2021 Compliance Risk Index Released Today

/ GCSG/

GCSG releases third annual Compliance Risk Index (CRI)

The CRI provides business, compliance, and risk professionals with an easy to understand overall risk score and rating, at the country-level, based on assessing five risk domains

PRAIRIEVILLE, LA., August 15, 2022 – The 2021 Compliance Risk Index (CRI) was released today by Global Compliance Solutions Group LLC (GCSG). The 2021 CRI is the third publication of the index. The CRI measures compliance risk in more than 200 countries and territories.  It provides the reader with a calculated overall composite risk score and assigns a composite risk rating across five domains (Governance and Regulatory, Bribery and Corruption, Trade, Financial, and Data Privacy) and a risk score and rating within each domain for each country.    

The domains are assessed using 26 publicly available data sources such as the World Bank, World Economic Forum, and the Heritage Foundation.  Based on our analysis and algorithms the information is processed and a score and rating is assigned.     

“With today’s fast-paced compliance and risk environment and the recent trade wars and global pandemic companies are looking to diversify their supply chains and reduce their compliance risk.”  said Jonathan Mellard, Founder, GCSG.

The CRI is a tool for business, compliance and risk professionals to assist with understanding their potential compliance risk in their ongoing operations and with their M&A activity. 

“Our compliance risk index provides the users access to our knowledge and experience without having to formally engage us.  And then, as needed we can provide direct client support with our international advisory, audit and due diligence services,” added Mellard. 

Access the 2021 Compliance Risk Index: http://www.globalcompliancesg.com/compliance-risk-index

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Global Compliance Solutions Group LLC (GCSG)

GCSG is headquartered in Louisiana, USA. We guide and partner with our clients to reduce their compliance risk and help protect their bottom line and reputation. We provide international Advisory, Audit, and Due Diligence products and services wherever our global clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Data Privacy, Drug Precursor, and Distilled Spirits Plant Compliance.

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Contact

E   info@globalcompliancesg.com

W http://www.globalcompliancesg.com/contact

Germany's New Corporate Supply Chain Due Diligence Law

/ GCSG/

On Friday, June 11, 2021 the German Bundestag passed a law that requires companies to report on human rights and environmental abuses in their direct supply chains. The law affects companies with their head office in Germany as well as subsidiaries of multinationals that are based in Germany. It becomes effective in the following phases:

  • 2023 for companies with 3,000 or more employees

  • 2024 for companies with 1,000-2,999 employees

To learn more click here for a pdf of recent seminar slides on this topic by King & Wood Mallesons Rechtsanwaltsgesellschaft mbH.

2020 Compliance Risk Index Released Today

/ GCSG/

GCSG releases second annual Compliance Risk Index (CRI)

The CRI provides business, compliance, and risk professionals with an easy to understand overall risk score and rating, at the country-level, based on assessing five risk domains

PRAIRIEVILLE, LA., April 26, 2021 – The 2020 Compliance Risk Index (CRI) was released today by Global Compliance Solutions Group LLC (GCSG). The 2020 CRI is the second publication of the index. The CRI measures compliance risk in more than 200 countries and territories.  It provides the reader with a calculated overall composite risk score and assigns a composite risk rating across five domains (Governance and Regulatory, Bribery and Corruption, Trade, Financial, and Data Privacy) and a risk score and rating within each domain for each country.    

The domains are assessed using 26 publicly available data sources such as the World Bank, World Economic Forum, and the Heritage Foundation.  Based on our analysis and algorithms the information is processed and a score and rating is assigned.     

“With today’s fast-paced compliance and risk environment and the recent trade wars and global pandemic companies are looking to diversify their supply chains and reduce their compliance risk.”  said Jonathan Mellard, Founder, GCSG.

The CRI is a tool for business, compliance and risk professionals to assist with understanding their potential compliance risk in their ongoing operations and with their M&A activity. 

“Our compliance risk index provides the users access to our knowledge and experience without having to formally engage us.  And then, as needed we can provide direct client support with our international advisory, audit and due diligence services,” added Mellard. 

Access the 2020 Compliance Risk Index: http://www.globalcompliancesg.com/compliance-risk-index

** *** **

Global Compliance Solutions Group LLC (GCSG)

GCSG is headquartered in Louisiana, USA. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. We provide international Advisory, Audit, and Due Diligence products and services wherever our global clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Data Privacy, Drug Precursor, and Distilled Spirits Plant Compliance.

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Contact

E   info@globalcompliancesg.com

W http://www.globalcompliancesg.com/contact

GCSG Issues Philippines Compliance Profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues Philippines country compliance risk profile

GCSG distributes Philippines, our eighth country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, anti-bribery and corruption, and data privacy risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues the Philippines our eighth country compliance risk profile.  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, anti-bribery and corruption compliance, and data privacy risks in countries in which they do business. 

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our Compliance Risk Index (CRI), a tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.   

Our first seven profiles were Vietnam, Myanmar, Indonesia, Malaysia, China, India, and Turkey. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

Access the Philippines risk profile: http://www.globalcompliancesg.com/s/Philippines-Country-Risk-Profile_2020.pdf

Access all of our country risk profiles: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our global clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirits Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

W http://www.globalcompliancesg.com/contact

GCSG Issues Turkey Compliance Risk Profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues Turkey country compliance risk profile

GCSG distributes Turkey, our seventh country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, anti-bribery and corruption, and data privacy risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues Turkey our seventh country compliance risk profile.  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, anti-bribery and corruption compliance, and data privacy risks in countries in which they do business. 

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our Compliance Risk Index (CRI), a tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.   

Our first six profiles were Vietnam, Myanmar, Indonesia, Malaysia, China, and India. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

Access the Turkey risk profile: http://www.globalcompliancesg.com/s/Turkey-Country-Risk-Profile_2020-zmkm.pdf

Access all of our country risk profiles: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our global clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirits Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

W http://www.globalcompliancesg.com/contact

GCSG Issues India Compliance Risk Profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues India country compliance risk profile

GCSG distributes India, our sixth country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, anti-bribery and corruption, and data privacy risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues India our sixth country compliance risk profile.  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, anti-bribery and corruption compliance, and data privacy risks in countries in which they do business. 

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our Compliance Risk Index (CRI), a tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.   

Our first five profiles were Vietnam, Myanmar, Indonesia, Malaysia, and China. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

Access the India risk profile: http://www.globalcompliancesg.com/s/India-Country-Risk-Profile.pdf

Access all of our country risk profiles: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our global clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirits Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

W http://www.globalcompliancesg.com/contact

GCSG Issues China Country Risk Profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues China country compliance risk profile

GCSG distributes China, our fifth country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, and anti-bribery and corruption risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues China our fifth country compliance risk profile.  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, and anti-bribery and corruption compliance risks in countries in which they do business. 

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our Compliance Risk Index (CRI), a tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.   

Our first four profiles were Vietnam, Myanmar, Indonesia, and Malaysia. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

Access the China risk profile: http://www.globalcompliancesg.com/s/China-Country-Risk-Profile_2020.pdf

Access all of our country risk profiles: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our global clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirits Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

GCSG issues Malaysia compliance risk profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues Malaysia country compliance risk profile

GCSG distributes Malaysia, our fourth country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, and anti-bribery and corruption risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues Malaysia our fourth country compliance risk profile (“risk profiles”).  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, and anti-bribery and corruption compliance risks in countries in which they do business. 

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our Compliance Risk Index (CRI), a tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.   

Our first three profiles were Vietnam, Myanmar, and Indonesia. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

This Malaysia risk profile was written in collaboration with the Malaysian office of Rahmat Lim & Partners.

Access the Malaysia risk profile: http://www.globalcompliancesg.com/s/Malaysia-Country-Risk-Profile-ee42.pdf

Access our country risk profiles web page: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirits Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

WEF Publishes 2019 Regional Risks for Doing Business Report

/ Global Compliance Solutions Group LLC/

On October 1, 2019 the World Economic Forum (“WEF”) published their 2019 Regional Risks to Doing Business Report (the “Report”).(1) The Report “offers a business perspective on the impact of global risks and illustrates how they are experienced differently in each region.”(1)

The Report tracks five risk categories using their Executive Opinion Survey and Global Risks Perception Survey. The only category of risk that ranked in the top 5 from both sets of respondents was technological risks. Cyber-attacks were listed as the most pressing risk for CEO’s in Europe and North America and in six of the 10 largest economies.

Based on data from the Report the top 10 business risks of highest concern globally are:

  1. Fiscal crises

  2. Cyber-attacks

  3. Unemployment or underemployment

  4. Energy price shock

  5. Failure of national governance

  6. Profound social instability

  7. Data fraud or theft

  8. Interstate conflict

  9. Failure or critical infrastructure

  10. Asset bubble

Top ten business risks listed by respondents in East Asia and the Pacific:

  1. Natural catastrophes

  2. Cyber-attacks

  3. Interstate conflicts

  4. Fiscal crises

  5. Extreme weather events

  6. Asset bubble

  7. Data fraud or theft

  8. Energy price shock

  9. Unemployment or underemployment

  10. Failure of national governance

Top ten business risks listed by respondents in Eurasia:

  1. Profound social instability

  2. Interstate conflict

  3. Energy price shock

  4. Fiscal crises

  5. Unmanageable inflation

  6. Failure of financial mechanism or institution

  7. Data fraud or theft

  8. Unemployment or underemployment

  9. State collapse or crisis

  10. Illicit trade

Top ten business risks listed by respondents in Europe:

  1. Cyber-attacks

  2. Asset bubble

  3. Interstate conflict

  4. Energy price shock

  5. Fiscal crises

  6. Data fraud or theft

  7. Failure of national governance

  8. Unemployment or underemployment

  9. Large-scale involuntary migration

  10. Profound social instability

Top ten business risks listed by respondents in Latin America and the Caribbean:

  1. Failure of national governance

  2. Profound social instability

  3. Unemployment or underemployment

  4. Fiscal crises

  5. Failure of critical infrastructure

  6. State collapse or crisis

  7. Illicit trade

  8. Energy price shock

  9. Data fraud or theft

  10. Large-scale involuntary migration

Top ten business risks listed by respondents in North America:

  1. Cyber-attacks

  2. Data fraud or theft

  3. Terrorist attacks

  4. Critical information infrastructure breakdown

  5. Failure of critical infrastructure

  6. Fiscal crises

  7. Failure of national governance

  8. Failure of climate-change adaptation

  9. Extreme weather events

  10. Natural catastrophes

Top ten business risks listed by respondents in South Asia:

  1. Water crises

  2. Terrorist attacks

  3. Man-made environmental catastrophes

  4. Failure of urban planning

  5. Energy price shock

  6. Deflation

  7. Unemployment or underemployment

  8. State collapse or crisis

  9. Fiscal crises

  10. Asset bubble

For additional regions download the Report at the link provided below.

References

  1. WEF - “Regional Risks for Doing Business 2019”

GCSG issues Indonesia country risk profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues Indonesia country compliance risk profile

GCSG distributes Indonesia, our third country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, and anti-bribery and corruption risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues Indonesia our third country compliance risk profile (“risk profiles”).  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, and anti-bribery and corruption compliance risks in countries in which they do business. 

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our proprietary country risk-scoring tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.   

Our first two profiles were Vietnam and Myanmar. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

Access our Indonesia risk profile: http://www.globalcompliancesg.com/s/Indonesia-Country-Risk-Profile-sjh3.pdf

Access our country risk profiles web page: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirits Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information about GCSG: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

GCSG issues Myanmar country risk profile

/ Global Compliance Solutions Group LLC/

Global Compliance Solutions Group LLC (GCSG) issues Myanmar country compliance risk profile

GCSG distributes Myanmar, our second country compliance risk profile – our risk profiles provide business, compliance, and risk professionals with a snapshot of relevant governance, trade compliance, and anti-bribery and corruption risks

PRAIRIEVILLE, LA – GCSG, a professional compliance management consulting company, today issues our second country compliance risk profile (“risk profiles”).  The risk profiles are intended for business, compliance and risk professionals concerned with governance, trade compliance, and anti-bribery and corruption compliance risks in countries in which they do business.  Our second profile is for Myanmar.   

Each risk profile is designed to provide a snapshot of a targeted set of compliance risks within each country to assist the user with understanding the risks in that country as they look to diversify their supply chains, acquire a new business, or improve their knowledge of a country they currently operate within. 

“We are excited to build on our client focused services with the launch of our free country compliance risk profiles because we believe they will bring value to the user,” said Jonathan Mellard, Founder, GCSG. 

Each risk profile provides a concise view of relevant legislation, risks, and the current environment.  Every risk profile incorporates a risk ranking for each category and for the country overall.  The risk ranking is determined using our proprietary country risk-scoring tool that analyzes a combination of publicly available factors and then calculates and assigns a score for potential risk at the country level.        

Our first profile, issued last week was for Vietnam. Interested parties should periodically check our country risk profiles web page as we continue, over time, to add more profiles.

Access our Myanmar risk profile: http://www.globalcompliancesg.com/s/Myanmar-Country-Risk-Profile-zt2c.pdf

Access our Vietnam risk profile: http://www.globalcompliancesg.com/s/Vietnam-Country-Risk-Profile-kkph.pdf

Access our country risk profiles web page: http://www.globalcompliancesg.com/country-risk-profiles

** *** **

Global Compliance Solutions Group LLC

Global Compliance Solutions Group LLC (GCSG) is headquartered in Louisiana, USA.  We provide international Advisory, Audit, and Due Diligence products and services wherever our clients are located across a range of industries in the areas of Anti-Bribery and Corruption, Import, Export, and Customs Compliance, Drug Precursor, and Distilled Spirts Plant Compliance. We reduce risk and help protect our client’s business by guiding and partnering with them to solve challenging compliance issues. 

For more information: http://www.globalcompliancesg.com/about-us

Follow us online:

·         Facebook – http://www.facebook.com/globalcompliancesg

·         Twitter – https://twitter.com/GCSGLLC

·         LinkedIn – https://www.linkedin.com/company/global-compliance-solutions-group-llc

Signup for our monthly global compliance news update email: http://eepurl.com/crXHmL

Contact

E   info@globalcompliancesg.com

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

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.

Bribes and Backdoor Deals Help Foreign Firms Sell to China’s Hospitals | The New York Times

“A review of dozens of Chinese court cases and internal corporate documents as well as interviews with company insiders showed how foreign firms have become deeply enmeshed in the corruption pervading China’s health care industry.” (Click here for the article) - China, Global

Expedia Settles Alleged Violations of U.S. Sanctions on Cuba | Wall Street Journal

“Expedia Group Inc. agreed to pay more than $325,000 to settle allegations that it violated U.S. sanctions on Cuba, the Treasury Department said.” (Click here for the article) - Cuba, United States

Exploring the causes of persistent corruption | PHYS ORG

“Corruption impedes equitable development, destabilizes societies, and undermines the institutions and values of democracy. It is viewed by many as one of the world's greatest problems. According to a Gallup poll, a majority of people even place its negative impacts ahead of global problems like climate change, poverty and terrorism.” (Click here for the article) - Global

Europol highlights Russian money as biggest laundering threat | Reuters

“Europe's Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centred on the region.” (Click here for the article) - Russia, China, Latvia, Lithuania, Estonia

Treasury Sanctions Iran’s Largest Petrochemical Holding Group | U.S. Department of the Treasury

“The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action today against Iran’s largest and most profitable petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC), for providing financial support to Khatam al-Anbiya Construction Headquarters (Khatam al-Anbiya), the engineering conglomerate of the Islamic Revolutionary Guard Corps (IRGC).  In addition to PGPIC, OFAC is designating PGPIC’s vast network of 39 subsidiary petrochemical companies and foreign-based sales agents.” (Click here for the article) - Iran, USA

Mexico joins the anti-bribery enforcement bandwagon | The FCPA Blog

“Anti-corruption law has never been thought to hold much sway in Mexican affairs. Despite a nominal prohibition of bribery and graft and an abundance of recent corruption scandals, the country’s history of minimal enforcement has fostered an expectation of impunity...That may no longer be the case. In his successful campaign for office last year, Mexico’s President Lopez Obrador promised an administration that would fight corruption by taking on the “mafias of power” -- politicians and industry magnates who have enriched themselves through dubious federal contracting practices.” (Click here for the article) - Mexico

House begins debate on new NAFTA ratification bill | CTV News

“Members of Parliament began debating the new NAFTA implementation bill in the House of Commons on Tuesday. Foreign Affairs Minister Chrystia Freeland began the debate by extolling the benefits of the deal, saying Canada is ready to ratify the trilateral trade pact, as soon as the U.S. and Mexico are.” (Click here for the article) - Canada, Mexico, US

Vietnam says some Chinese exporters are using fake ‘Made-in-Vietnam’ labels to avoid US tariffs | The Daily Caller

“Some Chinese exporters are putting fake “Made-in-Vietnam'“ stickers to try to avoid U.S. tariffs, Vietnam alleged Sunday.” (Click here for the article) - Vietnam, China, US

India lost over 90,000 crore to trade misinvoicing, says GFI report | livemint

“India lost a staggering $13 billion, over ₹90,000 crore, to trade misinvoicing, equivalent to 5.5% of the value of the country's total revenue collections in 2016, according to a report by the US-based think tank Global Financial Integrity.” (Click here for the article) - India, China

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

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.

The anatomy of a scam: How far fraudsters will go to steal your money  | Ottawa Citizen

“Gone are the days a Nigerian prince would email you, promising untold riches in exchange for a small payment upfront. Today’s scams are more intimate. Fraudsters craft tailored messages and emails; fake identities; real world addresses for not-so-real companies; websites; phone numbers; a significant corporate presence online; multiple email addresses; and even apparent news coverage from reputable sources.” (Click here for the article) - Global, Canada

Why corruption matters in the EU elections  | Transparency International

“Over the next four days, citizens from 28 countries across the European Union (EU) will cast their vote in one of the largest democratic elections worldwide. With 751 seats at stake in the European Parliament and each Member of Parliament (MEP) poised to serve a five-year term, there’s a lot riding on these elections.” (Click here for the article) - European Union

How does someone get scammed into buying $160,000 in gift cards?  | Marketplace Morning Report

“How does someone get scammed into buying $160,000 in gift cards? Nordstrom goes small.” (Click here for the article) - Global

Trade War: What Chinese Entrepreneurs Really Think  | FINEWS ASIA

“As the U.S.-Chinese trade tussle weighs heavily in Asia, what do Chinese entrepreneurs truly think about the conflict? finews.asia asked an Asian family office.” (Click here for the article) - USA, China

How to Demonstrate Your Value as an Anti-Fraud Professional  | ACFE

“The biggest challenge people have when working toward professional advancement is understanding how to communicate the value their expertise and experience can bring to decision-makers. Whether it’s a new job, a promotion, or signing on a new client or customer, the message must be about how your expertise and value solve their problems.” (Click here for the article) - Global

New EU-wide whistle-blower rules approved  | GCSG

“On April 16, the European Parliament voted(1) in favor of adopting new European Union (“EU”) wide standards to protect whistle-blowers. The standards are designed to protect whistle-blowers that reveal breaches of EU law in areas of public procurement, financial services and tax, money laundering, product and transport safety, protection of the environment, food and feed safety, animal health and welfare, nuclear safety, public health, security of network and information systems, competition, consumer and data protection, fraud, corruption and any other illegal activity affecting the use of Union expenditures.” (Click here for the article) - European Union

Top 5 Cyber Security Threats for Executives  | Prescient

“High profile cyber incidents such as massive data breaches have become increasingly common across industries, especially in the past two years. Such events speak to the shift in perception for cyber crimes–from an overlooked and niche concern to a public, major security problem for organizations across industries. Everything from manufacturing, healthcare, and traditionally higher risk sectors such as banking and technology have been privy to such incidents. In the corporate realm, senior executives are primary targets of hackers, fraud and phishing scams due to their high level of access to valuable corporate information.” (Click here for the article) - Global

U.S. Terminates Turkey’s Preferential Trade Agreement, Reduces Tariffs on Steel  | US News & World Report

“The United States on Thursday terminated Turkey's preferential trade treatment that allowed some exports to enter the country duty free, but it has halved its tariffs on imports of Turkish steel to 25%.” (Click here for the article) - USA, Turkey

New DOJ Corporate Compliance Program Guidance

/ Global Compliance Solutions Group LLC/

The US Department of Justice - Criminal Division (“USDOJ”) announced(1) on April 30 the release of a new guidance document(2) on the evaluation of corporate compliance programs.

“Effective compliance programs play a critical role in preventing misconduct, facilitating investigations, and informing fair resolutions.”(1) - Assistant Attorney General Brian A. Benczkowski

Part I of the document discusses the elements of a “well-designed” compliance program and Part II discusses the features of what an effectively implemented compliance program looks like.

There are three overarching questions prosecutors will ask themselves, when evaluating the effectiveness of a compliance program, at the time of an offense and at the time of a charging decision(2,3):

  • Is the program well designed?

  • Is the program effectively implemented (or applied earnestly and in good faith)?

  • Does the compliance program actually work in practice?

According to the USDOJ’s guidance, the elements of a “Well-Designed” Compliance Program include:

  • Risk Assessment - “Prosecutors should consider whether the program is appropriately designed to detect the particular types of misconduct most likely to occur in a particular corporation’s line of business” and “the manner in which the company’s compliance program has been tailored based on that risk assessment”

  • Policies and Procedures - “Prosecutors should examine whether the company has a code of conduct that sets forth, among other things, the company’s commitment to full compliance with relevant Federal laws that is accessible and applicable to all company employees” and “whether the company has established policies and procedures that incorporate the culture of compliance into it’s day-to-day operations.”

  • Training and Communications - “Prosecutors should assess the steps taken by the company to ensure that policies and procedures have been integrated into the organization, including through periodic training and certification for all directors, officers, relevant employees, and where appropriate, agents and business partners.”

  • Confidential Reporting Structure and Investigation Process - “Prosecutors should assess whether the company’s complaint-handling process includes pro-active measures to create a workplace atmosphere without fear of retaliation, appropriate processes for the submission of complaints, and processes to protect whistleblowers” and “assess the company’s processes for handling investigations of such complaints…”

  • Third-Party Management - “Prosecutors should also assess whether the company knows its third-party partners’ reputations and relationships, if any, with foreign officials, and the business rationale for needing the third party in the transaction” and “assess whether the company engaged in ongoing monitoring of the third-party relationships"…”

  • M&A Due Diligence - “A well-designed compliance program should include comprehensive due diligence of any acquisition targets.”

“Today’s guidance document is part of our broader efforts in training, hiring, and enforcement to help promote corporate behaviors that benefit the American public and ensure that prosecutors evaluate the effectiveness of compliance in a rigorous and transparent manner.”(1) - Assistant Attorney General Brian A. Benczkowski

DOJ prosecutors are encouraged to review whether or not a compliance program is a “paper program” or one that has actually been “implemented” and is periodically reviewed and revised when appropriate. According to DOJ guidance some elements of an effectively implemented program include:

  • Commitment by Senior and Middle Management

    • Does the company leadership demonstrate high level commitment to implement a culture of compliance?

  • Autonomy and Resources

    • Is the program adequately resourced with sufficient personnel and funding?

    • Are compliance personnel in senior positions and do they have adequate autonomy?

  • Incentives and Disciplinary Measures - “Prosecutors should assess whether the company has clear disciplinary procedures in place, enforces them consistently across the organization, and ensures that the procedures are commensurate with the violations.”

  • Continuous Improvement, Periodic Testing, and Review - “Prosecutors should likewise look to whether a company has taken reasonable steps to ensure that the organization’s compliance and ethics program is followed, including monitoring and auditing to detect criminal conduct.”

  • Investigation of Misconduct

    • Is there a well-functioning and appropriately funded mechanism for the timely and thorough investigation of any allegations or suspicions of misconduct by the company, its employees, or agents?

  • Analysis and Remediation of Any Underlying Misconduct - “Prosecutors should consider any remedial actions taken by the corporation…”

Contact GCSG Advisory and Audit Professionals today for assistance:

  • In developing a Risk Profile for your business;

  • Evaluating the effectiveness of your existing compliance program;

  • Implementing a compliance program;

  • Providing third-party due diligence; and

  • Providing in-depth compliance audits to detect potential wrongdoing.

References

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

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.

Global Executives Cooling on M&A Deals Amid Trade Uncertainty | Industrial Distribution

"Executives around the world are cooling to the idea of mergers and acquisitions in the face of rising trade tensions, notably between the U.S. and China, a leading adviser on international corporate deals said Monday." (Click here for the article) - Global

US Imposes Additional Sanctions on Russia | Thompson Hine

"The United States has announced additional financial sanctions on three individuals and nine entities supporting Russia’s attempt to integrate the Crimea region of Ukraine through private investment and privatization projects or engaging in serious human rights abuses in furtherance of Russia’s occupation or control over parts of Ukraine." (Click here for the article) - EU, US, Russia, Ukraine

Africa church leaders join fight against graft | The FCPA Blog

"Eliud Wabukala, a retired Anglican archbishop, became chairman of Kenya's Ethics and Anti-Corruption Commission in 2017. In September, he launched a bible-based anti-graft campaign that includes an anti-corruption bible study." (Click here for the article) - Kenya, Africa

The Growing Menace of Cyber Attacks in the Asia-Pacific region | Entrepreneur Asia Pacific

"Over the past few years, cyber attacks have emerged as one of the biggest global threats to businesses and governments. In September, the largest social networking platform, Facebook announced that data of at least 50 million accounts have been exposed to hackers through a breach." (Click here for the article) - Asia-Pacific region

Top Ten Things to Know About Expanded US Sanctions on Iran | Latham & Watkins

"As reported in the Latham Client Alert dated May 10, 2018, President Trump announced on May 8 that the United States was withdrawing from the Joint Comprehensive Plan of Action (JCPOA), the January 2016 nuclear non-proliferation agreement among China, France, Germany, Russia, the United Kingdom, the US and Iran..." (Click here for the article) - US, Iran

US DOJ Unveils New China Initiative | Thompson Hine

"On November 1, 2018, U.S. Attorney General Jeff Sessions announced the creation of a “China Initiative” aimed at identifying priority Chinese trade theft cases for investigation and enforcement." (Click here for the article) - US, China

Illicit Procurement Network Used Firms in China, Portugal, and Turkey to Supply Iran | Iran Watch

"A recently unsealed indictment provides detail on Iran’s use of deceptive practices to procure export controlled items with military applications from the United States and elsewhere. The indictment details an elaborate, multi-year conspiracy directed by an Iranian-born Canadian to procure such items for an Iranian firm, with help from co-conspirators in China, Portugal, and Turkey." (Click here for the article) - US, Iran, Canada, China, Portugal, Turkey

Romanian anti-corruption prosecutors targeted by new work requirements | Euractiv

"Romanian prosecutors said they feared for their jobs and the rule of law after a new government ordinance increasing the years of professional experience required of them was published...Prosecutors will now need at least 10 years experience to work in the country’s National Anti-corruption Directorate, the anti-mafia bureau or the Public Prosecutor’s office." (Click here for the article) - EU, Romania

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

GCSG's Weekly Compliance News feature 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.

EU and Japan to Recognize the Other’s Persona Data Protection System | JDSupra - K&L Gates LLP

"On 17 July 2018, the EU and Japan reached an agreement to recognize each other’s data protections systems as “equivalent”, and each commits to complete internal procedures by fall 2018 (the “Data Agreement”). Once adopted, this will allow businesses to transfer personal data from the European Economic Area to Japan and vice versa without being required to provide further additional safeguards for each transfer." (Click here for the article) - EU, Japan

Chinese Intelligence Officer Charged with Economic Espionage | US DOJ

"A Chinese Ministry of State Security (MSS) operative, Yanjun Xu, aka Qu Hui, aka Zhang Hui, has been arrested and charged with conspiring and attempting to commit economic espionage and steal trade secrets from multiple U.S. aviation and aerospace companies.  Xu was extradited to the United States yesterday." (Click here for the article) - USA, China

Cyber Tests Showed ‘Nearly All’ New Pentagon Weapons Vulnerable to Attack | NPR

"Passwords that took seconds to guess, or were never changed from their factory settings. Cyber vulnerabilities that were known, but never fixed. Those are two common problems plaguing some of the Department of Defense's newest weapons systems, according to the Government Accountability Office." (Click here for the article) - USA, China

Security firm uncovers new cyber group targeting government and military sectors | The Hill

"A new cyber group appears to have been targeting government and military organizations this past year as part of an espionage campaign, a security firm said on Wednesday." (Click here for the article) - Eastern Europe, Middle East

Oil Industry snubs EU effort to defy US sanctions on Iran | Financial Times

"Big European oil companies are spurning the EU’s attempt to shield Iranian crude from US sanctions because of fears the effort would leave businesses exposed to harsh penalties from the Trump administration." (Click here for the article) - Europe, Iran, USA

Mitigating Compliance Pitfalls in Manufacturing | Manufacturing.net

"The U.S. Department of Justice and the Securities and Exchange Commission have stepped up efforts recently to enforce the Foreign Corrupt Practices Act (FCPA). For manufacturers, this involves regulations surrounding exports and international conduct, including those related to U.S. economic sanctions and export control laws." (Click here for the article) - USA

French ports planning for ‘No-Deal’ Brexit | freightweek

"Norlink Ports, an association of 25 ports and inland gateways in the northern Hauts-de-France region, is planning measures to reduce the commercial impact of Britain leaving the European Union without a trade agreement." (Click here for the article) - UK, France, EU

Three Audit Employees Investigated in Probe of Vehicle Certifications | WSJ

"German prosecutors have launched an investigation into three employees of Volkswagen AG’s luxury car unit Audi suspected of falsifying documents to obtain roadworthiness certifications needed for vehicles to be exported to South Korea…" (Click here for the article) - Germany, South Korea

Countries Face Rising Exposure to Money Laundering | WSJ

"More countries are showing heightened risks of exposure to money laundering, according to an annual ranking of countries assessing their money-laundering risk." (Click here for the article) - Global

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

GCSG's Weekly Compliance News feature 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.

China Tariffs - List 3 Finalized and Taking Effect | Mitchell Silberberg & Knupp LLP

"At the end of the day on September 17, 2018, the U.S. Trade Representative issued notice that List 3 of the China tariffs has been finalized and takes effect with a 10% tariff on September 24, 2018." (Click here for the article) - USA, China

China eases up on winter smog fight as it battles American trade war headwinds  | SCMP

"China will be less severe with its smog curbs this winter as it grapples with slower economic growth and a trade war with the United States, according to a government plan released on Thursday." (Click here for the article) - USA, China

Ferraris, diamond rings: 3 men indicted in massive $364 million Ponzi scheme | USA Today

"Three men have been indicted in an alleged $364 million ponzi scheme that had more than 400 victims who funded their lavish lifestyle, featuring luxury cars, pricey homes and expensive jewelry, federal authorities said." (Click here for the article) - USA

Paris set to triumph as Europe’s post-Brexit trading hub | Financial Times

"Paris is emerging as the favored financial trading hub for continental Europe, as some of the world’s biggest banks and asset managers prepare for life after Brexit by steering their EU operations away from London to the French capital." (Click here for the article) - UK, France, European Union

US reaches trade deal with Canada and Mexico | Politico

"Trade ministers from the U.S., Mexico and Canada have reached a deal to revamp the North American Free Trade Agreement, the Trump administration announced late Sunday night." (Click here for the article) - USA, Mexico, Canada

Rules of Origin are too complicated | FOOD navigator

"Complex rules of origin labelling requirements inhibit trade and SMEs pay a particularly heavy price, trade bodies amfori and EuroCommerce warn. Speaking at a conference on rules of origin in Brussels, the heads of both associations argued that unless rules of origin requirements are reformed, they will continue to discourage European companies from taking advantage of ‘hard won concessions’ in free trade agreements." (Click here for the article) - European Union

North Korean hacking group tried to steal over $1Bn | FireEye

"This new FireEye report reveals a North Korean hacking group tried to steal over $1 billion from banks worldwide." (Click here for the article) - North Korea, Global

USMCA Provision Could Deter Trade Agreements with China | ST&R

"A provision in the updated NAFTA concluded this past weekend could make it more difficult for Canada and Mexico to pursue potential free trade agreements with China. Observers say the Trump administration could look to insert a similar provision in possible FTAs with the European Union and Japan as part of its effort to pressure Beijing to advance economic reforms." (Click here for the article) - USA, Mexico, Canada, China

Dubai enacts changes to anti-money laundering rules | The National

"The Dubai government has enacted changes to the Dubai International Financial Centre's anti-money laundering laws following a self-assessment of the free zone’s capacity to fight financial crime." (Click here for the article) - UAE

Hong Kong Freezes Chairman Assets, Alleges $1.3 Billion Con | Bloomberg

"Hong Kong’s securities regulator froze the assets of an unnamed chairman of a public company on suspicion of fraud totaling $1.3 billion. The person may have conducted two suspicious transactions to make significant profits, the Securities and Futures Commission said in a statement..." (Click here for the article) - Hong Kong, China

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

GCSG's Weekly Compliance News feature 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.

Europe, Russia and China join forces with a new mechanism to dodge Iran sanctions | CNBC

"In the latest sign of the growing divide between Washington and its allies, the European Union's foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions." (Click here for the article) - USA, Russia, China, European Union

China says US trying to force it to submit on trade as new tariffs kick in | Reuters

"The United States and China imposed fresh tariffs on each other’s goods on Monday as the world’s biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to hit global economic growth." (Click here for the article) - USA, China

Novartis links bonuses to ethics in bid to rebuild reputation | GAN Integrity Inc.

"Swiss drug maker Novartis has revealed its employees only get a bonus if they meet or exceed expectations for ethical behavior as it seeks to address past shortcomings that have damaged its reputation." (Click here for the article) - Switzerland, USA, South Korea, China

Japan mulls bilateral trade deal with U.S. | Reuters

"Japan is mulling a bilateral trade agreement with the United States that would lower tariffs on U.S. agriculture imports in exchange for avoiding higher tariffs on Japanese autos, the Nikkei newspaper said on Saturday." (Click here for the article) - Japan, USA

Potential NAFTA collapse poses major risk to Canada | Financial Post

"Canada’s economic growth could be pared by about a quarter next year if the North American Free Trade Agreement collapses, and the drag will be extended if an automobile trade war emerges, according to a new Conference Board forecast." (Click here for the article) - Canada, USA

British inquiry intensifies Danske Bank money laundering scandal | Reuters

"Danske Bank’s money laundering scandal spread on Friday to Britain where the National Crime Agency said it is investigating the use of UK-registered companies." (Click here for the article) - Finland, Denmark, Estonia, Russia, UK

BASF commits to complying with US sanctions on Iran | Politico

"German chemical giant BASF has made a firm commitment to comply with all U.S. sanctions against Iran, becoming the latest in a string of large European companies to back away from ambitious plans to invest in the Islamic Republic following Washington’s withdrawal from the Iran nuclear deal." (Click here for the article) - Germany, Iran, USA

US Sanctions Russia and China-based IT companies for connections to DPRK | WorldECR

"The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has sanctioned a Chinese IT company, its Russian counterpart and its North Korean CEO, targeting revenue repatriated to North Korea (‘DPRK’) through overseas IT workers." (Click here for the article) - Russia, China, North Korea, USA

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

GCSG's Weekly Compliance News feature 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.

US President signs miscellaneous tariff bill - eliminates tariffs | crowell moring

"On September 13, 2018, President Trump signed the Miscellaneous Tariff Bill (MTB) Act of 2018, which temporarily reduces or eliminates import duties on specified raw materials and intermediate products used in manufacturing that are not produced or available domestically." (Click here for the article) - USA

Danske Bank CEO quits over $234 billion money laundering scandal | Reuters

"Danske Bank’s chief executive Thomas Borgen resigned on Wednesday after an investigation revealed payments totaling 200 billion euros ($234 billion) through its small Estonian branch, many of which the bank said were suspicious." (Click here for the article) - Estonia, Russia, Denmark, European Union

U.S.’s Ross says China must decide on trade talks | CNBC

"It is up to Beijing to take the next steps on trade talks, U.S. Commerce Secretary Wilbur Ross said on Tuesday as China vowed to retaliate after U.S. President Donald Trump imposed initial duties on $200 billion worth of Chinese goods." (Click here for the article) - China, USA

US Legislation Gives BIS Greater Powers | WorldECR

"The US Department of Commerce’s Bureau of Industry and Security (‘BIS’) has been given statutory authority under the Export Control Reform Act (‘ECRA’), to control certain exports. The act was signed into law by President Trump on 13 August." (Click here for the article) - USA

Europe Moves to Target Money Laundering in Response to Scandals | WSJ

"Europe threw a one-two punch to fight money laundering on Wednesday, with the European Commission proposing enhanced powers for a regulator and lawmakers passing a package of new rules." (Click here for the article) - European Union

Foreign Bribery Rages Unchecked in over half of Global Trade | Transparency International

"Transparency International’s new report, Exporting Corruption, finds that only 11 major exporting countries - accounting for about a third of world exports - have active or moderate law enforcement against companies bribing abroad in order to gain mining rights, contracts for major construction projects, purchases of planes and other deals." (Click here for the article) - Global

Canada returning to NAFTA talks earlier than expected | CBC

"NAFTA talks are resuming at the decision-maker level sooner than expected, with Canada's foreign affairs minister set to return to Washington on Tuesday." (Click here for the article) - Canada, USA, Mexico

Weekly Compliance News - Around the World

/ Global Compliance Solutions Group LLC/

GCSG's Weekly Compliance News feature 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.

Retaliatory tariffs on US chem exports to China threaten $18Bn in economic harm | ICIS

"The $11Bn worth of tariffs on US chemical exports enacted by China put almost $18Bn in domestic activity at risk along with nearly 55,000 US jobs..." (Click here for the article) - USA, China

New Sanctions Against Russia Have Unfavorable Impact on Defense Sector | BakerHostetler

"the U.S. State Department published new sanctions against Russia based on the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 after determining that the government of Russia had used chemical weapons in violation of international law..." (Click here for the article) - USA, Russia

Trump Rejects EU Offer to Remove Tariffs on Industrial Goods | ST&R Trade Report

"President Trump said Aug. 30 that a European Union offer to remove all tariffs on two-way trade in automobiles and other industrial goods is "not good enough."  (Click here for the article) - USA, European Union

'Urgency' for Asia Pacific mega trade deal | CNBC

"While the administration of U.S. President Donald Trump is considering slapping another $200 billion in tariffs on Chinese goods, 16 economies in Asia Pacific are racing to conclude a mega trade deal that would become the largest trading bloc in the world." (Click here for the article) - 10 ASEAN nations plus China, Japan, South Korea, India, Australia, New Zealand, 

EU lifts five-year old restrictions on solar panels from China | South China Morning Post

"The European Union will end its five-year-old restrictions on solar panel imports from China, officials said on Monday, as Brussels and Beijing increase their own trade cooperation in the face of protectionist steps from the United States." (Click here for the article) - EU, China

Kim struggles to revive North Korean economy battered by sanctions | Nikkei Asian Review

"In the two and a half months since his historic summit with U.S. President Donald Trump, North Korean leader Kim Jong Un has temporarily shelved de-nuclearization talks in favor of inspecting farms and factories to underscore his focus on improving an economy hamstrung by years of sanctions." (Click here for the article) - USA, North Korea, South Korea

Trump reportedly wants to hit China with tariffs on $200Bn worth of goods | Business Insider

"Bloomberg reported Thursday that Trump had told aides that he wants to follow through on a threat to impose tariffs on another $200 billion worth of Chinese goods as early as next week. That would mean more than half of all Chinese imports would be subject to tariffs." (Click here for the article) - USA, China

China may soon regret slapping tariffs on US soybeans | CNN Money

"One of China's major moves in the trade war with the US is in danger of backfiring on its own farmers.  They're facing a potential shortage of soybeans, one of China's biggest imports from the United States, after Beijing slapped a 25% tariff on them last month in retaliation for US tariffs on a swath of Chinese goods." (Click here for the article) - USA, China

Former DP World Manager must pay Dh5 million fine over bribe plot | The National UAE

"A former DP World manager who sought bribes from two companies in exchange for helping them win lucrative construction projects has had her 18-month jail term upheld – and been told she must still pay a fine of nearly Dh5 million." (Click here for the article) - UAE

Wells Fargo bankers fired after falsifying dinner receipts | Fox Business

"Yet another scandal has reportedly broken out at Wells Fargo.  The bank has fired or suspended at least a dozen employees at its investment bank - Wells Fargo Securities - over allegations these individuals doctored after-hours dinner receipts..." (Click here for the article) - USA

An overview of the Danske Bank money laundering scandal | Berlingske Business

"Berlingske has spent more than a year investigating the extensive money laundering at Danske Bank. Here is an overview of the case – with links to the most important articles (some are in Danish)...For years, large and deeply suspicious money flows were channelled unhindered through Danske Bank’s branch in Estonia – in what experts say was in breach of anti-money laundering laws." (Click here for the article) - Denmark, Estonia, Russia