Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. Our London, Minneapolis, New York and Washington DC offices edit the digest and select the most important material so that you can use this digest as a single source of information.
In this edition, among the many topics discussed, we report on the SEC’s award of $1.5 million under its Whistleblower Program to a compliance officer for reporting information which led to an enforcement action; FLIR Systems Inc.’s agreement to pay the SEC approximately $9.5 million to settle FCPA charges based on travel and gifts the company allegedly provided to Saudi officials; and the FBI’s announcement that it has established “dedicated international corruption squads” in New York, Los Angeles, and Washington.
Reports from the UK include the SFO charging a UK subsidiary of Alstom SA for alleged corruption in a project to supply trains to the Budapest Metro; the UK’s largest regional newspaper group, Trinity Mirror, reportedly facing a possible corporate prosecution over allegations of “industrial scale” phone hacking; and updates of the UK’s intention to regulate digital currency exchanges to prevent their use in corrupt transactions and money-laundering.
Global updates include reports on China’s ongoing anti-corruption campaign and its most recent initiative to stop offshore companies being used as the vehicle by which corruptly gained funds are deposited; news that one of Cyprus’ most senior prosecutors is under investigation for corruption following an inquiry carried out by an independent criminal investigator; the Dutch Central Bank’s criticism of ABN Amro’s anti-corruption policy in Russia; the investigation into the former Finance Minister of Romania after “cash, gold bars and a French impressionist painting” were allegedly found in a safe owned by him; plus anti-corruption developments in Italy, Russia, Ukraine and more from around the globe.
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Corruption issues are also addressed in the Anti-Fraud Network’s newsletters: see http://www.antifraudnetwork.com for current and archived material; see also the Computer Fraud website at http://computerfraud.us and SEC Actions at http://www.secactions.com.
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