Weekly roundup: UK abandons Bribery Act changes, SNC-Lavalin settles corruption allegations, former Siemens Argentina CFO pleads guilty to bribery, and more
Stating "little evidence of corporate economic wrongdoing going unpunished", the UK government has abandoned plans to the strengthen the UK Bribery Act. In 2012, it stated that its options to prosecute corporate wrongdoing were limited and the number of convictions too low.
Canadian company SNC-Lavalin has agreed to pay $1.5 million to settle corruption allegations brought against it by the African Development Bank Group. Former employees have been accused of ordering illicit payments to public officials to secure two contracts with the bank in 2008 and 2010.
Managers of Apa Nova, which administers Bucharest's water supply and sewage systems, have allegedly bribed city officials to increase water prices. The company is controlled by French multinational Veolia.
A former CFO of Siemens Argentina has admitted conspiring to pay close to $100 million in bribes to government officials to gain a $1 billion contract under which a subsidiary of the company created national identity cards between 1998 and 2001. In 2008, Siemens AG and Siemens Argentina paid $448.5 million and $500 million respectively in fines for FCPA violations.
And finally, Prime Minister David Cameron has criticised some British overseas territories and crown dependencies for not doing enough to increase transparency in order to fight tax evasion and money laundering. During a trip to the Caribbean, he stated that, while some territories had made progress, others "are not moving anywhere near fast enough". Published earlier this year, Arachnys Compass, a survey of data transparency worldwide, shows that several British Overseas Territories have made little progress in opening up since the UK Government demanded more transparency from them in June 2013.
New sources: 67
Source of the week: The MENA Commercial Law Strengthening Project is an initiative of the Arab Center for the Development of the Rule of Law and Integrity. The website hosts a compendium of selected cases of commercial law in Lebanon, Tunisia, Yemen and the UAE.