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Google Is Fined $5 Billion by EU in Android Antitrust Case - Danske Bank to forgo Estonia money laundering profits - Revolut reports suspected money laundering to UK authorities - And More
7/19/2018 10:29:00 AM

 

 

Google Is Fined $5 Billion by EU in Android Antitrust Case

On July 18, The Wall Street Journal reported, “The European Union hit Alphabet Inc.’s Google with a record $5 billion antitrust fine and ordered changes that could reshape the business model underlying its biggest growth engine: mobile phones. In another rebuke to one of Silicon Valley’s tech giants, the bloc’s antitrust regulator found Wednesday that Google had abused the dominance of its Android operating system, which runs more than 80% of the world’s smartphones, to promote and entrench the company’s cash-cow search engine. The fine, Europe’s largest so far related to antitrust issues, is equivalent to about 40% of Google’s 2017 net profit of $12.62 billion.”

 

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Danske Bank to forgo Estonia money laundering profits

On July 18, RTÉ.ie reported, “Danske Bank is to forgo profits made from suspicious transactions in Estonia once the scale of past money laundering scandal becomes clear. The bank has launched its own investigation into the case which it said dated back to 2007-2015, after reports this month said Danske laundered up to $8.3 billion - more than twice the amount previously reported. Danske Bank is due to present its findings in September. However, Denmark's business minister has said the bank's own investigation might not be enough.”

 

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Revolut reports suspected money laundering to UK authorities

On July 17, Reuters reported, “Digital bank Revolut has reported suspected money laundering activities on its network to British law enforcement and regulatory agencies, a spokesman said on Tuesday, adding that the sums of money involved were not significant. The spokesman confirmed an article in the Financial Times newspaper which said the bank had flagged a spate of suspected money laundering a couple of months ago to both the Financial Conduct Authority (FCA) and the National Crime Agency (NCA).”

 

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Outside investigation finds sexual harassment and bullying at MUN medical school

On July 16, CBC News reported, “An outside investigation ordered by the dean of medicine at Memorial University has found signs of intimidation and harassment in some parts of the faculty of medicine. Last November, dean Margaret Steele said there had been several concerns brought to her attention, including ‘allegations of bullying, intimidation, harassment and sexual harassment,’ and announced plans for a review. It was conducted by Sandra LeFort, a former director of MUN's School of Nursing, and released to the public on Monday.”

 

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Contractor pleads guilty in $5M airport bribery scheme

On July 16, The Associated Press reported, “A contractor has pleaded guilty to paying more than $5 million to a Detroit-area airport official who submitted inflated bills and got a share of the spoils. Prosecutors say William Pritula’s company was hired for road repair and water line work at Detroit Metropolitan Airport. It’s one of the largest bribery cases in Michigan’s Eastern District.”

 

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FCSA advises recruiters on blocking tax avoiding suppliers

On July 16, Crystal Umbrella reported, “The Freelancer and Contractor Services Association (FCSA) has responded to revelations in The Times last week that 20,919 contracting and freelancing professionals, including IT professionals and NHS locums, who used tax avoidance schemes that disguised their true earnings for years, have been instructed by HMRC to hand over at least £1 billion in unpaid tax. The FCSA, Britain’s largest Umbrella Company trade association and leading professional body for raising standards and improving supply chain compliance in the temporary labour market, explains that freelancers involved in such schemes should approach HMRC urgently to negotiate a settlement.”

 

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How Mining Tycoons Are Trying to Foil a Big U.K. Bribery Probe

On July 15, Bloomberg reported, “The mining tycoons behind Eurasian Natural Resources Corp., the former FTSE 100 company suspected of paying bribes to buy mines in Kazakhstan and Africa, say their own lawyer conspired with Britain’s top cop to incriminate them so he could fleece them for millions of pounds. Even if they can’t convince a court of this hypothesis, the case will undoubtedly frustrate attempts to bring criminal charges against them and drag out proceedings for months, if not years.”

 

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Judge Dismisses Bribery Claim Against Former Och-Ziff Employees

On July 13, Institutional Investor reported, “Bribery charges against two former Och-Ziff Capital Management employees have been dismissed by a New York federal judge. District judge Nicholas Garaufis ruled July 12 that the complaint filed by the Securities and Exchange Commission in January 2017 was inadmissible, stating that the regulator missed the five-year window for suing defendants Michael Cohen, ex-head of Och-Ziff’s European business, and Vanja Baros, a former Och-Ziff private equity analyst.”

 

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JPMorgan whistleblower gets record $30M from CFTC

On July 12, American Banker reported, “The Commodity Futures Trading Commission has approved a record $30 million whistleblower award, it said Thursday. The award was the result of information that helped the agency sanction JPMorgan Chase for failing to properly inform some wealthy clients about conflicts of interest behind its investment recommendations, according to an attorney involved in the matter. The CFTC made the award public on Thursday without naming individuals or the bank.”

 

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Product features

 

The Complete Compliance and Ethics Manual - 2018

The Complete Compliance and Ethics Manual — 2018

 

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Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

 

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Articles on the Ethics and Compliance Environment
The Society of Corporate Compliance and Ethics provides this library of articles, insight into current issues, the regulatory environment, and other items of interest to our members.