Financial Crime Online

Ikea has always had the reputation to combat corruption to the max. It launched its first store in Russia in 2000. That launch was hindered by bureaucracy  and ‘bribe seeking’ attention from local officials. 7 years later, Ikea still faces the same hurdles each time it opens a store location:
The store’s opening has reportedly been [...]

This week the FBI announced the results of one of the largest FCPA investigation ever. Moreover, it was a full scale undercover investigation; for FCPA cases that is a large step.

“This ongoing investigation is the first large-scale use of undercover law enforcement techniques to uncover FCPA violations and the largest action ever undertaken by [...]

A disaster earthquake hit Haiti. Over a 110.000 people lost their lives. A lot more are homeless and without all basic needs. The world is helping by donating food. And money. Life has always been tough in Haiti, except for the lucky few.
Corruption is a big issue in Haiti. In 2006 it was rated as [...]

A Chicago police sergeant who heads a local sergeants association has been arrested on charges he stole more than $600,000 from the organization.
Prosecutors allege he made withdrawals and wrote checks payable to himself on the association’s bank account. He allegedly laundered the proceeds to his personal credit card and bank accounts.
Authorities claim the CPD sergeant [...]

Or to rephrase this headline : “US Army and Air Force Exchange Service (AAFES) staff accepting bribes from Korean businessman”. And as always: taking bribes does not lead to the optimal choice. The increased vigilance related to procurement in the armed forces is (unfortunately) absolutely necessary to make sure the armed forces get what they [...]

Former US congressman Jefferson, famously caught with $90,000 in cash in his freezer, has been sentenced to 13 years for bribery and money laundering. The money, wrapped in foil and hidden in boxes of pie crust, were in fact bribes stored for a later moment. The fridge and freezer rank high in the list of [...]

The United Nations (UN) has said political corruption costs governments about $1.6tn (yes: $ 1.600.000 million) worldwide every year. The money is lost in public assets moved across borders via money-laundering or undeclared holdings. The figure comes as the UN, World Bank and other watchdog meet in Doha, Qatar, to try to give a four-year-old [...]

Sometimes the price of corruption is quite transparent. At least for the businessmen who are being ‘forced’ to pay the bribes. Forbes ran an interesting article on corruption issues related to a (privately owned) coal mine in China. The owner estimated the corruption costs at 20% of his total operating costs.
“..The inspection teams who went [...]

Some intriguing details were published of a suspected money laundering scheme that may have benefited a Taiwan ex-president and his family — under an arrangement that could have links to terrorist cells, and that allegedly involved a bank in Palau.
The Chens, former first family of Taiwan, are suspected of funneling as much as $45 million [...]

According to the Department of Justice, Californina based company Control Components Inc. (CCI) pleaded guilty to violations of the Foreign Corrupt Practices Act. CCI apparently bribed officials and employees of state owned companies in 36 countries such as China, Korea, Malaysia and UAE. CCI agreed to pay a $18 million criminal fine and to set [...]