Posted Friday January 15, 2016

FinCEN to track beneficial owners in luxury real estate, UK SFO issues fine on foreign bribery charges, and more

Catch up on the most important industry news.

  • The UK Serious Fraud Office has issued a £2.2m fine against British printer Smith and Ouzman on foreign bribery offenses committed in Kenya and Mauritania.
  • The UK High Court in London ordered convicted money launderer Herbert Charles Austin to hand over £4.7mn of criminal proceedings recovered in a fraud targeting German Commerzbank 15 years ago.
  • The EU extended the temporary lifting of Iran sanctions agreed upon in the Joint Plan of Action until January 28, 2016. The US Office of Foreign Asset Control is expected to lift the secondary nuclear- and economic-related sanctions against Iran next week at the latest.

And finally, the world’s largest sovereign wealth fund announced it will sell its $15m stake in the Chinese telecom giant ZTE due to concerns over corruption risk. The Norwegian government pension fund’s divestment decision was based on an assessment of corruption allegations against ZTE Corruption in 18 countries. The Global Anticorruption Blog comments that the investor is setting two important precedents by providing a model report of the company’s illegal proceedings and by showing that “some companies are simply too corrupt to merit investment”.

Arachnys update

Source of the week: The Ivorian Corporate Registry publishes legal notices about formations of companies, which includes its registration number, name of directors, information about capital and address. The archive goes back to 2013.

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