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.

Saudi Arabia detains more than 200 people in expanding 'anti-corruption' campaign |  Washington Post

"Saudi Arabia said Thursday that it had detained more than 200 people as part of an expanding “anti-corruption” campaign that has led to the arrests of at least 11 princes and some of the country’s wealthiest and most prominent business tycoons." (Click here for the article) - Saudi Arabia

Banks brace for rocky implementation of US Treasury beneficial ownership rules |  Reuters

"As banks prepare for compliance with the U.S. Treasury Department’s new Customer Due Diligence rule and its tricky beneficial ownership component, some compliance units are planning early implementation and making contingency plans for handling any problems as the new measures go live, bankers say. But banks still may not be doing enough to prepare, even as the amount of money being spent and number of Know Your Customer specialists spikes at large institutions." (Click here for the article) - USA

Fifa corruption trial hears allegations officials took millions in bribes |  The Guardian

"Inside a packed New York City courtroom, and under heightened security on Monday, US prosecutors accused three former South American football administrators of taking millions of dollars in bribes as part of a web of endemic corruption at the heart of the sport’s governing body, Fifa." (Click here for the article) - USA, Brazil

US manufacturers upbeat amid rising demand, promise of tax overhaul |  WSJ

"U.S. manufacturers are broadly upbeat heading into the final months of the year. They say they’re buoyed by steady economic growth at home, improving demand abroad, and expectations the Trump administration and Congress will deliver a package of lower taxes and other policies to stimulate demand for factory goods." (Click here for the article) - USA

US to work with Malaysia to enhance export controls | WSJ

"The US is working together with Malaysia to build expertise and capacity to enhance export control mechanisms between the two countries." (Click here for the article) - USA, Malaysia

US Lawyers propose changes to Justice Dept. monitor program | WSJ

"Experts see room to improve the U.S. Justice Department’s corporate-monitorship program, now under review as part of  a broader look at how prosecutors deter corporate fraud." (Click here for the article) - Global

Wall Street fines fall during first year of Trump administration | WSJ

"Penalties levied by the Securities and Exchange Commission dropped to a four-year low during the latest fiscal year, showing how a more friendly tone from regulators and the transition of political power can yield relief for Wall Street." (Click here for the article) - USA

China faces historic corruption battle ruling party's new graft buster says | The Japan Times

"China must win its battle against corruption or face being erased by history, its new top graft buster said in an editorial on Saturday, underscoring the ruling Communist Party’s focus on eliminating corrupt behavior." (Click here for the article) - China

Lafarge offices searched over Syria business links | Anti-Corruption Digest

"French investigators searched the offices of French-Swiss cement maker Lafarge Tuesday, the company said, as part of an inquiry into financial links to jihadist groups in Syria, including Islamic State." (Click here for the article) - France, Switzerland, Syria

Lessons in third-party compliance from trouble at Airbus | Corporate Counsel

"Airbus, the French aircraft maker, disclosed Tuesday that it may have violated U.S. law on the fees and commissions it paid to sales agents—raising the specter of a U.S. bribery probe to go along with French and U.K.investigations already underway." (Click here for the article) - France, US, United Kingdom

Italy approves law on whistle-blowing; what's new and how to get prepared | Hogan Lovels

"Following a long-lasting legislative process, on 15 November 2017 the Italian Parliament has finally approved a new piece of legislation introducing in Italy comprehensive whistle-blowing provisions, granting broader protection to employees deciding to report misconducts they have learned in the workplace ("Whistle-blowing Law")." (Click here for the article) - Italy