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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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OECD releases policy paper aiming to strengthen the capacities of law enforcement authorities in Asia and the Pacific to combat corruption and fraud during emergencies

July 18, 2024

The paper takes stock of the challenges law enforcement practitioners face in detecting, investigating and prosecuting corruption and fraud during emergencies, and highlights good practices and provides practical guidance for law enforcement.

US SEC charges activist short seller and the firm Citron Capital LLC, for engaging in a $20 million multi-year scheme to defraud followers by publishing false and misleading statements regarding his supposed stock trading recommendations

July 18, 2024

The SEC’s complaint alleges that Left, who resides in Boca Raton, Fl., used his Citron Research website and related social media platforms on at least 26 occasions to publicly recommend taking long or short positions in 23 companies and held out the positions as consistent with his own and Citron Capital’s positions…

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

July 16, 2024

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” 

July 15, 2024

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

July 14, 2024

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

July 12, 2024

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

July 8, 2024

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

July 7, 2024
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

July 6, 2024

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

July 3, 2024

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

July 3, 2024

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

July 3, 2024

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).

 

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