Category: Bribery

Fourth oil executive sentenced for paying bribes to win a multi-million pound contract in post-occupation Iraq

Bribery, Prosecutions
Paul Bond has today been sentenced to three and half years’ imprisonment for conspiring with others to bribe Iraqi public officials to secure lucrative oil contracts in post-occupation Iraq. Earlier this week, Bond, a former senior sales manager at SBM Offshore (SBM), was found guilty on two counts of conspiracy to give corrupt payments following a retrial of his case at Southwark Crown Court. This was the fourth conviction the SFO secured in its wide-scale Unaoil bribery investigation, which uncovered the payment of over $17m worth of bribes to secure $1.7bn worth of contracts for Unaoil and its clients. In…

Deutsche Bank Reaches $100 Million Deferred-Prosecution Deal

Bribery
Deutsche Bank AG agreed to pay more than $130 million to settle criminal and civil charges that it bribed foreign officials and manipulated the market for precious-metals futures through a trading tactic known as spoofing. The Frankfurt-based bank agreed to a deal in which it won’t be prosecuted as long as it doesn’t engage in the practices again for more than three years, and wasn’t required to plead guilty to the charges. The case was brought by federal prosecutors in Brooklyn, New York, and Washington who secured a $920 million fine against JPMorgan Chase & Co. last year, the largest…

2020: We cast a cold eye over the 15 major highlights of a financial crime year in review

Bribery, Corruption, Money Laundering
As we near the end of one of the toughest years for people and businesses in decades, we take a look back at some of the biggest happenings in the world of financial crime, corruption and the laws in place to stop it. 1. Cryptocurrency: the way of the future2020 has seen governments across the world tighten their grip on virtual assets. They were once seen as an easy pathway to launder money, but this year, the trend accelerates away from that. This month, France announced sweeping new KYC measures for all crypto companies operating within its borders. Registration will…