Newsletter | Volume 1

Issue I
Issue II
Issue III
Issue IV

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News, articles, research, reports, details......



Unless otherwise stated, the articles, news or report that appear on this section indicate the source where the report, information or news is either obtained from or where inspiration to conclude a wrap up the story with a Bribery, Fraud or Corruption consequence for our members is derived from.

Where the source is not stated the report, story or intelligence is either based on our own research or that it is part of one of our workshops, conferences or presentations.

SOX reforms, redundant or reliable


The general feeling is that SOX legitimated some of the challenges it was supposed to address. Accountability, transparency, shareholder protection, auditor independence, objectivity, and professional skepticism are a few of the positive effect of SOX that has finally strengthened business oversight.

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Jacques Chirac found guilty of corruption


Former French President Jacques Chirac did not attend his trial for corruption charges because he claims he is suffering from memory loss. Paris city hall last year dropped its civil charges against him in return for a payment of more than €2.2m from him and the MP party.

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Let's not complicate the globalized Corruption.


Western cultures are built on governance rules and transparency. In other part of the world relationships are an essential cultural element. People and enterprises in the 'West' have trust in their rule-based institutions while other nations trust their friends and family.

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UK bribery law was delayed (again).


The Bribery law was meant to bring the UK closer in line with the US, which has taken a tougher approach in rooting out corruption in foreign business deals.

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Bribes and Corruption issues are rampant in China


When international companies make major inroads in China, it often means meeting with strong demand for bribes. As a general rule, these companies often lack the knowledge, procedures and the tools to combat or tackle fraud and corruption in their daily transactions.

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European Police in a major cross border offensive against corruption


Efforts are underway to combat cross-border economic crimes throughout the EU countries. The authorities wish that economic crimes related to fraud, bribery and corruption must be fought with new and common investigation teams within the Europol.

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$203M fine for Health Care Fraud


The settlement resolves a whistle-blower lawsuit filed by a Massachusetts physician. The law allows citizens with knowledge of fraud to file civil actions on behalf of the United States and share in any recovery.

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33 years of non compliance.


The Foreign Corrupt Practices Act (FCPA) from 1977 continues to be a cash cow. Companies settling FCPA-related charges in 2010 paid a record $1.8 billion in financial penalties to the DOJ and SEC. That compares with $641 million in 2009 and $890 million in 2008. Isn't it about time that the lax corporate control environment is replaced by good governance, risk management and internal controls that detect non compliance?

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BAE admits breakdown in accounts records


Enforcing anti-corruption law only against individual employees, smaller contractors and foreign rivals will not do. A better solution would be to get European agreement on making the procurement regime rather less savage for those who repent. The UK is getting its Bribery act together – "giving the companies a run for their money.

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Clawback and settlement issues continue for Madoff victims


Results after two years of trying to claw back false returns paid to big banks, hedge funds and money managers who never questioned the profits they were earning from Madoff scheme. Some of the victims were unaware of the Ponzi scheme.

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Company Director Faces Massive Confiscation Order


The courts are increasingly exercising the powers given them by the Proceeds of Crime Act to confiscate assets and to use the seized assets to compensate their victims.

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Deutsche Bank to pay over $550M in fraud probe


The non prosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert, who will review its compliance measures, ensure it does not help people dodge taxes in the future and bars the bank from involvement with any prepackaged tax products of the type the bank had previously offered.

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Ernst & Young sued for an alleged Lehman accounting fraud


The lawsuit from US attorney general Andrew Cuomo claims that Ernst & Young did not tell Lehman's board about a whistleblower's concerns about the endorsed "Repo 105" transactions that made Lehman seem to have more cash than it actually did. It also claims that the accounting firm failed to object when Lehman misled analysts during its earnings calls about its leverage ratios.

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IBM's reputation has taken a hit


In spite settlements with the SEC amounting to several billions of usd large multinationals, insists on the highest ethical standards in the conduct of its business and requires all employees to follow its policies, internal controls and procedures for conducting business. Like most other settlements the company settles with the SEC without admitting or denying the allegations.

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India Has Lost At Least a Half-Trillion Dollars to Corruption since Independence


India should adopt policy measures to improve both public and corporate governance such as improving tax compliance and collection. These domestic measures need to be complemented by tighter regulatory oversight of banks and OFCs by developed countries in order to ensure that financial institutions do not facilitate the absorption of illicit capital.

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Innovative ways to root out fraud and corruption in business and government


Governance and corruption must go hand in hand. The best check on corruption is systems based on good governance that can prevent corruption from happening and fighting it when it does.

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Report Says Three-Fourths of World Is Corrupt


Transparency International calls itself a "global civil society organization" crusades against corruption throughout the world because it traps people in poverty, fosters unrest throughout nations, and ultimately undermines democracy and rule of law. Transparency and accountability is key to ending global corruption.

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Rewarding the New Age of Whistleblower claims


Transparency International calls itself a "global civil society organization" crusades against corruption throughout the world because it traps people in poverty, fosters unrest throughout nations, and ultimately undermines democracy and rule of law. Transparency and accountability is key to ending global corruption.

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The Biggest Corporate Bribery Scandals, Caught in the Corruption Net


The Foreign Corrupt Practices Act (FCPA) has been around since 1977, but the five biggest cases under that law, which prohibits bribing foreign officials, have been settled in the last four years. While the U.S. Department of Justice has cranked up FCPA enforcement, there is no data that shows the effort has reduced global corruption.

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Corruption is often the cause of the World's Worst Economies


There have been significant changes to the 2011 list of countries. Traditional losers like Ghana and Zimbabwe got their economic acts together, while other countries (Armenia and Jamaica) marched into the lower ranks of the list. Due to continued political mismanagement, corruption, poverty and lack of growth, The retail price of basic food items has doubled and some countries in the African and South American continents are losing thousands of jobs.

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FCPA and Bribery Act Compliance Post-Sarbanes-Oxley (SOX)


SOX did not materialize just as a result of the finance scandals at the turn of the century. There were a series of acts and provisions from the mid 1970's that required Corporations to meet the modern day compliance practices. These were accomplished with various degrees of success.

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Post implementation survey shows that Companies are struggling with International Anti-Bribery and Corruption Compliance.


UK and US companies normally believe that they are at a leading edge in the Fraud and Corruption compliance relative to other countries. The change every company of any size, any industry, and any geographical area, and have them all be in synch with the exactly the same compliance progress and on a particular trend, is quite daunting.

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Fraud and Corruption Compliance can be summed up in one word; Transparency


There is a growing global movement to stamp out unethical business practices. The stage is set to make the drastic changes, pushing companies to adopt ethical practices and implement comprehensive and holistic compliance programs.

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FCPA and UK Bribery Act Mandate implications


One of the purposes of the Copenhagen Charter is to establish a culture that makes it hard for fraud and corruption to happen.

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Independent IT Certification completing the assignment has emerged!


Copenhagen Charter IT certification is designed to bring new matrix and measurement that controls the ability of your IT department to protect the business against this ever present BFC risk.

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Willis Limited fined a thumping £6.895 million for anti-bribery, corruption, systems and controls failures


FSA action against Willis Limited shows that it is vital for firms not only to put in place appropriate anti-bribery and corruption systems and controls, but also to ensure that those systems and controls are adequately implemented and monitored.

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Fraud, Bribery and Corruption involved in sewer scandal


Jefferson County is a county in Alabama. Its county seat is Birmingham. Home to approximately 700,000 residents, The County's finances have been rocked by a scandal surrounding a sewer rehabilitation project that has resulted in the conviction of nearly two dozen county employees, contractors and advisers and 4 commissioners

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Macmillan Publishers to pay $17m and banned from World Bank tenders for paying officials to secure an education deal in South Sudan


Any company stands to lose a lot, if it is not diligent in its anti-corruption, fraud and bribery compliance. Besides penalties, costs, lost opportunities to compete for public tenders it's a question of irreparable loss of both character and reputation.

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Whistleblowers are often not sure where to report Bribery, Fraud or Corruption.


One of the disapproving parodies of FCPA and BA is that the functions of anti-corruption agencies are often purely cosmetic. In the UK there are at least 12 different agencies or government departments with political responsibility for anti-corruption activity. This creates frustrations for companies as well as whistleblowers.

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The Path of Financial Destruction in Madoff's 20-year Ponzi scheme


No transparency, unexplainable returns, no direct due diligence, inability to reconcile returns, non independent auditor, restricted access to information, failed KYC, disastrous activity monitoring from banks and oversight authorities, unusual business model with extreme high returns, are a few of the Good Governance failures. Let's review a few others in the Fraud scheme.

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A Typical Fraudster


Who is a Typical Fraudster? A KPMG report analyzed 348 actual fraud investigations in 69 countries to narrow down the profile of a typical fraudster.

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Global Companies are unaware of UK Bribery Act's law's extensive reach


The Act applies to any corporation or partnership that carries out business, or part of a business, in the UK.

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The 12 key confrontations that require your response to update your current Bribery, Fraud and Corruption (BFC) programs, for compliance to new mandates?


The provisions of the U.K. Bribery Act are both wide and broad, compared to the Foreign Corrupt Practices Act (FCPA), which covers bribery of foreign government officials but not private individuals. Penalties for violations also are more severe under the U.K. law and impose unlimited fines against any person or company and imprisonment of up to 10 years.

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Enter Goldman Sachs, who's next?


These are tumultuous times. Reputed companies like Willis, Macmillan and now Goldman Sachs are the hottest organisations to be investigated by the US Securities and Exchange Commission over bribery and corruption allegations. It is claimed that the investment banking giant Goldman Sachs made an offer of a £31 million payment, which would have gone to the son-in-law of a Libyan oil company boss.

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Longest FCPA Sentence Ever.


The sentence ––the longest sentence ever imposed in an FCPA case — is a stark reminder to executives that bribing government officials to secure business advantages is a serious crime with serious consequences.

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Will Bribes sink London Bid as bribery probe into athletics chief?


Official who decides if London will host 2017 World Championships is under investigation. A bribes scandal threatens hopes that London will be awarded the 2017 World Athletics Championships, the third largest international sports event after the Olympics and the World Cup.

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UN Report Finds $1.6 Trillion May Have Been Laundered In 2009.


A study of studies by the United Nations Office on Drugs and Crime estimated that about $1.6 trillion was laundered in 2009. More alarming, however, was that the UNODC found less than 1% of global illicit financial flows were being seized and frozen.

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Olympus under pressure to disclose more on deals related to potential financial fraud at the company.


Olympus needs a complete and utter forensics accounting and I'd be delighted to return and put in a new management structure, but with or without me, the board should all go, such were the allegations by the British executive who was publicly ridiculed as a bad manager when the Japanese company Olympus fired him.

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Watchdog closes down rogue broker 'Yes Loans' in the UK.


The Office of Fair Trading (OFT) has accused 'Yes Loans' of misleading consumers into believing it was a loan provider rather than a credit broker, and treating customers poorly by not providing refunds in a timely manner.

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Is there no end to the Financial Scandals?


Euribor/Libor and other finance and corporate scandals show that fraud and deception apparently is in the heart of our financial system because there are constructional and structural defects are the fundaments at the basis of our current financial system. The oversight and supervisory authorities in different countries are trying to take urgent measures against the sinners, while there is a need to install farsighted global mandates, replace key parts of the current business model that focus on the customer. If not the entire financial services will blow up on our faces into another global meltdown.

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