The June roundup of enforcement actions, TRACE news and events and this month's highlights.   
 
 
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June 2017 


This Month's Highlights

TRACE announced the winners of its 2017 Prize for Investigative ReportingA Russian subsidiary of Teva Pharmaceutical Industries Ltd pleaded guilty in U.S. federal court to conspiracy to violate the FCPA. TRACE’s animated anti-corruption series, Bribe Busters, has been used as a tool by the Economic and Financial Crimes Commission of Nigeria to raise awareness and educate youth. Continue reading to test your compliance knowledge in the monthly quiz.

Spotlight On: TRACEsort   

TRACEsort makes it easy for organizations to collect and assess third party risk information through multilingual standard or customized questionnaires. The software integrates seamlessly with TRACE risk-based due diligence services, allowing users to designate risk tiers and initiate the due diligence process automatically upon completion of the assessment. TRACEsort enables users to consistently rank vendor relationships by risk and create an audit trail.

TRACEsort is one of many innovative tools included with TRACE Membership. Schedule a demo and learn how TRACEsort can benefit your organization.

Compendium Roundup

At the start of the month, German authorities imposed a penalty of EUR 48 million on Atlas Elektronik GmbH based on allegations that employees of the company had paid bribes to intermediaries in Greece and Peru to help secure military contracts. The penalty equaled the amount found to have been earned from those contracts. On 16 June, the U.S. Department of Justice closed its investigation into two Linde Group companies, which had allegedly agreed to share profits with officials from a state-owned entity in Georgia in exchange for purchasing equipment to produce boron gas. The declination was made pursuant to the DOJ’s “Pilot Program,” and included an agreement by the companies to disgorge and forfeit more than USD 11.2 million. Meanwhile, a Russian subsidiary of Teva Pharmaceutical Industries Ltd pleaded guilty in U.S. federal court to conspiracy to violate the FCPA. Coming several months after the parent company had settled related matters with federal authorities, the subsidiary’s plea agreement did not include any monetary penalty, but only an obligation to follow the terms of the parent company’s deferred-prosecution agreement.

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

TRACE News and Press

Killing the Corrupt: Duterte’s Other Death Squads
President Duterte of the Philippines has expanded extra-judicial killings to include those suspected of corruption
Alexandra Wrage, Forbes, June 1 2017

Justice Dept. Seeks ‘Compliance Whisperer’ With Experience
The Justice Department’s fraud section is looking for a replacement compliance counsel. Experts including Alexandra Wrage discuss what they want in a candidate.
Liz Crampton, Bloomberg BNA, June 16 2017

ICIJ and Dorothee Myriam Kellou awarded 2017 TRACE Prize for Investigative Reporting
We cannot fight the problem of corruption if we cannot see it – TRACE awards two winners and two honorable mentions in the 2017 TRACE Prize for Investigative Reporting.
Alexandra Wrage, The FCPA Blog, June 21 2017

EFCC Rewards Youth Anti-Corruption Creativity Through Arts
The Economic and Financial Crimes Commission in partnership with the Creative Youth Initiative Against Corruption awarded laptops pre-loaded with TRACE’s Bribe Busters series to children who were winners of the three months intensive programme to curb corruption through creative development.
EFCC, 22 June 2017
 


New from TRACE: Bribe, Swindle or Steal 

Bribe, Swindle or Steal is hosted by TRACE President Alexandra Wrage and explores the world of financial crime – corruption, fraud, money laundering and sanctions. Through interviews with investigative reporters, business people and prosecutors, Alexandra examines different angles of financial crime and discusses what motivates people to break the law, how wrongdoers cover their tracks and what can be done to put a stop to the looting.

Past episodes have covered topics from the criminal financial schemes of Madoff and Belfort, to the astonishing corruption and self-dealing within FIFA.

New episodes of Bribe, Swindle or Steal are available on the TRACE website and on iTunes every Wednesday.

Do you have a topic you would like to hear about? Write to our press team.


Regulatory Updates

GEORGIA
 
 
As of 1st July 2017, Georgia will put into effect a new Law on Public Service, which amends and replaces the existing Law. The new Law on Public Service defines several categories of public employees and outlines the parameters for who shall perform public services.
 
As of 1st July, the Law on Public Service will no longer govern engagements with the public sector. On 1st July, the Law of Georgia on Conflict of Interest and Corruption in Public Sector will be renamed the Law of Georgia on Conflict of Interest in Public Institutions. The new Law of Georgia on Conflict of Interest in Public Institutions will govern engagements with the public sector. In particular, for 3 years after a state public servant leaves his or her post, this Law restricts such state public servants from being employed by or receiving income from state institutions or commercial companies that were under their supervision during the final 3 years of their public service.


June 2017 Quiz: Test your Knowledge!

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

 



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