Weekly roundup: China pursues economic fugitives, Paypal settles alleged sanctions violations case, and more
- China has handed the US a list of 150 “economic fugitives” believed to have fled there. The move comes as part of Xi Jinping’s wider campaign against corruption, which last year saw 500 suspects repatriated to China.
- Paypal has agreed a $7.7 million settlement with the US Treasury Department over alleged sanctions violations. Paypal processed 486 transactions totalling almost $44,000, in breach of sanctions against countries including Cuba, Iran and Sudan.
- A former Bechtel vice President has been sentenced to 42 months in jail for accepting $5.2 million in bribes. Asem Elgawhary has admitted to receiving payments from three power companies to manipulate the bidding process for power contracts in Egypt.
- The Romanian parliament has approved the arrest of former finance minister, Darius Valcov, on corruption charges. Valcov has been accused of accepting €2 million for favouring a firm for a public works contract.
And finally, the UK’s Financial Conduct Authority have published their business plan for 2015/2016, indicating a continued focus on corporate culture and financial crime. Financial crime replaces rapid house price growth in their list of top seven risks, with emphasis on anti-money laundering and anti-bribery and corruption measures. Individual accountability was highlighted as a key priority, with particular attention paid to actions against individuals and senior management responsibility.
Arachnys weekly update:
New sources: 71
Sources of the week: The Greek General Commercial Registry is a corporate registry providing information on registered businesses in Greece.
The California Publicly Traded Disclosure Search allows users to search for all publicly traded corporations that have filed a Corporate Disclosure Statement with the Secretary of State. This can include shareholder information.