Day: March 19, 2020

The TRACE organisation on 18 March released its 10^th annual enforcement report which provides anti-bribery enforcement data from 2019.  The president and founder of TRACE says that governments that invest in anti-bribery enforcement will continue to lead in shaping the global anti-corruption landscape, and says that she anticipates continued international cooperation between enforcement authorities, who are sending a consistent message that corruption will not be tolerated.  Key findings are said to be –

• While the financial services industry remained a focus for US anti-bribery enforcement authorities, companies in the extractive industries faced the most US investigations in 2019. There was also an increase in US investigations into bribery of foreign officials in the aerospace, defence and security industries;
• In non-US investigations, extractives remained the most investigated industry, followed by engineering/construction and aerospace/defence/security;
• As of the end of 2019, Brazil was conducting the most investigations concerning alleged bribery of domestic officials by foreign companies, followed by India and China;
• China again had the highest prevalence of alleged bribery by foreign companies, with Chinese officials being the alleged recipients of bribes in more than 110 enforcement events since 1977. Iraq has the next-highest number of enforcement events, followed by Brazil; and
• 2019 was a relatively slow year for enforcement actions in transnational bribery cases. Both global and US enforcement numbers in cases involving bribery of foreign officials dropped, with a 19% decrease in US enforcement actions and a 45% decrease in non-US enforcement actions — though the resulting enforcement levels were not out of line with historical trends of anti-bribery enforcement

https://info.traceinternational.org/2019-ger

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

 

On 19 March, the author of a blog post from law firm Corker Bining says that, as he predicted in 2018 when the Criminal Finance Act 2017 provisions (described as probably the most significant legislation concerning white-collar crime since the Proceeds of Crime Act 2002) were implemented, the AFO power would gradually become as prominent and the corporate offence of failing to prevent tax evasion would soon fade away.  The post says that the AFO and its concomitant, account forfeiture orders, have been increasingly used by regional police forces as a means of tackling money laundering.

https://www.corkerbinning.com/account-freezing-orders/

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

On 19 March, OFAC announced the addition of a further 4 Dubai-registered entities, together with one from Ras Al Khaimah in the UAE.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200319.aspx

https://home.treasury.gov/news/press-releases/sm949

 

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

 

On 19 March, a paper from the Carnegie Center says that, for Nigeria’s corrupt political elites, Dubai is the perfect place to stash their ill-gotten gains and enjoy luxury real estate worth millions. But unless authorities stop turning a blind eye, the long-term costs to Nigeria’s economy and Dubai’s reputation could be high.  It says that Dubai exercises minimal oversight and has few legal or logistical obstacles to transferring large amounts of cash or purchasing property.  It notes that, in 2016, the Center for Advanced Defense Studies (C4ADS) acquired the data of a private database of Dubai real estate information (dubbed the “Sandcastles” data), showing at least 800 properties were found to have links to Nigerian PEP or their family members, associates, and suspected proxies.  The paper looks at why there is such a connection between the countries, and at the scope of Nigerian PEP ownership of property.  It explains the rules for Nigerians to own Dubai property.  Considering policy implications, constraints and recommendations, the paper proposes the need to embrace the strategic logic that the misuse of Dubai property by politically exposed Nigerians is a serious concern rather than a nuisance or victimless crime.

https://carnegieendowment.org/2020/03/19/dubai-property-oasis-for-nigeria-s-corrupt-political-elites-pub-81306

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

 

On 19 March, KYC 360 carried an ICIJ report about a pledge by the country’s finance minister that Cape Verde will close banks that serve only foreign customers, including one partly owned by Angolan billionaire Isabel dos Santos, following Luanda Leaks revelations.  The law will apply to 4 banks, including Banco Bic Cabo Verde said to be part-owned by Dos Santos.

https://www.riskscreen.com/kyc360/news/luanda-leaks-sealed-new-cape-verde-banking-law-minister-says/

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y