Weekly roundup: Russian sanctions continue, banks argue US PEP interpretations too broad, India proposes tougher anti-bribery law and more
- Following investigations by the Securities and Exchange Commission into allegations of politically influenced hirings at American banks, there are growing complaints that US regulators are interpreting anti-bribery provisions on employing relatives of politically exposed persons (PEPs) too aggressively.
- India’s Cabinet proposes an amendment to the 1988 Prevention of Corruption Act, now before the upper house of Parliament, which would make companies liable if employees bribe public officials. The proposal also includes corporate anti-bribery guidelines, modelled on the 2010 UK Bribery Act.
- France is investigating how Rifaat Assad amassed a $100mn fortune after fleeing Syria ‘with nothing’ in the 1980s following an unsuccessful coup attempt against his brother Hafez.
- During a press conference in Warsaw, European governments suggested sanctions against Russia would be maintained for the foreseeable future, and reiterated that lifting the sanctions would be contingent on Russia meeting its obligations under the Minsk agreement.
And finally, Transparency International’s Defence and Security programme this week published its Defence Companies Anti-Corruption Index, assessing the ethics and anti-corruption efforts of 163 companies in 47 countries using both internal and publicly available information. Search detailed company profiles for the world’s largest defence corporations.
Arachnys weekly update
New sources: 147
Source of the week: The South African Financial Intelligence Centre publishes information on sanctions and enforcement actions taken against South African entities.