By Samuel Rubenfeld
Transparency International accused the Reserve Bank of Australia of covering up bribery by its currency note-printing business. Though no RBA officials or staff have been charged, allegations of suppressing evidence have been swirling. The bank didn’t appear to be contacted for comment. More here. (NineMSN, The Australian)
corruption and bribery
The defense in Brazil’s landmark alleged vote-buying trial rejected the charges against the main defendants. (InfosurHoy)
A Nigerian House member is set to go on trial for allegedly taking a $620,000 bribe to exclude a company from investigation amid a probe into abuse of an oil subsidy. (The Nation Nigeria)
An Indonesian politician and businesswoman was named a suspect in a bribery trial. Her lawyer denied allegations of extortion in the case. (Jakarta Post)
The FCPA Blog picks up the Pfizer case, noting it made their top-10 disgorgement list, and sees corruption scandals hitting Austria. The weekly China corruption blotter is also featured.
The FCPA Professor digs deep into the Pfizer settlement documents. Mike Volkov focuses on a single employee’s role in compliance. Jim McGrath says Bank of America should continue cooperating. Tom Fox learns some lessons from Gibson Guitars.
Jury selection in the Kwame Kilpatrick trial is scheduled to begin. (Detroit News)
More coverage of Pfizer’s $60 million settlement over FCPA allegations is here, here and here. More coverage over logistics company concerns about the U.K. Bribery Act is here. (Washington Post, NY Times, CorpWatch, Supply Chain Digital)
Some in the U.K. are taking offense to the recent raft of scandals being exposed in the U.S. involving U.K. banks. Their reputations have been dragged through the mud. The governor of the Bank of England doesn’t see malicious intent. Should the U.S. be able to tell foreign banks with whom they can do business? Standard Chartered won’t be the last bank hit by the U.S. More here, here and here. (Daily Telegraph, Guardian, AP, Wall Street Journal, Dow Jones Newswires, American Banker, Financial Times sub req, Daily Telegraph, FoxBusiness, City AM)
Regulators at the Federal Reserve and Treasury Department are angry at the New York State Department of Financial Services for the report into Standard Chartered. Another profile of Benjamin Lawsky, the man behind the report, is here. (Reuters, NY Times, City AM)
Meanwhile, Standard Chartered has accelerated settlement talks with federal regulators that could result in the bank paying a fine. The bank, stunned by the report, isn’t so smug now. (Wall Street Journal, Financial Times sub req, Financial Times sub req)
The Standard Chartered money-laundering scandal shows federal regulators were missing-in-action. Are they doing enough to prevent bank money-laundering? More here. (Economic Populist, Washington Post, news release)
Analysts reacted to the Standard Chartered scandal. Shares of Standard Chartered pared some of their Tuesday losses in Wednesday’s trading. A Q/A on the scandal is available here. More here. (WSJ Deal Journal, Guardian, BBC, Wall Street Journal)
A Canadian businessman who pleaded guilty in the U.S. to money laundering was able to continue hobnobbing with members of Canada’s parliament because his agreement was sealed as he cooperated in a separate case. Separately, Canada is updating its corporate governance guidelines. (Postmedia News, Globe and Mail)
The poker angle from the latest Las Vegas Sands scandal is available here. (Online Poker)
A Pakistani politician vowed legal action against a political party accusing him of money laundering. (Express Tribune)
Planet Money teaches its listeners how to open an offshore company in a tax haven. (NPR)
“Willful” abuses tied to TD Bank’s anti-money laundering controls led a U.S. judge to rule that it will bring massive costs to the bank. (ACFCS)
An Israeli government watchdog said non-profits are being used to launder money. (Haaretz)
Sudan passed an anti-money laundering and counter-terrorist finance order into law. (Sudan Radio Service)
Sanctions:
Iran’s oil sales are stabilizing as Tehran entices buyers with discounts and barter, but new U.S. restrictions could cut that sales route off as well. (Wall Street Journal)
The U.S. is seeking $3 billion from foreign countries to foot an oil agreement between Sudan and South Sudan because it can’t pay the bill due to sanctions. (Financial Times sub req)
Iran pledged its support to the Syrian regime as it pounded Aleppo. The rebels aren’t to blame for the violence. More here, here and here. (Washington Post, Al Monitor, Al Jazeera, Christian Science Monitor, Wall Street Journal)
South Africa’s MTN Group Ltd., which reported earnings Wednesday, said it’s working with the U.S. and Iran to repatriate money it has in the country but can’t get out due to sanctions. (Wall Street Journal, Reuters)
Two of India’s largest shipping companies that carry crude from Iran have yet to be able to find suitable insurance coverage. More here. (Wall Street Journal, Reuters)
African states threatened sanctions against those perpetrating violence in Congo. (Dow Jones Newswires)
Whistleblowers:
The informant at the center of the Fast & Furious scandal settled his retaliation claim against the Bureau of Alcohol, Tobacco and Firearms. More here. (Main Justice, NPR)
General Anti-Corruption:
There’s been a sharp increase in settlements between the U.S. and companies over corporate fraud but a notable paucity of punishments for individual executives. (NY Times)
The latest on India’s anti-corruption movement, led by Team Anna joining the political sphere is here and here. (Bloomberg, Time)
Pakistan’s supreme court summoned the new prime minister to appear for a contempt hearing for not pushing Switzerland to reopen a corruption case against the president. More here and here. (AFP, Reuters, AP)
FIFA denied allegations made by a former soccer anti-corruption official that the governing body is investigating possible match-fixing at the 2010 World Cup. More here and here. (UKPA, Football 365, ESPN Soccernet)
The Church of England sold its shares of News Corp., which publishes this blog, over the phone hacking scandal. (The Wrap)
More coverage of the settlement struck by Academi LLC, the company formerly known as Blackwater, is here, here and here. More on former Illinois Gov. George Ryan’s failed appeal is here. (Main Justice, AP, Corporate Crime Reporter, Reuters)
This article was written by Samuel Rubenfeld and originally published on wsj
