New York Raises Bar on AML and Sanctions Programs

Some US and foreign banks with New York offices will soon face the challenge of proving that their transaction monitoring and sanctions filtering programs for catching criminal activity really work. The New York Department of Financial Services (DFS) believes that although banks and banking-regulated institutions may already have AML programs, there are still too many illegal…

FRC responds to Green Paper on Corporate Governance Reforms

The interests of stakeholders, executive remuneration, the accountability of large private companies and effective enforcement are key themes in the FRC’s response to the Government’s Green paper on Corporate Governance reforms. The UK corporate governance framework is respected worldwide and any changes need to build on its current strengths including the unitary board and the ‘comply or…

Anti-Bribery Enforcement Actions Increase Across The Globe: Prosecutors Crack Down On Corruption

A new report by TRACE International finds that enforcement actions against bribing government officials are rising globally. In its 2016 Global Enforcement Report, the anti-bribery organization observes a doubling in US enforcements last year and non-US actions doubled since 2015. “2016 was a record year for global anti-bribery enforcement,” said Alexandra Wrage, president of TRACE…

Americas: Sometimes bad news is good news

Regional analysis by Jessica Ebrard, Transparency International It is not always bad to have headlines about corruption. From the Panama Papers in April to the record US$3.5 billion Odebrecht settlement in Brazil in December, 2016 was a good year in the fight against corruption in the Americas. The Panama Papers revealed that a Panamanian law…

State Street to 3,500 boards: embrace gender diversity

To commemorate International Women’s Day on March 8, and celebrate the one-year anniversary of its Gender Diversity Index ETF, State Street Global Advisors is calling upon more than 3,500 companies it invests in “to take intentional steps to increase the number of women on their corporate boards.” Companies that SSGA, the asset management business of…

Corruption and inequality: how populists mislead people

Analysis by Finn Heinrich, Transparency International With the launch of Transparency International’s Corruption Perceptions Index 2016 just five days after Donald Trump’s inauguration as US President, it’s timely to look at the links between populism, socio-economic malaise and the anti-corruption agenda. Indeed, Trump and many other populist leaders regularly make a connection between a “corrupt…