Posted Friday November 20, 2015

Irish central bank calls for AML/CTF improvements, Kenya arrests over 20 on corruption charges, Brazil prosecutors focus on foreign companies, and more

  • Kenya's Ethics and Anti-Corruption Commission (EACC) has arrested 20 people, including two heads of state-owned companies, while seven others are still wanted. The individuals work in procurement, an area estimated to relate to 70 percent of corruption cases in the country.    

  • new report from Ireland's central bank alleges that investment firms are not doing enough to manage money-laundering and terrorist financing risk. Among the issues identified were lack of oversight of service providers who carry out AML/CTF functions on behalf of firms, and deficiencies in the on-boarding of PEPs.

  • Prosecutors in Brazil increasingly focus on foreign companies as part of their investigations into the Petrobras corruption scandal. They have identified 285 foreign companies that have done business with individuals linked to the company.

  • The president of the Dinamo Zagreb football club has been arrested on tax evasion and bribery charges. He is believed to have taken undeclared commission fees from player transfers.

And finally, one year after G20 governments committed to increase transparency around beneficial ownership, a new report by Transparency International examines the legal frameworks around corporate transparency in G20 countries. The UK was the only G20 member with a framework evaluated as 'very strong', due to plans to create a central beneficial ownership registry, while the US, Canada, Brazil, China and South Korea and Australia were found to have weak frameworks with respect to the G20 Beneficial Ownership Transparency Principles.   


Arachnys update

Arachnys and Dow Jones have formed a partnership bringing together Arachnys’ D3 award-winning global due diligence platform with Dow Jones data. The partnership creates an enhanced end-to-end product which will enable users to conduct smarter and faster due diligence checks, ultimately reducing compliance risk.

New sources: 7

Source of the week: The High Court of Lima publishes decisions from its commercial section through the Judiciary of Peru website, which also makes decisions from the country's supreme court availble online.

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