Photo Credit: Outernationalist On November 4, 2017, Saudi Arabia launched an anti-corruption campaign aimed to tackle the various corruption problems throughout the Kingdom. King Salman bin Abdulaziz issued a royal order to establish the anti-corruption committee and appointed Crown Prince Mohammed bin Salman as the leader of the initiative. It appears that the goal of… Read More
Photo Credit: Four Season Canuck On October 31, 2017, the Government of Canada amended its anti-corruption law to explicitly bar facilitation payments. This move is part of an ongoing effort by Canadian authorities to tighten its anti-corruption regulations. The aggressive move to improve both Canada’s legal regime and its enforcement of anti-corruption stems from several… Read More
Photo Credit: Momentum In May of 2017, TRACE launched the podcast “Bribe, Swindle or Steal”, hosted by TRACE President Alexandra Wrage. The podcast features interviews with professionals and luminaries in the field of financial crime including bribery, fraud, money-laundering, insider-training and sanctions. Tailored towards compliance professionals, “Bribe, Swindle or Steal” seeks to educate and entertain… Read More
Photo Credit: IMF (http://www.worldbank.org/en/programs/youth) The International Monetary Fund (IMF) emphasized the importance of tackling corruption through its #fightcorruption seminar during the Annual Meeting on Sunday, October 15th. The discussion, led by Sean Hagan, the General Counsel at the IMF, highlighted that combating corruption is a vital component for sustaining economic stability, promoting inclusive growth, and… Read More
Photo Credit: Chase Kindberg (via Flickr) The latest, in a series of reports on misconduct in the banking sector produced by Quinlan & Associates estimates that as of 2009, banks have lost roughly $850 billion in profits due to subprime mortgage write-downs, rogue trading practices, failures in anti-money laundering, countering terrorist financing compliance (AML/CFT), and… Read More
Photo Credit: https://www.dawn.com/news/1252890 August 28, the New York Department of Financial Services (DFS) – a statewide reformer and regulator of the financial sector- filed a consent order against Habib Bank Limited (HBL), the largest bank in Pakistan, for “serious [and] persistent” failures in anti-money laundering (AML) compliance procedures at the New York branch. HBL was facing… Read More