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bribery

In Australia and elsewhere, the multitude of actions relating to bribery and corruption at Leighton Holdings (see here ) continues in both the criminal and civil courts.

A senior prison officer with a special remit to investigate malfeasance by inmates and fellow officers at a California jail has been charged with accepting bribes and smuggling contraband into the prison.

FCRO Subsection: 

Case Summary: 

An international conspiracy to bribe officials of a government in connection with a substantial contract has resulted in the conviction of a company and several senior staff and officers.

Type of conduct: 
Corruption

The facts of the case are just odd. The recipient of a bribe has been jailed and ordered to pay a fine of five times the amount of the bribe. But it's what the bribe was for that beggars belief

FCRO Subsection: 

Just because a CFO has his hand on the cheque book doesn't mean he can write cheques for anything he likes.

FCRO Subsection: 

Malaysia is being ever so nice to US headquartered bank Goldman Sachs which, through its Singapore Office, it is now known from the evidence given by one of its former staff, Tim Leissner, to have assisted in the theft and laundering of part of the now infamous 1MDB fund.

The bank, which is now seeking to take on new staff in the relevant department in Singapore, has been asked to give back the estimated USD600 million in fees it took for its assistance. Iit's at least arguable that Malaysia doesn't have to ask nicely: it could just take the money. GS doesn't want to pay out in every direction: it's already accepted the probability of "significant fines" in the US as a result of an investigation there.

Here's a step-by-step guide to getting the money back without the bank's co-operation.

It would be nice if the US Department of Justice wrote its media releases in correct English. In this case, despite what the DoJ says, the defendant did not "attempt to extort a marijuana dispensary," he attempted to extort money from the owners of the dispensary. And you thought the only problems California's relaxed attitude to the retailing of MaryJane was how the operators would bank their money. No, the operators are exposed to bad guys wearing suits just as much as bad guys wearing bling and carrying weapons.

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FCRO Subsection: 

In Malaysia, one of the successes of former Prime Minister Najib is something he won't get credit for - and something which is so ironic that it's almost hypocritical. But it's very, very welcome anyway.

FCRO Subsection: 

Case Summary: 

Heon-Cheol Chi, 59, of South Korea, has been convicted of money laundering using a bank account in the USA in connection with bribes received in relation to his work as director of South Korea's Earthquake Research Centre, a division of the Korea Institute of Geoscience and Mineral Resources (KIGAM).

Type of conduct: 
Corruption

Our sister publication, World Money Laundering Report, has always adopted the view the Deferred Prosecution Agreements are legalised bribery to enable companies and their officers to evade prosecution for crimes committed.

Alun MIlford, General Counsel of the UK's Serious Fraud Office argues, in a speech to the Cambridge Symposium on Economic Crime, 2017, that the DFA is a useful tool, and that the UK version is materially different from the US version on which it is based.

BIScom Subsection: 

Case Summary: 

A mayor of a small American town took bribes from a contractor who did business with the town. The contractor escaped prosecution.

Type of conduct: 
Corruption

Of course, no one should evade tax. It is and always has been a tenet of tax law that declaring income and assets for tax is the responsibility of the taxpayer. But the OECD has long wanted to gain xray vision into bank accounts and with its "Automatic Exchange of Information" project, every bank account in the world will be subject to "automatic" inspection by "participating jurisdictions." Watch out for blacklists of jurisdictions that argue that there are local legal obstacles to free access to account information.

In the history of acronyms, we had KYC then KYE.. customer then employee.

There are several matters of grave concern to Banks regulated by the Federal Reserve Board, both domestic and foreign.

Long before his inauguration, US President-Elect Trump telegraphed a view of ethics and corruption that many consider contrarian. Is the Trump way of doing business to allow tacit approval of under-the-table deals or is it simplifying the legislative regime, putting corruption on the same footing as any other financial crime? There is justification for his abolition of the Rule requiring minerals companies to report large payments to foreign governments: it was under the wrong Act and it didn't go far enough. Perhaps inadvertently, Trump has just set the stage for the first true test of his character. Also, there is another shock that biased reporting has not made clear...

CoNet Section: 

 

Prosecutors in Panama have secured the remand, in custody, of Jürgen Mossack and Ramón Fonseca, the founders of Mossack Fonseca, the legal and professional services group at the heart of the so-called "Panama Papers."

Their arrest last week does not relate to that but rather to allegations of money laundering related to political bribes in Brazil.

 

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