The May roundup of enforcement actions, TRACE news and events and this month's highlights.   




May 2017 

This Month's Highlights

TRACE Membership can enhance your due diligence and gifts and hospitality procedures, learn howTRACE has released its latest publication, What you Should Know About Anti-Bribery Compliance – have you downloaded your free chapter? The U.K. Serious Fraud office confirms they are investigating Petrofac Limited, in the latest development in the Unaoil scandal. Read more about the latest enforcement actions in the Compendium Roundup. May marks the one year anniversary of TRACEpublic, the first global register of beneficial ownership. Continue reading for regulatory updates on South Korea and Mauritius.  

Spotlight On: Gifts and Hospitality Risk Management   

Reduce the time and effort spent on managing travel and entertainment corruption risks with TRACEgifts, our secure, online gifts and hospitality tracking system. Access to TRACEgifts is one of the many benefits of TRACE membership

TRACE Member Companies enjoy complimentary access to TRACEgifts, through our Third Party Risk Management System (TPMS), a scalable and easy to use platform for managing due diligence on an unlimited number of third party intermediaries. Manage your anti-bribery compliance program in one place and deploy a global gifts and hospitality program with these platforms.

To learn more or to schedule a TRACEgifts demo, email or call (+1) 410.990.0076

Compendium Roundup

There were several new investigations announced this month. The U.K. Serious Fraud Office (“SFO”) confirmed that it is investigating Petrofac Limited for bribery, corruption and money laundering in connection with Unaoil. The SFO and the U.S. Department of Justice and Securities and Exchange Commission have begun investigating Amec Foster Wheeler’s use of agents. CAS-Global Ltd. is being investigated by U.S. and U.K. authorities concerning the sale of decommissioned naval vessels to a company controlled by a Nigerian warlord. And Malawi authorities are investigating unexplained payments made by RAK Gas in connection with oil block production sharing agreements in Malawi.

Visit the compendium to view the complete entries, and subscribe to receive the alerts in your inbox. 

TRACE News and Press

The Morning Risk Report: Unaoil Concentrates Third-Party Risk
Third parties expose companies operating in foreign markets to a variety of bribery risks, especially if proper due diligence is not conducted.
Samuel Rubenfeld, WSJ Risk & Compliance Journal, May 15 2017

One Belt, One Road, Many Bribes?
A discussion of bribery risks related to China’s One Belt, One Road (OBOR) initiative.
Alexandra Wrage, Forbes, May 23 2017

Q&A Series on Anti-Bribery Compliance, Part 3: Advice For Companies Operating in Colombia
Anti-bribery compliance advice for companies operating in Colombia, which scores 51/moderate risk on the TRACE Matrix.
TRACE, Corporate Compliance Insights, May 26 2017

New from TRACE: What you Should Know About Anti-Bribery Compliance

What You Should Know About Anti-Bribery Compliance provides compliance professionals with practical guidance on key anti-bribery issues. Topics include international due diligence standards, facilitation payments, training, individual liability and accounting provisions.

Download Chapter 8, What You Should Know About Cost Effective Compliance, for free. If you would like to purchase the book you can do so on Amazon.

TRACE Members enjoy complimentary access to TRACE publications, in addition to a host of other practical benefits. Download our membership brochure to learn more.

TRACE Events and Webinars

Register now for the latest TRACE webinar. 

Navigating Changing EU Data Privacy Regulations and Compliance Challenges
Date: Thursday, 15 June 2017
Time*: 1:00pm - 2:00pm EST;
6:00pm - 7:00pm GMT+1
Presenter: Mark Webber, US Managing Partner, Fieldfisher

  Register Now  

Bookmark our upcoming events and webinars pages below to be the first to know when new locations and dates are announced.


TRACEpublic: Find Ultimate Beneficial Owners 

In May 2016, TRACE launched TRACEpublic the first global register of beneficial ownership.

TRACEpublic supports the efforts of companies seeking to conduct business ethically and complete meaningful due diligence. Over the last year the database has grown to include beneficial ownership information on thousands of companies in over 150 countries.

To share your information, register a business or conduct a search, visit TRACEpublic

Regulatory Updates


The Act on Prohibition of Illegal Solicitation and Receipt of Money and Other Valuables Etc. became effective September 28, 2016. It prohibits government officials and their spouses from receiving, requesting, or being promised to receive money, other valuables, food & drink, etc. of a value exceeding 1 million KRW (approx. $900 USD) at one time, or 3 million KRW (approx. $2,670 USD) in one fiscal year from the same person. This restriction applies regardless of whether or not the money or item given is relevant to the government official’s duties or given as a donation, gift, or for any other reason. There are a few exceptions to this restriction. The following statutes have since been amended in accordance with the implementation of the aforementioned Act: the Implementation Decree for Conduct of Ministry of National Defense Officials (Article 14), the Implementation Decree for Conduct of Defense Acquisition Program Administration (Article 14), and the Implementation Decree for Conduct of the Public Procurement Service (Article 14). There are still reporting requirements for gifts to government officials valuing more than 100,000 KRW (approx. $100 USD) from any foreign person or entity.

The new National Code of Corporate Governance for Mauritius (2016) states that the company’s board bears the responsibility of setting an appropriate system of internal controls and providing reasonable assurances that the control objectives are attained. The new Code also requires all public companies to implement the rules contained within the Code and to report on their compliance in their annual reports.

May 2017 Quiz: Test your Knowledge!

Are you up-to-date on this month's anti-bribery news?
Take the TRACE quiz to find out. 


Risk-Based Due Diligence

Streamline your due diligence procedures and shift screening costs to third parties. Learn more.


TRACE Matrix

Assess business bribery risk in 199 countries with the TRACE Matrix. Learn more.



Share and search beneficial ownership information at no cost. Learn more.

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