Corruption: The Loopholes for Corruption and Money Laundering are Getting Smaller
- Foreign Corrupt Practices Act shows more teeth
- International effort on anti-corruption increases
- WorldCompliance: Intelligence Database reaches new accuracy level
MIAMI, May 11 /PRNewswire/ -- Individuals and companies demanding bribes for services are facing increasing difficulties. For once, worldwide legislation has made it more difficult to place funds in the financial system. More than 125 countries have sharpened their laws to combat money laundering and terrorism financing since 2001. More importantly, the willingness of organizations to tolerate bribes is drastically decreasing. Currently, more and more Fortune 1000 companies are introducing processes and solutions to avoid the risk of involvement in foreign corruption.
Background is the stronger enforcement of the Foreign Corrupt Practices Act, originally enacted in 1977. During the past 30 years only 80 cases were investigated, however since the beginning of the year, already 70 investigations have been initiated. Several companies in the United States have been subject to fines and settlements (Lucent, Halliburton), but also international companies are targets of investigations (Siemens, BAE). Most recently the offices of the German company MAN AG were raided.
"More and more fortune 1000 companies are looking for a systematic way to avoid corruption allegations," according to Dirk Mohrmann, CEO of WorldCompliance, which is specialized in providing anti corruption databases. The Foreign Corrupt Practices Act prohibits the bribing of Foreign Officials and requires companies to maintain adequate processes and documenting payments to avoid inadvertent payments of bribes. "Knowing whether your suppliers or business partners are closely connected to Foreign Public Officials is a very important element in a useful FCPA compliance program," said Mr. Mohrmann.
WorldCompliance has been successful in offering unrivaled protection to its customers, by providing the largest and most comprehensive database of Foreign Officials, their family members, close associates and companies. Yesterday, WorldCompliance announced the successful summer release of its Online License, which allows its clients to find foreign officials with laser like accuracy. Profiles show photos, names, dates of birth, biographies and display the relationship network in a unique graphical way for easy risk analyses. "This allows our clients to quickly decide whether a business partner poses a risk in the FCPA sense and the audit proof workflow features enable them to demonstrate compliance efforts at any given time at a later stage," said Mr. Mohrmann.
WorldCompliance protects over 2000 clients in over 100 countries, including over 50 of the world's largest financial institutions, many Fortune 1000 companies, financial regulators, intelligence agencies and the Big Four. Its product suite is used to identify individuals and companies linked to over twenty different risk categories, such as terrorism, narcotics, money laundering, and fraud, collateral crimes, beneficial owners and PEPs (Politically Exposed Persons).
Website: www.worldcompliance.com
SOURCE WorldCompliance
- International effort on anti-corruption increases
- WorldCompliance: Intelligence Database reaches new accuracy level
MIAMI, May 11 /PRNewswire/ -- Individuals and companies demanding bribes for services are facing increasing difficulties. For once, worldwide legislation has made it more difficult to place funds in the financial system. More than 125 countries have sharpened their laws to combat money laundering and terrorism financing since 2001. More importantly, the willingness of organizations to tolerate bribes is drastically decreasing. Currently, more and more Fortune 1000 companies are introducing processes and solutions to avoid the risk of involvement in foreign corruption.
Background is the stronger enforcement of the Foreign Corrupt Practices Act, originally enacted in 1977. During the past 30 years only 80 cases were investigated, however since the beginning of the year, already 70 investigations have been initiated. Several companies in the United States have been subject to fines and settlements (Lucent, Halliburton), but also international companies are targets of investigations (Siemens, BAE). Most recently the offices of the German company MAN AG were raided.
"More and more fortune 1000 companies are looking for a systematic way to avoid corruption allegations," according to Dirk Mohrmann, CEO of WorldCompliance, which is specialized in providing anti corruption databases. The Foreign Corrupt Practices Act prohibits the bribing of Foreign Officials and requires companies to maintain adequate processes and documenting payments to avoid inadvertent payments of bribes. "Knowing whether your suppliers or business partners are closely connected to Foreign Public Officials is a very important element in a useful FCPA compliance program," said Mr. Mohrmann.
WorldCompliance has been successful in offering unrivaled protection to its customers, by providing the largest and most comprehensive database of Foreign Officials, their family members, close associates and companies. Yesterday, WorldCompliance announced the successful summer release of its Online License, which allows its clients to find foreign officials with laser like accuracy. Profiles show photos, names, dates of birth, biographies and display the relationship network in a unique graphical way for easy risk analyses. "This allows our clients to quickly decide whether a business partner poses a risk in the FCPA sense and the audit proof workflow features enable them to demonstrate compliance efforts at any given time at a later stage," said Mr. Mohrmann.
WorldCompliance protects over 2000 clients in over 100 countries, including over 50 of the world's largest financial institutions, many Fortune 1000 companies, financial regulators, intelligence agencies and the Big Four. Its product suite is used to identify individuals and companies linked to over twenty different risk categories, such as terrorism, narcotics, money laundering, and fraud, collateral crimes, beneficial owners and PEPs (Politically Exposed Persons).
Website: www.worldcompliance.com
SOURCE WorldCompliance
posted by Paresh Paleja at
12:09 PM
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