Arachnys

Arachnys 

Posted Friday May 15, 2015
 

Weekly roundup

Weekly roundup: Corruption crisis in Guatemala widens, Swiss private bank settles with DOJ and more

  • After last week’s resignation of vice-president Baldetti, the corruption crisis in Guatemala shows signs of further escalation: protests planned for Saturday will raise pressure on President Otto Pérez Molina.
  • Britain’s new Conservative majority government is facing key decisions on prosecution of white-collar crime. Eric Pickles was appointed Anti-Corruption Champion, however this is no longer considered a cabinet-rank role.
  • A second Swiss private bank has reached a resolution with the DOJ through its voluntary disclosure program. Vadian Bank agreed to pay a $4.25m fine after helping 70 American taxpayers to move their accounts from UBS.
  • UAE is preparing to create an anti-corruption unit within the Abu Dhabi Accountability Authority, following a directive issued by Crown Prince Mohamed bin Zayed.

And finally, The Economist has published a piece on the current state of anti-bribery prosecutions worldwide. Recent investigations as well as settlements have raised questions over whether the FCPA-centric enforcement regime delivers justice and creates the right incentives for those under suspicion. The author also notes that, until 2007, no fine under the FCPA exceeded $50m, whereas now fines are often up to ten times this sum.

Arachnys weekly update

New sources: 75

Source of the week: Abidjan.net, a conservative Ivorian newspaper, publishes obligatory legal announcements. These include notices of incorporation, liquidation and sales.

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