Kellogg Brown & Root LLC, Technip S.A., and JGC Corp. agreed to pay $17 million in penalties in a settlement with the African Development Bank (ADB) for corrupt practices by affiliated companies in connection with contracts for liquefied natural gas production plants on Bonny Island, Nigeria from 1995 until 2004.
Entries in World Bank (54)
This post is the second of two covering the importance of compliance professionals understanding the technology that drives their businesses and produces the data they need to manage risk. The first post is here.
Companies are usually aware of the benefits of leveraging big data to detect fraudulent activity, but often struggle with how to get started.
The Royal Canadian Mounted Police in Montreal filed criminal charges against two former senior SNC-Lavalin executives on Friday.
In the holiday spirit, here's a last glance back at 2013 and a look at how the compliance profession is doing.
Last October, the French government created the Central Office Against Corruption, Financial and Fiscal Offences. The Office is part of a broader reform project that aims to strengthen the fight against financial crimes in France. It was announced in April 2013 by President Hollande, after his Budget Minister admitted having an undeclared Swiss bank account for the past 20 years.
The Anti-Corruption Ethics and Compliance Handbook for Business is ready, and its authors at the Organisation for Economic Co-operation and Development (OECD), The United Nations Office on Drugs and Crime (UNODC) and the World Bank hope it provides helpful guidance in the global effort to eradicate corrupt practices.
Developing countries are losing between $20 billion to $40 billion every year, making graft the greatest obstacle to economic and social development around the world, according to a report released this month by the United Nations Office on Drugs and Crime (UNODC).
Since 2005, over $400 million has been paid in ransoms to pirates who’ve hijacked ships in the Indian Ocean. The World Bank, INTERPOL, and the UN Office on Drugs and Crime have followed the money to find out who gets it, how it's distributed and moved, where it's invested, and how the illegal money flows can be stopped.
The International Finance Corporation and the World Bank released their new Doing Business Index this week. It's the 11th annual report measuring business regulations for local firms -- how easy or hard it is to do business in the countries surveyed. It focuses on small and medium-size companies operating in the largest business city of an economy.