In the wake of the Panama Papers revelations, the U.S. has (belatedly) announced that it will . The rules, which include requiring financial institutions to find out and keep records on the real owners behind the companies that use their services, aim to help U.S. law enforcement pierce the layers of anonymous shell companies that people can use to disguise their financial dealings around the world.
Entries in Scotland (9)
Scotland's prosecution service will recover £2.2 million ($3.1 million) under a civil settlement with a Glasgow-based company that admitted paying bribes to win and keep business.
Last month, the Scottish Court of Session Outer House delivered a decision that illustrates the pitfalls that await executive shareholders implicated in commercial bribery.
Two former employees of the Edinburgh City Council and two directors of a construction company received significant jail sentences for bribery contrary to The Public Bodies Corrupt Practices Act 1889 (the legislation that pre-dates the Bribery Act 2010).
An oil and gas services firm based in Scotland was fined £170,000 ($267,000) after admitting that a former Kazakhstan-based employee paid bribes to win work.
A reader this week wrote:
Dear FCPA Blog,
I am just curious if Scotland splits off from the UK what are the implications for the FCPA and the UK Bribery Act? After all, it’s not every day a new nation is formed.
Former international rugby star and current FCPA Blog contributing editor Philip Fitzgerald took the oath on January 8 to become a practicing lawyer in France.
The announcement could not be more timely. Yesterday, we learned that the government of Scotland has reached an agreement with the Aberdeen-based Abbot Group, setting aside £2 million of a £5.6 million bribery settlement to build rugby and soccer fields in impoverished communities.
An oil and gas driller based in Scotland has agreed to pay £5.6 million in a civil settlement after it self reported overseas bribes to win business.