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FCPA Blog Daily News

Entries in money laundering (126)


Queler and Won: Do bribe takers walk?

It is a somewhat common refrain that while corporate executives and companies pressured into paying bribes overseas face prosecution under the FCPA, the foreign officials who solicit, demand, and even extort the bribes go scot-free. As with many refrains, however, the reality is more complex. 

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Cantor Fitzgerald affiliate penalized $22.5 million for illegal gambling and money laundering

Image courtesy of CG TechnologyA gambling firm financed by Cantor Fitzgerald that became one of the biggest sports books in the United States entered into a non-prosecution agreement with the DOJ Monday and agreed to pay $16.5 million in criminal penalties and forfeiture.

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India sets out on a long war on cash

India has always been a cash economy. The reasons are easy to see. India is still under-banked (only 53 percent of households have accounts, and many are dormant). The delay in enforcement of contracts encourages payment in cash. The low penetration of internet and low literacy discourage electronic transactions.

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What did the alleged 1MDB looters buy with $1 billion? Here's the list

The DOJ alleged in a civil forfeiture complaint Wednesday that officials at Malaysia's sovereign wealth fund 1MDB and the step son of the Malaysia prime minister diverted more than $3.5 billion from the fund.

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Owner of Houston oil service companies admits Venezuela bribes

Image courtesy of PDVSAThe owner of multiple U.S.-based oil and gas services companies pleaded guilty Thursday to bribing officials at Venezuela’s state-owned energy company to win work and speed up contract payments.

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FINRA penalizes Oppenheimer & Co. $3 million for selling risky ETFs to seniors

The Financial Industry Regulatory Authority (FINRA) Wednesday fined Oppenheimer & Co. Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to some retail customers for selling them unsuitable high-risk investments.

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Pennsylvania consultant pleads guilty to FCPA offenses for bribing banker

The former owner and president of a Pennsylvania consulting business pleaded guilty Wednesday to violating the Foreign Corrupt Practices by bribing an official at the European Bank for Reconstruction and Development.

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Martin Kenney: Tackling corruption means tackling the proceeds of crime

UK Prime Minister David Cameron has said corruption adds 10 percent to business costs globally.

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Company owner, employee admit FCPA offenses in Venezuela oil company bribe case

The owner of multiple U.S.-based oil and gas services companies pleaded guilty Tuesday to FCPA and fraud charges for bribing officials to win contracts from Venezuela’s state-owned energy company, Petroleos de Venezuela S.A. (PDVSA).

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Florida-based FIFA match agent pleads guilty to global bribery conspiracy

A FIFA match agent and soccer consultant pleaded guilty Tuesday to one count of money laundering conspiracy and two counts of wire fraud conspiracy for multiple schemes to bribe soccer officials. 

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Private jet owner, two others, plead guilty in New York-to-Panama money laundering sting

Three men who thought they were laundering $2.6 million from a penny stock fraud have pleaded guilty in federal court in Brooklyn, New York.

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UK deterrence failure: High value dealers in ‘showpiece’ assets avoid prosecution

Luxury goods retailers selling high-end cars, boats, private jets, art, antiques and jewellery are being used by the corrupt to hide the illegal proceeds of crime -- and to escape detection, Transparency International said.

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