The U.S. Federal Reserve said last week it was requiring Commerzbank AG in Germany and its New York branch to improve compliance with federal and state anti-money laundering (AML) laws.
Entries in Due Diligence (54)
An interesting face-off is currently taking place between the UK’s Parliamentary Home Office Affairs Committee, chaired by Keith Vaz, and the Serious Organised Crime Agency “SOCA” over the latter’s failure to publish a list of 92 institutions, firms, celebrities and companies who have allegedly obtained illegal private information from rogue private investigators. Unless SOCA publishes the list by next week the Committee threatens to release it, despite SOCA’S concern that publication may prejudice ongoing investigations.
[Editor's Note: This post comes from a reader who asked not to be named. We're very grateful for his generosity -- rlc]
Two years after the Bribery Act 2010 came into force, the hysteria surrounding the Act has abated. There are fewer media pundits pronouncing the end of UK plc as we know it and there are fewer newly invented “legal experts” opining on an area they knew little or nothing about but which they saw as a potential earner to fill the gaping hole left by declining litigation and commercial transactions.
As the GlaxoSmithKline bribery investigation widens, it will soon engulf hundreds of third parties across China, accused of being conduits for bribe paying.
What is the cost of bribery and corruption? We're seeing it played out daily in Bangladesh as each body is pulled out of the rubble of the Rana Plaza, where there are now more than 600 confirmed deaths in what has become the worst disaster for Bangladesh's $20 billion-a-year garment industry.
Like many, I have followed the news of the deadly Rana Plaza building collapse in Dhaka, Bangladesh with sadness and dismay.
It’s easy to get caught up in the dogma of how compliance programs have historically been managed.