of play and identifies areas that FATF members must prioritise for further improvement

This review found that some cornerstone obligations of the FATF Recommendations fall behind the compliance levels of other obligations. These requirements conducting CDD, implementing internal controls, and providing a supervisor with adequate powers to conduct risk-based supervision are essential requirements to address the vulnerability of gatekeepers to money laundering and corruption threats…

GRECO releases the the Second Addendum to the Second Compliance Report on Georgia, addressing Georgia’s implementation of recommendations for corruption prevention in respect of members of parliament, judges, and prosecutors

Report concludes that Georgia has implemented satisfactorily or dealt with in a satisfactory manner nine of the sixteen recommendations contained in the Fourth Round Evaluation Report.

 

GRECO has called on Andorra to pursue its efforts to prevent corruption in respect of persons with top executive functions, such as members of the govt, high-level officials, and members of the Police Corps

Recognises progress regarding transparency, but pushes for rules requiring integrity checks prior to appointments of ministers and all other persons with top executive functions (PTEFs) should be adopted in order to detect and manage possible risks of conflicts of interest, and the legal status of special relationship personnel should be better regulated.

 

NCA has coordinated global action against illicit software: Cobalt Strike which has been used by cybercriminals for over a decade to infiltrate victims’ IT systems and conduct attacks

Unlicensed versions of Cobalt Strike, a penetration testing tool used to check for vulnerabilities in a company’s network and help improve cyber security, were targeted during a week of action last week (w/c 24 June).

 

SEC brings Cybersecurity Enforcement for internal control failures

RRD’s cybersecurity incident disclosure controls were ineffective in promptly delivering all pertinent information to management for decision-making, lacking clear guidance for reporting personnel. Their incident response policies did not set clear priorities or provide sufficient procedures for internal or MSSP personnel…

The Charity Commission confirms it has disqualified two individuals in The Captain Tom Foundation inquiry due to misconduct and mismanagement

Disqualification orders were made by the Commission for Hannah Ingram-Moore and Colin Ingram-Moore for a period of 10 and 8 years respectively. In this instance, the legal test for disqualification was met because there has been misconduct and/or mismanagement, the individuals are not fit to be a trustee or hold senior management functions and disqualification is in the public interest.