Weekly Compliance News - Around the World

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

Oil trading houses caught in Brazil corruption sting | Argus Media Group

"Brazil's state-controlled Petrobras has temporarily suspended trading business with Switzerland-based Glencore, Vitol and Trafigura following allegations the firms engaged in widespread corruption."  (Click here for the article) - Brazil, Switzerland

Airbus hit by US probe into alleged corruption | The Scoop

"Shares in European aerospace group Airbus tumbled Thursday after a French report that US authorities are investigating the firm for suspected bribery and corruption, exposing it to billions of dollars in potential fines."  (Click here for the article) - France, Asia, European Union, USA, UK

Ex-Credit Suisse bankers arrested over $2bn fraud scheme | BBC News

"Three former Credit Suisse bankers have been arrested over their alleged role in a $2bn (£1.5bn) fraud scheme connected to firms in Mozambique, according to US authorities."  (Click here for the article) - USA, Switzerland, Mozambique

Iran approves anti-money laundering bill to ease foreign trade | Reuters

"A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions."  (Click here for the article) - Iran, USA

Chemicals Company Prosecuted for Export Control Violations | Mr. Watchlist

"HM Revenue & Customs has prosecuted a Leicestershire company for illegally shipping controlled chemicals and metal to foreign territories, despite being refused an export licence."  (Click here for the article) - UK

How Asian companies are navigating the trade war | Nikkei Asian Review

"Already, the prospect of further tariffs is prompting companies to move more factories from China to lower-cost countries in Asia. About 30% of American companies operating in China say they are looking to buy components or build products outside of both the U.S. and China to avoid tariffs, according to a recent survey by AmCham China and AmCham Shanghai."  (Click here for the article) - Asia, USA

Colin Steven avoids jail for bribery by helping investigators | Corporate Jet Investor

"Colin Steven, a former Embraer Executive Jet salesperson, has been spared jail after admitting to bribing a Saudi government official to win an aircraft sale. Steven pleaded guilty to various offenses in December 2017 and was given a “non-incarceratory” sentence on December 12, 2018."  (Click here for the article) - Saudi Arabia, South Africa, USA, UK

Iran Executes businessman convicted of fraud, bribery | AP News

"Iran has executed a businessman convicted of fraud, bribery and embezzlement. State TV reported that Hamid Reza Bagheri Dermani was hanged Saturday. The Supreme Court in November upheld his October death sentence and conviction on a charge of spreading corruption on Earth. He was also ordered to pay a more than $100 million cash fine."  (Click here for the article) - Iran

Vietnam tested by multinationals seeking trade war detour to avoid US tariffs on China  | South China Morning Post

"But the idea of shipping through a third country to avoid tariffs has flourished in recent months due to the trade war between the United States and China, and multiple companies producing products in China are exploring Vietnam to find out how they might do so."  (Click here for the article) - Vietnam, China, USA