Posted Friday January 29, 2016

Financial crime penalties raised in Guernsey, US loosens Cuba sanctions, Spain arrests 24 over public contracts corruption, and more

Your compliance news roundup as per usual. 

  • The maximum fine for money laundering and financing of terrorism has been raised to £4m in Guernsey. A report by the Council of Europe earlier this month had called on the crown dependency to strengthen penalties for financial institutions.

  • Reports filed to the UK Gambling Commission by betting shops between 2014 and 2015 provide evidence that these are often used for laundering money from illegal activities.

  • Police in Valencia arrested 24 people for awarding public work contracts in exchange for illegal commissions. The accused include the former head of Spain's Popular Party (PP) in the Valencia province as well as mayors and members of the regional government..

  • The US has further loosened its Cuba sanctions. This will to allow businesses to finance exports instead of requiring payment in advance, engage in public infrastructures projects, and ship more goods.

And finally, Transparency International published its Corruption Perception Index 2015, a yearly ranking of perceived public sector graft in 168 countries based on expert opinions. Denmark, Finland and Sweden perform best in the ranking, while Afghanistan, North Korea and Somalia came out last and are perceived to be the most corrupt countries worldwide. Overall, more countries have seen their scores improve than deteriorate. A notable exception is Brazil, which dropped seven positions due to the on-going Petrobras corruption scandal. The reports points out that in many countries in 2015, people took to the streets to protest against corruption, suggesting that citizens are no longer ready to accept corruption in the public sector, which causes harm to individuals and society in general alike.

Arachnys update

Source of the week: The International Centre for Investigative Journalism (ICIR) is an independent, non-profit investigative journalism news agency based in Abuja, Nigeria. It publishes reports and articles on a wide range of topics.

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