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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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Home Office appointment letters for Senior Responsible Owners

Home Office publishes appointment letters for Senior Responsible Owners for including fraud & cybercrime reporting.  The Fraud and Cyber Crime Reporting and Analysis System (FCCRAS) forms part of the Home Office Portfolio, under the oversight of the Chair of the Finance…

SFO Annual Report and Account 2021/22

The SFO has undertaken three instances of executive action on investigations into the activities of: Raedex Consortium – Apr 2021, raided 2 properties, arresting one individual and interviewing two suspects. Alpha and Green Park Companies – Sept 2021 and carried out a series of co-ordinated raids, interviews and mandatory …

OFAC on developments & adoption of digital assets 

OFAC seeks public comment regarding potential opportunities and risks presented by developments and adoption of digital assets. For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks…

US DoJ on Venezuelan ML scheme

US DoJ charges two financial asset managers in relation to alleged $1.2bn Venezuelan ML scheme. The conspirators laundered the illicit proceeds in connection with a corrupt foreign currency exchange scheme involving bribery of Venezuelan officials….

RUSI on problems with Economic Crime Policing

Economic crimes underpin serious organised crime; cybercrimes enable fraud. All these crimes intersect with local policing priorities like county lines and human trafficking. Despite the interlinking nature of the threat, economic crime suffers from a disproportionate…

Basel Guide on collective action against corruption

Basel Institute on Governance publishes guide to help governments engage with the private sector more effectively to prevent corruption. Collective Action initiatives have catalysed changes to laws, reduced red tape and changed operating practices…

EBA on fraud reporting under PSD

EBA has adopted a decision on the reporting by competent authorities of payment fraud data under the Payment Services Directive (PSD2),  via the European Centralised Infrastructure of Data (EUCLID) and according to the EBA Data Point Model (DPM)…

US DoJ, SEC, CFTC charge 6 individuals for cryptocurrency fraud

The US DoJ together with federal law enforcement partners, announced criminal charges against six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud, including the largest known Non-Fungible Token (NFT) scheme charged to date, a fraudulent investment

SEC orders UBS to pay $25m to settle fraud charges

SEC announced that UBS has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy. UBS did not provide its financial advisors with adequate training and oversight in…

FinCEN/BIS joint alert on Russian & Belarusian export control

FinCEN/BIS is urging FIs to be vigilant against efforts to evade BIS export controls implemented in connection with Russia’s invasion of Ukraine. By identifying and reporting suspicious activity indicative of such behavior, FIs contribute to U.S. and international efforts…

House of Commons Library on corporate criminal liability

Regulatory sanctions are sometimes available where criminal ones are not, so whereas UBS could not be prosecuted for a crime
relating to LIBOR manipulation, the Financial Conduct Authority did impose a £160 million fine on UBS…

US DoJ on FIFA corruption case

US DoJ announces additional distribution of approximately $92m to victims in FIFA corruption case. The funds, which were remitted following the Justice Department’s recognition of losses and grant of remission up to a total of $201 million in August 2021…