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Foreign Bribery Crackdowns Haven’t Dented Practice, Report Says - HSBC whistleblower defends tax leak as he fights extradition - UK business leaders urged to upgrade cyber security - And More
9/13/2018 8:29:00 AM

 

 

Foreign Bribery Crackdowns Haven’t Dented Practice, Report Says

On Sept. 11, Bloomberg reported, “Efforts to crack down on foreign bribery have failed to stem the practice as a proportion of global trade, despite some high-profile anti-corruption cases, according to a report by Transparency International. Only about a quarter of the world’s exports come from countries with active law enforcement efforts against international corruption, the anti-graft group wrote in the report. While it noted improvement in eight countries, including Brazil, Israel and Italy, enforcement declined in four others.”

 

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HSBC whistleblower defends tax leak as he fights extradition

On Sept. 11, Reuters reported, “A whistleblower fighting extradition to Switzerland for leaking details of thousands of clients of HSBC’s private bank there said on Tuesday his actions had played a key role in helping other European countries uncover tax frauds. Spain’s High Court is considering Switzerland’s second extradition request against Herve Falciani, a French citizen who worked for HSBC, over alleged industrial sabotage in 2008. Hailed as a hero by some for triggering investigations in several countries, Swiss courts sentenced Falciani in absentia to five years in jail for leaking details of HSBC clients, many of whom he said he suspected were evading tax.”

 

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UK business leaders urged to upgrade cyber security

On Sept. 11, Financial Times reported, “British business leaders need to extend their cyber security defences beyond the threat posed by Russia to other states and criminal syndicates, one of the UK’s leading spymasters has warned. In an interview with the Financial Times, Ciaran Martin, chief executive of the UK’s National Cyber Security Centre, which is part of the communications intelligence agency GCHQ, said that while Russia remained a serious threat to businesses, Iran and North Korea, as well as international cyber criminals, presented equal if not greater risks. ‘There is a lot more to the cyber security challenge in the UK than the Russian state,’ Mr. Martin said."

 

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Australia Antitrust Regulator Clears $9 Billion Bid for Pipeline Company

On Sept. 11, The Wall Street Journal reported, “Antitrust regulators won’t stand in the way of a more than $9 billion takeover of one of Australia’s main gas-pipeline operators by Hong Kong’s CK Infrastructure Holdings Ltd., leaving the deal’s fate to a foreign-investment review. The Australian Competition and Consumer Commission on Wednesday said it wouldn’t oppose the acquisition of APA Group after accepting plans from a CKI-led consortium to shed assets that were viewed as posing a threat to competition if merged into existing CKI operations in the country as part of the deal.”

 

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Goldman’s new CEO reportedly urged whistleblower to drop complaints

On Sept. 11, New York Post reported, “David Solomon, the incoming chief executive of [Goldman Sachs] bank, urged a top M&A executive in 2014 to drop complaints about unethical behavior at the Wall Street powerhouse, according to a report. James Katzman, a Goldman partner in California, said he notified the bank that year to complain about 'multiple instances' where colleagues attempted to pry market secrets from him, the New York Times reported on Tuesday.”

 

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The Cybersecurity 202: Apple to unveil new portal to help law enforcement submit requests for customer data

On Sept. 11, The Washington Post reported, “Apple is also going to unveil a new portal this year designed to make it easier for law enforcement to submit and track requests for its customers' data during investigations. According to a letter the company sent to Sen. Sheldon Whitehouse (D-R.I.) obtained by The Washington Post, Apple will also form a dedicated team to train law enforcement on digital evidence, while also offering online training for investigators about how to submit their requests. ‘As more data ends up online and on our devices, we have to come up with new, smart ways for tech companies and law enforcement to unlock information that can solve crimes,’ Whitehouse said in a statement.”

 

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ING CFO steps down as backlash grows after US$900 million money laundering fine

On Sept. 11, Channel NewsAsia reported, “ING Group said on Tuesday its Chief Financial Officer was stepping down in the wake of revelations the Dutch bank had failed to prevent money laundering for years and was forced to strike a 775 million euro (US$900 million) settlement with Dutch prosecutors. The decision to remove CFO Koos Timmermans, 58, comes after criticism of the bank by Dutch Prime Minister Mark Rutte, and after shareholder interest group VEB called for a more thorough vetting of CEO Ralph Hamers' role in the affair.”

 

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SEC Awards More Than $54 Million to Two Whistleblowers

On Sept. 6 the U.S. Securities and Exchange Commission reported, “The Securities and Exchange Commission is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action. The $39 million award is the second-largest award in the history of the SEC’s whistleblower program. ‘Whistleblowers serve as invaluable sources of information, and can propel an investigation forward by helping us overcome obstacles and delays in investigation,’ said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. ‘These substantial awards send a strong message about the SEC’s commitment to whistleblowers and the value they bring to the agency’s mission.’”

 

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Ex-U.N. chief Ban's nephew sentenced to prison in U.S. for bribe scheme

On Sept. 6, Reuters reported, “Former U.N. Secretary-General Ban Ki-moon’s nephew was sentenced on Thursday to six months in U.S. prison for a bribery scheme that he thought would result in the sale of a Vietnamese building complex to a Qatari sovereign wealth fund, federal prosecutors said. Joo Hyun “Dennis” Bahn, a South Korean citizen living in the United States, was sentenced by U.S. District Judge Edgardo Ramos in Manhattan. He had pleaded guilty in January to conspiracy and violating a U.S. foreign corruption law.”

 

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Product features

 

International Compliance 101, 2nd Edition

International Compliance 101, 2nd Edition

 

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Ethikos — The Journal of practical business ethics

Ethikos — The Journal of practical business ethics

 

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Articles on the Ethics and Compliance Environment
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