Weekly roundup: Colombian prosecutors target Ecopetrol, EU responds to LuxLeaks with new transparency measures, and more
- Colombian prosecutors have charged six former or current employees of state oil company Ecopetrol with accepting $800,000 worth of bribes from oil services company PetroTiger in exchange for contracts. This follows last year’s lawsuit by the US government against PetroTiger CEO Joseph Sigelman on similar charges.
- Switzerland will return $380m seized from former ruler Sani Abacha to the Nigerian government. The transfer will be supervised by the World Bank and will end a 16-year long case against the Abacha family.
- The EU Commission has announced a set of tax transparency initiatives aimed at curbing corporate tax avoidance. The proposals, considered by the Financial Transparency Coalition to be a weak response to LuxLeaks, include a requirement for member states to automatically share tax rulings.
- The UK’s Financial Conduct Authority has published policies intended to improve personal accountability in the financial sector, and confirmed that non-executive directors will not fall under its new “Senior Managers Regime”.
And finally, a survey by Dow Jones Risk and Compliance and the Association of Certified Anti-Money Laundering Specialists reveals that banks are still cutting lines of business, despite calls by regulators to adopt a risk-based approach to compliance challenges. Echoing the findings of the roundtable event Arachnys held last month, the survey also finds that increased expectations by regulators, and having enough trained staff are among the most important challenges faced by compliance professionals today.
Arachnys weekly update:
New sources: 79
Source of the week: The Federal Bureau of Prisons inmate locator provides information on current and former inmates within the US Federal prison system.