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Yonhap News Agency (Yonhap) reports that the Seoul Central District Court in the Republic of Korea has sentenced CJ Group chairperson Lee Jay-hyun to four years' imprisonment and fined him KRW26 billion (approximately US$24 million/€18 million) for tax evasion and embezzlement.

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined ICAP Europe Ltd (ICAP) £14 million in the first penalty to be handed to a brokerage firm in relation to manipulation of the benchmark interest rate known as Libor.

Published in Financial Integrity

Canada is the latest country to require resource companies to increase transparency in respect of their payments to foreign governments, in line with the United States (US) Rules 17 CFR Parts 240 and 249 - Disclosure of Payments by Resource Extraction Issuers and proposed revisions (25 October 2011) to European Union Directive 2004/109/EC, known as the EU Transparency Directive.

The European Parliament (EP) has announced that European countries' national parliamentarians and EP members will meet in Brussels on 7 May 2013 to "exchange views on the role and the experiences of national [p]arliaments in the fight against organised crime, corruption and money laundering".

Published in Anti-Money Laundering

Newspaper Hacked, Witness Details Revealed

24 Apr 2013
Written by World Watch

The website of Lebanon-based newspaper Al Mustaqbal was hacked and replaced by a list of witnesses in the murder trial of former Prime Minister Rafik Hariri, reports The New York Times (NYT). The list reportedly included the names, pictures, professions and residence details of 167 witnesses that were to appear before the Special Tribunal for Lebanon in the murder trial.

ThyssenKrupp AG announced its intent to boost its compliance program by establishing a whistleblower program after the company has faced a string of corruption cases recently. The company has started an amnesty program that guarantees workers exemption from punishment if they assist in exposing legal infringements and compliance violations.

The United States (US) Securities and Exchange Commission (SEC) has announced that it has adopted rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring oil, gas and mining companies to disclose certain payments made to the US Government or foreign governments. The rules also apply to subsidiaries of these companies.

SEC's media release (22 August 2012)

Related news item:
Reuters: U.S. SEC forces disclosure of oil, mining payments abroad (22 August 2012)
(Source: SEC; Reuters)

Defendants Admit to "Drug Diversion" Scheme

16 Aug 2012
Written by World Watch

The United States (US) Department of Justice (DoJ) has announced that pharmaceutical distribution company Altec Medical (Altec) has admitted to its role in a a multi-million dollar prescription drug scheme, and has been ordered to pay a US$2 million fine and to forfeit US$1 million. According to the DoJ, "Altec paid its supplier and co-conspirator William Rodriguez, approximately [US]$55 million for prescription drugs that it knew had been diverted from lawful channels of drug wholesale distribution", known as a "drug diversion" scheme. Altec was aware that Mr Rodriguez had purchased the drugs from individuals who did not possess a licence to sell prescription drugs on a wholesale basis. It was alleged that Mr Rodriguez diverted the drugs to his companies and resold the drugs to Altec, who in turn resold the drugs to various purchasers, including drug distributors. The US Government further charged that the defendants attempted to conceal their scheme by falsifying documents relating to the drugs' prior sales and transactions history.

DoJ's media release (10 August 2012)
(Source: DoJ)

This multi-part series on Managing Anti-Corruption Risk focuses on the business processes that can both build organizational integrity and help mitigate the risks presented by bribery and corruption.

In Part 3, Anti-Corruption Issue Management, a step-by-step process that leads to effective compliance is laid out for compliance, ethics, legal, investigative and risk professionals. A key underlying element of effective compliance is defined as the ability to not only resolve issues but also identify their direct causes and the relationship among issues.

Published in Whitepapers

The focus of this multi-part series centers on the ‘how to’ of bribery and corruption risk management, i.e. the business processes that can both build organizational integrity and help mitigate the risks presented by bribery and corruption, specifically the FCPA and UK Bribery Act.  Each guide provides a graphic depiction of a key aspect of an effective anticorruption program, beginning with the first guide that addresses defining and managing the risk of corruption.

Published in Whitepapers
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