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.

Managing whistleblowing cases - an important success factor for organizational whistleblowing | Ethic Intelligence

"Organizational whistleblowing, allowing employees and often suppliers, and in some cases even the general public to speak up, when they see something that they think is not right, is a global mega trend. It allows organisations to prevent wrongdoings from occurring in the first place, by having a way to anonymously or not report on a suspected wrongdoing. It also demonstrates an organisation´s dedication to high ethical standards and is increasingly a tool that organisations have to have in place to comply with the law, for example the French anti-corruption law, Sapin 2, to take a current example.." (Click here for the article) - Global

US-Brazil alignment incentivizing companies to settle corruption cases | Global Compliance News

"Operation Car Wash is transforming the legal landscape in Brazil. The anticorruption probe began as an investigation into allegations that officers of Petroleo Brasileiro SA, the state-controlled oil company more commonly known as Petrobras, accepted bribes in exchange for awarding contracts at inflated prices to a multitude of construction companies and other businesses. Operation Car Wash revealed systemic corruption across the public company sector that resulted in losses of more than $15 billion and, as of press time, has led to more than a thousand warrants, dozens of pretrial detentions, and more than a hundred convictions. Brazilian authorities have recovered more than $3 billion; the investigation is ongoing." (Click here for the article) - USA, Brazil

India most corrupt Asian country, Vietnam second: Forbes | Business Standard

"If the statistics furnished by the Transparency International (TI), an anti-corruption global civil society organization, are anything to go by, India has a long way ahead to fulfil one of the many objectives as told by the current Indian government - defeating the malice of corruption." (Click here for the article) - India, Vietnam

The most innovative countries in the world in one map | Market Watch

"It may not be the most prosperous nor the smartest country on earth, but the U.S. leaves the rest of world in the dust in one important area—innovation. " (Click here for the article) - Global

Procurement fraud - an old fraud flourishing in emerging markets, costing billions | Financier

"Procurement fraud is likely one of the oldest frauds that companies must confront. In recent years, this fraud has flourished in emerging markets. Whether in a public or private setting, procurement fraud is often ‘quid pro quo’, whereby a favor or advantage is given in exchange for something." (Click here for the article) - Global

Post-Harvey lessons for chemical plant managers | National Law Review

"One of the many hazards exposed by Hurricane Harvey occurred in Crosby, Texas, when the Arkema chemical plant suffered fires and small explosions on Aug. 31 and Sept. 1. Floodwaters caused the fires by penetrating the facility and shutting down the cooling systems designed to stabilize 500,000 pounds of highly flammable materials inside. This ultimately caused a mandatory evacuation for all residents within a 1.5-mile radius of the plant. Local news outlets reported that Arkema had no plan in place for six feet of flooding and its last risk assessment was submitted in 2013." (Click here for the article) - USA

Texas judge quashes Obama-era overtime pay rule | WSJ

"A federal judge in Texas on Thursday struck down an overtime-pay rule authored by the Obama administration, a likely final blow to a regulation that the Trump administration had already begun to recast." (Click here for the article) - USA