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.
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
