Monday Compliance News - Around the World

GCSG's Monday Compliance News is a compilation of some of the previous weeks interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.

OPEC cuts while US shale booms | Global Trade

"The price of crude oil has been falling in recent years, going from over $100 per barrel in 2014 to hovering around $50 per barrel in 2017. In light of declining oil prices, the Organization of the Petroleum Exporting Countries (OPEC) has spent much of 2017 taking steps to stimulate a rebound in crude oil prices. However, there are a myriad of issues across OPEC and non-OPEC nations that have prevented the cartel’s mandated supply cuts from achieving their expected level of success." (Click here for the article) - Global

The step-by-step process of how the words 'corruption' and 'fraud' came to college basketball | abc News

"The FBI announced Tuesday that 10 people, including four college basketball assistant coaches, were arrested as part of a two-year investigation into bribes and other corruption in the sport." (Click here for the article) - USA

Court overturns $663M fraud judgement against guardrail maker Trinity | Insurance Journal

"Trinity Industries Inc. won’t have to pay a $663 million judgment that was awarded in a whistleblower lawsuit alleging the company defrauded the U.S. government with a faulty highway guardrail safety system." (Click here for the article) - USA

Vietnam prosecutes bank executives, aides accused of $264M fraud | Reuters

"Vietnam has prosecuted a former bank executive and several aides and employees accused of pocketing 6 trillion dong ($264 million), police said on Wednesday, as the country intensifies a crackdown on fraud in the banking sector." (Click here for the article) - Vietnam

Somalia poses highest bribery risk in Trace index | WSJ

"Business compliance group Trace International on Thursday released the latest edition of its anti-bribery index, finding that Somalia poses the highest risk and Sweden poses the lowest." (Click here for the article) - Global

US SEC moves to simplify corporate compliance paperwork | Reuters

"The U.S. Securities and Exchange Commission proposed rules on Wednesday to simplify the disclosures that publicly traded companies must file with the agency when communicating with investors." (Click here for the article) - USA