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Danske Bank CEO quits in a $234 billion money laundering scandal - Cryptocurrency regulation draws attention of British lawmakers - Company linked to alleged bribery in Nauru received refugee housing contract - And More
9/20/2018 6:59:00 AM

 

 

Danske Bank CEO quits in a $234 billion money laundering scandal

On Sept. 19 CNBC reported, “Danske Bank's chief executive Thomas Borgen quit on Wednesday in a money laundering scandal which involved 200 billion euros ($234 billion) flowing through its Estonian branch between 2007 and 2015, most of which was suspicious. ‘It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. I deeply regret this,’ Borgen said in a statement which detailed failings in compliance, communication and controls.”

 

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Cryptocurrency regulation draws attention of British lawmakers

On Sept. 18 San Francisco Chronicle reported, “British lawmakers have backed calls for greater regulation of cryptocurrency such as bitcoin in order to bring an element of control to a market that more resembles the Wild West. In a report on digital currencies published Wednesday, the Treasury Select Committee called for regulations to protect consumers and prevent money laundering. Lawmakers highlighted a rapidly emerging industry that’s been troubled by wild price swings, allegations of fraud and worries it could be used to finance criminal or terrorist activity.”

 

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Company linked to alleged bribery in Nauru received refugee housing contract

On Sept. 18 RadioNZ reported, “It's been revealed a company linked to the alleged bribery of officials in Nauru received a contract to build refugee housing on the island. Last week Australian police arrested and charged a director of Radiance International Pty, Mozu Bhojani, with one count of conspiracy to bribe a foreign public official. The police allege the Sydney-based businessman provided Nauruan officials with more than $US70,000 in kickbacks in exchange for favourable phosphate shipments for Radiance International.”

 

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Cigna deal gets antitrust nod, positive sign for CVS/Aetna

On Sept. 18 Channel NewsAsia reported, “Health insurer Cigna Corp's US$52 billion acquisition of pharmacy benefits manager Express Scripts Holding Co has passed U.S. antitrust scrutiny, the companies said on Monday, allowing them to proceed with a combination they say will lead to lower costs by better coordinating pharmacy and medical benefits. Wall Street analysts had expected antitrust approval as the companies have little overlap in their businesses. The decision bodes well for the pending U.S. antitrust review of CVS Health Corp's proposed US$69 billion acquisition of health insurer Aetna Inc.”

 

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Register for the Compliance & Ethics Institute | Oct 21-24 in Las Vegas | Learn More >Register for the Compliance & Ethics Institute | Oct 21-24 in Las Vegas | Learn More >

 

Chicago McDonald’s workers join nationwide protest against sexual harassment

On Sept. 18 Chicago Sun Times reported, “All Teresa Cervantes wanted was a shift change when she once walked into the management office of the McDonald’s where she worked. But the female superior who greeted her went on to ask Cervantes if she had been hoping the male manager was there so she could have sex with him. … ‘The sexual harassment I’ve witnessed and experienced has been happening since the day I began working for McDonald’s over two decades ago,’ Cervantes said in Spanish. Cervantes and those in the crowd, led by Fight for $15 Chicago, joined other McDonald’s employees in a nationwide walkout Tuesday to protest workplace sexual harassment.”

 

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Shell, Eni Facing Massive Corporate Corruption Case Over $1.3 Billion Nigerian Oil Field

On Sept. 17 The Epoch Times reported, “Senior executives from oil giants Royal Dutch Shell and Eni are facing corruption charges in Milan over a $1.3 billion deal for a huge African oil field. Italian prosecutors allege that $1.1 billion from the deal didn’t go to Nigeria, where the oil field OPL 245 is located, but to accounts belonging to former oil lawmaker Dan Etete. Etete is accused of subsequently distributing hundreds of millions of dollars to others as bribes, including to former Nigerian President Goodluck Jonathan. The trial starts this week, with defendants that include former Shell Vice President for sub-Saharan Africa Peter Robinson, and former company board member Malcolm Brinded.”

 

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Former Argentina president indicted on corruption charges

On Sept. 17 Reuters reported, “Argentina’s former president Cristina Fernandez was indicted on Monday on charges that her administration accepted bribes from construction companies in exchange for public works contracts, according to an indictment released by a federal judge. Argentina’s Justice Department is seeking to determine whether Fernandez headed a broad corruption network that involved politicians and businessmen during her two terms as president from 2007-15.”

 

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Swiss watchdog raps Credit Suisse for anti-corruption failings

On Sept. 17 Reuters reported, “Credit Suisse failed to adequately combat money laundering in suspected corruption cases linked to soccer’s ruling body FIFA and Venezuelan and Brizilian state oil companies, Switzerland’s financial watchdog FINMA said on Monday, dealing a blow to the bank’s reputation. Watchdog FINMA will appoint an independent auditor to oversee the bank’s anti-money laundering processes, but stopped short of forcing it to return any profits that it might have illegally reaped.”

 

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Complete Compliance and Ethics Manual

Complete Compliance and Ethics Manual

 

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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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