Anti-Corruption & Fraud - Weekly Industry News

UK Bribery Act, By Daniel Hunter, Posted on FreshBusinessThinking.com

Only 17% of UK accountants believe the UK Bribery Act 2010 has given confidence to small and medium-sized businesses (SMBs) that they will not have to compete with or encounter corrupt business practices, a research report from ACCA (the Association of Chartered Certified Accountants) reveals today (Tuesday). Combating bribery in the SME sector: the UK findings polled ACCA’s UK membership to revisit original research conducted in 2007. [Read More…]

UK bribery: construction in the cross-hairs, By Eoin O’Shea, Charles Hewetson, Rosanne Kay and George Brown, Posted on Lexology

The UK’s Serious Fraud Office has made clear that its anti-bribery investigations are focussed on two industries in particular: construction and energy. Construction firms especially are under-prepared for the risks which this new approach will bring, and need to take action quickly. Making a Clean Sweep In a recent speech, David Green, Director of the SFO, said that the agency would adopt a “sweep” approach and focus on specific industries. The sweep approach involves seeking out intelligence, including by covert means, to identify businesses which might be breaking the law. [Read More…]

Govt cracks down on union corruption, Posted on Sky News

Unions that mismanage members’ money could face fines of more than $1 million under new federal legislation to crack down on bad behaviour. The coalition government had foreshadowed the move, saying union officials should face the same penalties as company directors. Government house leader Christopher Pyne introduced the legislation on Thursday in parliament and linked the move to allegations of misuse of Health Services Union member’s funds against former Labor MP Craig Thomson and party boss Michael Williamson.[Read More…]

Plea to foreign anti-corruption agencies: Do your homework on Ukraine, By Halyna Senyk, Posted on Kyiv Post

The release of the Organized Crime Observatory interim report on corruption and organized crime in Ukraine earlier this month makes one wonder whether at least some foreign experts help or hurt fighting corruption. The Organized Crime Observatory is a Swiss-based nongovernmental organization commissioned by the European Commission to do a thorough research on corruption and organized crime in Ukraine in order to inform the European Union on the readiness of Ukraine to sign the association agreement. Those who knew about the world-class experts engaged in this report, such as Louise Shelley, Judith Deane or Pedro Gomez Pereira, were dying in anticipation to see it. [Read More…]

World Bank President Jim Yong Kim Makes Pitch To CEOs For Africa Investment: WSJ CEO Council, By Nat Rudarakanchana, Posted on International Business Times

World Bank President Jim Yong Kim touted African economies and investments on Tuesday, inviting dozens of U.S. CEOs to explore African investment opportunities with him at an annual summit of business executives. “If you look back, over the last five or six years, even Africa had over 5 percent growth rates,” said Kim at the Wall Street Journal’s CEO Council in Washington, D.C., on Tuesday, highlighting bright spots among emerging economies. He pointed to the West African nation of Burkina Faso as one interesting spot, with “great” leadership and a growing private sector. [Read More…]