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Arachnys country audits offer an up to date, deep dive investigation into the data and regulatory landscapes of key markets worldwide.

The reports analyse sources such as corporate registries, news and litigation with the aim to educate you about the availability, quality and challenges associated with the data in each market. Some of the regions we have covered so far are Brazil, China, UAE and Nigeria.

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Barclays Bank settled with OFAC, UK joint fraud taskforce launched, France plans stronger anti-bribery legislation, and more

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 Here are the latest compliance news from around the web.
  • The Egmont Group – a global grouping of over 150 national Financial Intelligence Units – issued new best practice guidance on combating terrorist financing. A key recommendation was that FIUs should share indicators of terrorist financing with industry partners.
  • Barclays Bank has reached a settlement with OFAC, agreeing to pay just under $2.5m for facilitating payments on behalf of corporate customers on the agency’s Zimbabwe-related sanctions list. The violating transactions, the majority of which were payments by the Industrial Development Corporation of Zimbabwe, took place between 2008 and 2013 and totalled over $3.5m.
  • The United Kingdom launched a joint fraud taskforce comprising representatives from government, law enforcement and banking. The group will facilitate intelligence sharing between banks and law enforcement and will publish a financial fraud ‘most wanted’ list.
And finally, Daniel Kadar and Caroline Gourand of Reed Smith write that France is soon to present new draft anti-bribery legislation to the State Council. France has repeatedly been criticised by the OECD for failing to successfully pursue bribery convictions and has made little progress in empowering their anti-corruption agency. The draft legislation would, for the first time, oblige larger companies to implement compliance programmes and could introduce criminal offences for failure to do so.

Arachnys update

Source of the week: ASIC’s banned and disqualified organisations register lists Australian entities that are banned or disqualified from engaging in credit activities or providing financial services.

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