The Duxes Compliance and Risk series features annual events in China, as well as across the Asia Pacific region and Middle East, gathering industry leaders and policymakers to discuss the latest developments in the field of anti-corruption compliance.
Among an annual worldwide ranking of countries deemed to have the lowest levels of corruption, Singapore has taken 4th place in the public sector, on par with Switzerland and Sweden, for the second year in a row.
Samsung is establishing an external panel of experts tasked at reducing internal corruption following a bribery scandal involving its vice chairman, Jay Y. Lee, and former South Korean president, Park Geun-hye.
Officials in China sentenced a former senior national lottery official to eleven years in prison earlier this month for corruption that lead to 750m yuan (U.S.$ 108m) of revenue loss for the country’s welfare lottery system, according to recent reports.
A Vietnamese court sentenced a former information minister to life in prison earlier this month after he was found guilty of taking U.S.$ 3m in bribes in relation to a controversial deal at a leading state-run telecoms firm.
China's tech giant Tencent fired over sixty employees during the first nine months of 2019 for alleged bribery and corruption, according to a recent announcement.
The Department of Justice in the U.S. is attempting to settle an investigation into corruption by fugitive financier Jho Low. The department alleges that he is a crucial figure in the U.S.$ 4.5b Malaysian graft scheme known as 1MDB.
UBS has been dealt a significant blow by the Monetary Authority of Singapore (MAS) after the official anti-corruption and regulatory institution imposed a S$11.2 million (US$8.2 million) civil penalty on the Swiss bank over deceptive trades by its client advisers in the city.
In the world of anti-corruption compliance, it's imperative to stay on the right side of the law. There can sometimes be ambiguity in business relationships, especially when it comes to navigating different cultural traditions and expectations.
Chinese state-run company Aerospace Long-March International Trade Co (ALIT) has become involved in a corruption scandal in Sri Lanka after the country's premier made a public announcement earlier this month alleging that it misappropriated funds in a high-profile construction project.
Regulators in China have introduced new rules for peer-to-peer lenders in a bid to tighten the guidelines in the financial and digital credit markets in the country.
The 13th Anti-Corruption Compliance in China Summit 2019 (ACCN), hosted by Duxes, took place at the Crowne Plaza Chaoyang U-Town in Beijing from November 13-14. ACCN 2019 attracted business leaders and legal experts from around the country to exchange ideas on the latest approaches, best practices a ...
Barclays has joined a growing list of financial institutions that have paid a penalty for violations to their internal accounting controls and records due to questionable hiring practices in the Asia-Pacific region.
Regulators in China have introduced new rules for peer-to-peer lenders in a bid to tighten the guidelines in the financial and digital credit markets in the country.
Following high-profile allegations from regulators in the U.S., Deutsche Bank will settle a case relating to improper hiring practices by paying a U.S.$ 16.2 million fine, according to the latest report.
Chinas main anti-graft watchdog said it is investigating a high-level official in the northwest region of Xinjiang, the latest to make the headlines in President Xi Jinping's nationwide campaign against corruption.
China's largest private shipbuilder Yangzijiang Shipbuilding (Holdings) Ltd. has confirmed its chairman Ren Yuanlin is assisting in an unspecified government investigation, according to a recent company statement.
China's main anti-graft watchdog said it is investigating a high-level official in the northwest region of Xinjiang, the latest to make the headlines in President Xi Jinping's nationwide campaign against corruption.
The latest report released by the American Chamber of Commerce (AmCham) in Shanghai has recently shed light on how China's personal data regulations affect foreign firms.
Two of China's highest profile tech companies, Baidu and Didi, recently took measures to crack down on internal corruption by firing multiple employees and reporting suspected infringements to local police.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) has released a framework to help domestic and overseas companies create a Sanctions Compliance Program (SCP).
As many corporate whistleblowers have discovered, doing the right thing does not always pay off. Instead, telling the truth can lead to retribution and career destruction. Wendy Addison, Sylvain Mansotte and Michael Woodford, three former public company executives who have been whistleblowers, have ...
A new anti-corruption unit (Counter Corruption Unit) was set up in early May to pursue corruption suspects in prisons in England and Welsh.
Telefonica Brasil SA will pay a $4.13 million civil penalty to settle a lawsuit filed by the U.S. securities and exchange commission. The SEC accused the company of providing incentives to 127 government officials in connection with the 2014 World Cup and the 2013 Confederations Cup.
In the past few months, there have been several instances of unsavory corruption involving senior government officials.
On April 11, 2019, Uber Technologies Inc. disclosed an investigation into allegations of improper payments in Indonesia and three other countries.
Anyone running an anti-bribery compliance program needs to know where to focus their resources. Law enforcement has always believed that anti-bribery efforts should be proportionate to the risks, and that being too cautious with minimal risk could distract teams from areas where they are more likely ...
Construction and property development are the world's most corruption-prone business sectors, according to a new report from Risk Advisory, a London-based consultancy.
The Australian Trade Commission (Austrade) issued a guidance for Australians doing business overseas in 2018, providing practical guidance for establishing a culture of compliance and managing bribery and corruption risks within organizations.
The 1977 Foreign Corrupt Practices Act prohibited companies from offering bribes to foreign officials "to help retain or obtain business" -- in other words, to pay bribes. There is no legal minimum for such payments, and the fines can be substantial.
ABB's spokesman said Monday that the company is correcting the latest defects. Two years ago, ABB suffered a $100m loss in South Korea due to poor financial controls. The financial problems were discovered by KPMG as it reviewed ABB's 2018 accounts.
On January 29, 2019, Transparency International released the 2018 edition of its Corruption Perceptions Index (CPI). Unfortunately, it does not bring good news. More than two-thirds scored below 50 (100 means no corruption), with an average score of 43.
Fresenius Medical Care, a German healthcare company, has agreed to pay more than $231m to resolve a parallel investigation by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) into its violations of the Foreign Corrupt Practices Act (FCPA).
India's federal anti-corruption ombudsman, the Lokpal, became operational last Tuesday.
The U.S. Department of Justice (DOJ) is keeping a close eye on the construction industry, and the industry should be prepared. Under the Foreign Corrupt Practices Act and the False Claims Act, there will be a significant increase in the number of investigations and enforcement actions by the DOJ.
Marriott International bought the Starwood hotel chain for $13.6 billion in 2016. In November 2018, Marriott notified the public and regulators that the Starwood network had been inbreaked in 2014, exposing at least 500 million customer records to cyber criminals. The news sent Marriott's shares tum ...
It is hard not to mention all manner of corruption, collusion and irregularities in media coverage. Whether or not the stories we read are true, organizations caught up in them often lose credibility.
Transparency International (TI) just released its 2018 CPI. The CPI remains an important indicator for companies to manage corruption risks when doing business abroad.
Recently, Malaysia's fight against corruption has ushered in a new business and social climate. However, sceptics argue that much of the news surrounding high profile cases involving FELDA, the Tabung Haji Fund and other organizations are highly politicized and limited to the public sector. But ther ...
For the first time in more than two decades, Chinese regulators have revised the Anti-Unfair Competition Law to give companies a clearer picture of what constitutes commercial bribery, a development that increases compliance risks for multinational corporations in China.
Uganda has been plagued by persistent corruption for decades. In response, President Museveni has initiated a new anti-corruption authority in an attempt to stamp out the worst effects of corruption on society.
It is morally reprehensible for government officials to accept bribes. Bribery leads to a misallocation of economic resources and the provision of inferior goods and services at specified prices. This logic also applies to bribery in the commercial sector.
In recent years, global and regional anti-corruption legal instruments have played an important role in promoting the criminalization of commercial bribery. Notably, the United Nations Convention Against Corruption encourages, but does not require, countries to criminalize commercial bribery.
On April 5, 2018, the Malaysian Parliament amended the Malaysian Anti-Corruption Commission Act 2009, implementing major changes to the section on responsibility for corporate corruption.
As more companies look to expand their presence in the Chinese market, they face an inevitable challenge——corruption. Compliance-related risk should be a top priority for corporate officers, as China's anti-corruption campaign has reached a new crescendo in recent years.
On November 4, 2017, the Standing Committee of the National People's Congress adopted the amendment to the PRC Anti-Unfair Competition Law (AUCL), clarifying the scope of commercial bribery in China.
ByteDance, a $75 billion Chinese startup based in Hong Kong, has handed over a second executive suspected of accepting bribes to the police in the past year, as Beijing's anti-corruption campaign reaches deep into the tech world.
Over the past five years, emerging markets have undergone major changes, with many transforming into global economic centers and contributing substantially to global economic growth. However, according to Simona Radu, Associate Partner, Forensic & Integrity Services at EY Romania, regulatory changes ...
On December 2, 2018, the Israeli Police announced that Prime Minister Benjamin Netanyahu is suspected of being involved in corruption at Israel's largest state-run telecommunications company (named the "Case 4000" investigation) and recommended that Israeli prosecutors prosecute him and his wife Sar ...
Autodesk, an American software company, makes software for the construction, media and entertainment companies. In recent years, the company has focused on developing software to fight corruption, which is then applied primarily in the construction industry. Autodesk claims that its upcoming product ...
Apple Inc. has launched an investigation into misconduct by component suppliers, according to recent news reports.
Commercial bribery and kickbacks are similar in principle, therefore non-legal professionals often confuse the two terms. However, there are significant and important differences between kickbacks and commercial bribery.
Duxes held the 7th Anti-Corruption Compliance Asia Pacific Summit 2018 on December 6-7 in Hong Kong, offering a platform for delegates from corporate compliance departments, law and consulting firms, NGOs, and government authorities, to exchange views on the regional anti-corruption enforcement envi ...
Internet companies in China are especially prone to corrupt behavior, as evidenced by several prominent cases in recent weeks.
On November 19, Japan's Asahi Shimbun reported that Carlos Ghosn, the chairman of Nissan Motor Co., Ltd. (Nissan), was arrested by Japanese authorities. Carlos is under investigation by Japanese prosecutors for allegedly evading personal income tax, falsifying financial statements and embezzling pub ...
China has been cracking down on commercial bribery, with enforcement actions on the rise. Different methods of bribery bring different consequences on the company involved. It is therefore important to make a distinction between individual bribery and corporate bribery.
Denmark is one of the least corrupt countries in the world, not only possessing some of the strictest anti-corruption laws, but also an independent, well-functioning judicial system that supervises government authorities and the private sector. Furthermore, zero tolerance for commercial bribery an ...
Duxes hosted the 4th Anti-Corruption Compliance EMEA Summit 2018 on November 14-15 in Dubai. The event featured significant testimony from policymakers, legal experts, compliance officers, and representatives of NGOs, shedding light on the developing anti-corruption environment in the Middle East, A ...
Commercial bribery, unfair practices that undermine competition in the private sector, has had a detrimental effect on certain industries.
Oftentimes students lack real-world experience and the capacity to distinguish right from wrong. Therefore, educational environment is essential to building character and preventing inappropriate behavior. With this in mind, the Ministry of Education in China recently implemented four measures to pr ...
Fraud, in the corporate context, generally refers to the behavior of employees who take advantage of their position or work to violate their duty to the company and seek personal gain.
On November 4, 2017, the thirtieth meeting of the 12th Standing Committee of the National People's Congress voted to adopt the revised Anti-unfair Competition Law, which came into effect on January 1, 2018.
In August 2018, the Shanghai Administration for Industry & Commerce determined that the exert lecture fees paid by Lepu Medical, a medical device firm, constitute commercial bribery, and imposed a fine of 150,000 RMB.
In recent years, compliance and anti-business bribery have increasingly become increasingly important for Chinese companies. According to the 2017-2018 Annual Blue Book of Compliance in China, more than 10% of overseas Chinese enterprises have been subject to enforcement by host governments, of whic ...
In 2017, consulting firm Ernst & Young conducted a survey tracking the prevalence of corruption around the world. The survey involved interviews of 4,100 senior executives from 41 jurisdictions who had come across fraud, including 100 interviewees in Germany. More than two-fifths of the German exe ...
In July, the Japanese auto industry was hit by a major scandal, in which a number of prominent automakers were accused of cheating on emissions tests. The Ministry of Transport subsequently conducted a thorough examination of the claims, involving 23 major car and motorcycle manufacturers.
Duxes held the 12th China Anti-Corruption Compliance Summit 2018 on October 25-26 in Shanghai. Delegates representing major multinationals, law firms, as well as government and non-profit institutions, met to discuss the state of anti-corruption enforcement in China, optimal compliance strategies, a ...
In recent years, new business models and technologies have spurred new growth in the Chinese economy. Chinese enterprises have actively sought out undervalued assets in the global market with the purpose of acquiring advanced technology, well-known brands and channels, a trend that has facilit ...
In 2017, the bike-sharing industry has been hit with a number of corruption allegations, including those related to leading companies such as Mobike and Ofo. Internal corruption, poor risk management, and falsification of financial data have become leading concerns for potential investors. Furthermo ...
At the end of July, a vaccine scandal shocked China and exposed serious commercial bribery problems in the pharmaceutical industry. The 20th meeting of the interministerial joint conference was held in Beijing to rectify the situation and address unethical practices in the medical industry. The meet ...
In recent years, commercial bribery has grown in prevalence due to new digital and internet finance models. Bitcoin is sometimes even mandated as the form of payment in a commercial contract.
——Urgent need for clear, concise, and rigorous compliance
Amazon.com Inc, the world's second-largest technology company by market value, has been hit by corruption allegations. Amazon is currently investigating certain employees on suspicion of leaking data and taking bribes, as well as trying to remove false reviews and other seller scams from its website ...
American Internet giant Microsoft has been hit by an anti-corruption probe over alleged behavior in Hungary four years ago.
Sales channels are a core component of the FMCG (fast-moving commercial goods) industry, especially with respect to food products. In order to increase sales, many enterprises provide dealers or end sellers with incentives, such as cash rewards or sales dividends. Therefore, a crucial issue is wheth ...
India has long been plagued by corruption. According to the Corruption Perceptions Index 2017 from Transparency International, India ranked 81st with the score of 40, a mediocre ranking that continues to hinder economic growth and development.