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Lippo Group CEO denies involvement in Meikarta bribery case - Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid Fines - Former FIFA Council member gets soccer life ban for bribery - And More
11/1/2018 2:08:00 PM

 

 

Lippo Group CEO denies involvement in Meikarta bribery case

On Oct. 31, Nikkei Asian Review reported, “The chief executive of Chinese-Indonesian conglomerate Lippo Group, James Riady, denied involvement in bribery allegations surrounding the Meikarta urban development project following nine hours of questioning by anti-graft investigators on Tuesday. Riady, part of the billionaire family that controls one of Asia's biggest conglomerates, was questioned as a witness by investigators probing whether bribes were paid in exchange for permits to build Meikarta, Lippo's $21 billion township project outside Jakarta. The group's director of operations, Billy Sindoro, was recently named a suspect in the case by the Corruption Eradication Commission, or KPK.”

 

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Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid Fines

On Oct. 31, Cointelegraph reported, “Two major Brazilian banks have reopened the banking accounts of one of the local crypto exchanges experiencing banking issues recently, local crypto outlet Portal do Bitcoin reports Wednesday, Oct. 31. The preliminary decision to reopen accounts in major banks Banco do Brasil and Santander Brasil for local crypto exchange Bitcoin Max was granted by the Federal District Court. The judge ruled that the mentioned banks failed to notify the exchange of account closure, which was treated as ‘abusive conduct’ violating consumer protection rules.”

 

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Former FIFA Council member gets soccer life ban for bribery

On Oct. 30, AP News reported, “Former FIFA Council member Kwesi Nyantakyi was banned from soccer for life on Tuesday after being filmed taking bribes by an undercover television program in Ghana. FIFA said its ethics committee judges found Nyantakyi guilty of bribery, corruption and conflict of interest. Nyantakyi was also fined 500,000 Swiss francs ($498,000), though it is unclear if FIFA has any authority to force payment.”

 

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Register for the Internal Investigations Workshop to learn the essentials of conducting compliance investigations | January 7-9 in San Diego | Learn More >Register for the Internal Investigations Workshop to learn the essentials of conducting compliance investigations | January 7-9 in San Diego | Learn More >

 

Danske Bank Whistleblower Will Give Department of Justice Information on Massive Russian Money Laundering Scheme

On Oct. 30, Newsweek reported, “The whistleblower who called attention to what could be the biggest money laundering operation in history has been given the green light to testify in front of the European Parliament, according to his lawyer. Howard Wilkinson, the former head of trading for Danske Bank’s branch in Estonia, was instrumental in uncovering a Russian money laundering scheme that involved a company with ties to Russian President Vladimir Putin’s cousin. In 2013, Wilkinson alerted Denmark’s largest bank that members of Russia’s security forces, the FSB, were using the bank’s branch in Estonia to launder billions of dollars.”

 

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GE hit with new investigations from SEC and Justice Department

On Oct. 30, CNN Business reported, “The SEC and Justice Department are investigating General Electric's power business, adding to the conglomerate's mounting legal headaches. GE revealed on Tuesday that the federal government is probing a $22 billion accounting writedown of the slumping power division. The huge charge reflects the deterioration of businesses GE acquired.”

 

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Iranian Hackers Hit U.K. Cybersecurity Universities

On Oct. 29, Forbes reported, “Iranian cybercriminals tried to hack into U.K. universities offering government-certified cybersecurity courses, successfully accessing at least one university’s accounts during a campaign lasting months. The hacking group has targeted at least 18 British universities, according to researchers. The list includes top-flight institutions.”

 

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Walmart Agrees To $160 Million Settlement Of Class-Action Lawsuit

On Oct. 29, 5News Online reported, “Walmart has agreed to a proposed settlement with the City of Pontiac, Mich., General Employees Retirement System that would put an end to fraud allegations in this case brought against the retail giant following the 2011 investigation of violations of the Federal Corruption Practices Act (FCPA) in Mexico, China, India and Brazil. In a federal filing with the Securities & Exchange Commission late Friday (Oct. 26) Walmart has agreed to pay a settlement of $160 million to the investor class while accepting no liability or claim of guilt or wrongdoing by the company or any of the named defendants in the suit.”

 

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SAG-AFTRA Responds to Sarah Scott Sexual Harassment Complaint

On Oct. 29, Variety reported, “SAG-AFTRA has responded to Sarah Scott’s allegation that she was sexually harassed by Kip Pardue by advising its 160,000 members how to deal with such circumstances. In a message posted on the SAG-AFTRA website on Monday, the union did not address Scott’s specific allegations, citing the confidentiality requirements of its procedures. Instead, SAG-AFTRA posted an extensive member advisory Monday about how those procedures work.”

 

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Banker in middle of $1.2 billion Venezuelan money-laundering ring sentenced to 10 years

On Oct. 29, Miami Herald reported, “An international banker who catered to mega-rich Venezuelans was sentenced to 10 years in prison by a Miami federal judge Monday for his supporting role in a massive $1.2 billion money-laundering scheme involving stolen funds from Venezuela’s government. Matthias Krull, 45, apologized profusely to U.S. District Judge Cecilia Altonaga before she imposed the maximum sentence for his guilty plea to a conspiracy conviction. But Altonaga also said she expected to see the banker in court again when federal prosecutors will likely recommend a sentence reduction for his assistance in the sprawling money-laundering case.”

 

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Complete Compliance and Ethics Manual

 

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International Compliance 101, 2nd Edition

International Compliance 101, 2nd Edition

 

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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.