Interpol - Russia - EU

Global fight against financial crime intensifies as gangs switch to cryptocurrencies. "Governments, police, banks and companies must team up to tackle the scourge of financial crime, an Interpol official has said. Rory Corcoran, a director at the global police organisation, said financial crime and corruption are among the top threats faced by the agency's 195 member countries" 

The National News: https://www.thenationalnews.com/uae/government/2022/03/15/global-fight-against-financial-crime-intensifies-as-gangs-switch-to-cryptocurrencies/ 

 

Russian Oligarchs Hide Money in Plain Sight in Luxury New York City Condos. "Throughout the late 2000s and early 2010s, the growing presence of fabulously wealthy Russian oligarchs in high-end housing markets such as Manhattan, Miami and Los Angeles was the real estate industry's worst kept secret. Although many eschewed publicity, they weren't hard to spot." 

Newsweek: https://www.newsweek.com/russian-oligarchs-hide-money-plain-sight-luxury-new-york-city-condos-1687503 

 

Companies to be more accountable for their social and environmental impact. "If agreed with EU governments, the bill will make businesses more accountable for their impact on people and the planet, while giving investors and the public access to comparable, reliable and easily accessible information on sustainability." 

European Parliament: https://www.europarl.europa.eu/news/en/press-room/20220314IPR25409/companies-to-be-more-accountable-for-their-social-and-environmental-impact 

FATF - China - Vietnam

The Global Task Force That's Going After Dirty Money. "Though the body is sometimes criticized for focusing too much on formal regulation, the mere risk of ending up on the FATF's watchlist has been enough to spur some governments into action." 

The Washington Post: https://www.washingtonpost.com/business/the-global-task-force-thats-going-after-dirty-money/2022/03/10/324a2aa4-a099-11ec-9438-255709b6cddc_story.html 

Former Chinese cadre cleared of wrongdoing after taking up executive job at vaccine maker. "Yunnan's anti-corruption watchdog said Jiang Runsheng had not violated the employment rules after he left medical university and government position. Observer says decision suggests there may be some leeway to retain senior talent amid a crackdown on 'revolving door' between the public and private sector." 

South China Morning Post: https://www.scmp.com/news/china/politics/article/3169979/former-chinese-cadre-cleared-wrongdoing-after-taking-executive?module=live&pgtype=homepage 

Ho Chi Minh City (HCMC) disbursement of Covid relief packages investigated. "The Public Security Ministry has asked HCMC to provide documents related to the disbursement of Covid-19 relief packages to facilitate an anti-corruption probe. The documents have to be submitted to the Central Steering Committee for Anti-Corruption, the ministry's Police Department for Corruption, Smuggling and Economic Crimes said Wednesday." 

VN Express: https://e.vnexpress.net/news/news/hcmc-disbursement-of-covid-relief-packages-investigated-4436740.html 

FATF - Regulatory perspective - Illegal Wildlife Crime

Financial Action Task Force adopts new standard on transparency in company ownership. “The new standard, announced on Friday by the Financial Action Task Force (FATF), will make it easier for the international community to block corrupt officials and kleptocrats who use secretive corporate structures to exploit the global financial system.”

Transparency International: https://www.transparency.org/en/press/financial-action-task-force-adopts-new-standard-transparency-company-beneficial-ownership

 

Reconsidering Anticorruption from a Regulatory Perspective (opinion). “Paradoxically, not only do rules not always help to combat corruption, but rules can breed corruption. In fact, corruption is often carried out because of regulatory controls.”

The Regulatory Review: https://www.theregreview.org/2022/03/07/de-benedetto-reconsidering-anticorruption-regulatory-perspective/

 

On the case: Identifying corruption by reviewing wildlife crime court cases (Report). “Illegal wildlife trade (IWT) involves organized criminal groups that operate successfully by involving officials in corruption. For agencies addressing IWT, reviewing historical cases can be useful for establishing knowledge and skills to identify missed opportunities and barriers when targeting higher-level organizers.”

Traffic.org: https://www.traffic.org/publications/reports/on-the-case-identifying-corruption-by-reviewing-wildlife-crime-court-cases-in-southern-africa/

Russia - US - Indonesia

Kleptocracy in Russia has thrived on the complicity of advanced economies, who are now waking up to its dangers. "Transparency International Russia found that in the years 2008 to 2020 current and former officials have had 28,000 properties in 85 countries, including in EU member states." 

Transparency International: https://www.transparency.org/en/news/countering-russian-kleptocrats-wests-response-to-assault-on-ukraine 

 

Biden Wants to Crack Down on Foreign Corruption. Here's How (Opinion). "The U.S. government, and democracies around the world, must act now to fill the cracks in our financial infrastructures, and prevent the fault lines between democracy and kleptocracy from hardening into greater conflict." 

Newsweek: https://www.newsweek.com/biden-wants-crack-down-foreign-corruption-heres-how-opinion-1684753 

 

Global collaboration essential for recovery of corruption assets. "Cross-country and institutional cooperation is expected to surpass challenges to realizing an optimum recovery of assets obtained by criminal means, such as corruption. In this case, KPK and Financial Transaction Reports and Analysis Center (PPATK)'s role in enhancing global collaboration is essential." 

Antaranews.com: https://en.antaranews.com/news/218285/global-collaboration-essential-for-recovery-of-corruption-assets 

China - Madagascar - UK

China's Liaoning province sees third police chief in a row accused of corruption. "China's top anti-corruption watchdog is investigating a provincial police chief as part of a crackdown that has snared at least 11 senior law enforcement and judicial figures in the past five years." 

South China Morning Post: https://www.scmp.com/news/china/politics/article/3168992/chinas-liaoning-province-sees-third-police-chief-row-accused 

 

Call for better transparency and management around Covid-19 emergency funding. "On February 18, the Malagasy Ministry of Justice released the Court of Auditors' first audit report reviewing the financial response to the COVID-19 pandemic. Transparency International joins Transparency International - Initiative Madagascar and partners in celebrating the release of this first report, while continuing to call for greater transparency and accountability around COVID-19 funds to ensure the Malagasy people receive the support they need during this pandemic." 

Transparency International: https://www.transparency.org/en/press/transparency-international-initiative-madagascar-call-transparency-accountability-covid-19-emergency-funding 

 

The problem of tracing dirty money from Russia: How 'illegal' are 'illicit' flows? "In this article, we pinpoint three difficulties in conceptualising and, hence, tracing illicit financial flows, and suggest that, given these challenges a wider approach to studying the transnational reach of dirty money is needed." 

London School of Economics (LSE) Blog: https://blogs.lse.ac.uk/politicsandpolicy/the-problem-of-tracing-dirty-money-from-russia/ 

Indonesia - Malaysia - Cambodia

G20 momentum and Indonesia's anti-corruption institution's four priority issues. "The KPK suggested four priority issues within the G20 ACWG, with the first pertaining to increasing the role of audit in corruption eradication. The auditor's role can be bolstered within the corruption prevention program. In addition, several nations may have observed that the auditor's role can be expanded to serve as a supervisor." 

Antaranews: https://en.antaranews.com/news/217637/g20-momentum-and-anti-corruption-institutions-four-priority-issues 

 

No major corruption cases in Sarawak said Malaysian Anti-Corruption Commission (MACC). "There were 72 cases of false claims and 25 cases of abuse of power reported from 2017 to 2021 and during the period, there were 34 arrests on false claims and 24 cases of abuse of power." 

The Edge Market: https://www.theedgemarkets.com/article/no-major-corruption-cases-sarawak-%E2%80%93-macc 

 

Cambodia's Anti-Corruption Unit lauded. "The Anti-Corruption Unit (ACU) presented some of its achievements at the ninth meeting of the National Anti-Corruption Council, announcing its success in having assets and liabilities declared by public servants for its biannual 2022 inspections." 

The Phnom Penh Post: https://www.phnompenhpost.com/national/anti-corruption-unit-lauded 

Africa – China - UK

The High-Level Panel (HLP) on Illicit Financial Flows (IFFs) from Africa held its first meeting since the pandemic began, from 21-25 February. "The meeting discussed the outcomes of the 4th meeting of the Consortium to Stem IFFs from Africa, the progress on national level responses to illicit flows in response to the 2015 AU Assembly Declaration, and the outcome of the 1st African Fiscal Policy Forum on inequalities in taxing rights." 

Independent Corrupt Practices & Other Related Offences Commission Newsletter: https://icpc.gov.ng/2022/02/28/annual-conference-of-the-high-level-panel-on-illicit-financial-flows-iffs-from-africa-convenes/ 

 

Chinese anti-corruption police detained more than 5,000 people accused of paying bribes last year. "In 2021, anti-corruption agencies in the country detained 5,006 people for giving bribes and transferred 2,822 to prosecutors for trial. The figures were included in a report made public by the Central Commission for Discipline Inspection, the Communist Party's top disciplinary watchdog, last week." 

South China Moring Post: https://www.scmp.com/news/china/politics/article/3168731/chinas-corruption-watchdog-moves-crackdown-bribe-givers 

 

UK Moves to Curb 'Dirty Money' for War in Ukraine. "Number 10 Downing Street, the home and office of the British Prime Minister, will introduce an economic crime bill to require overseas companies that control property and land in the U.K. to register with the government. The measure, which was originally introduced in 2018, was crafted to stop the 100 billion pounds ($134 billion) in illegal financing the U.K's Crime Agency estimates is channeled through the country annually." 

PYMNTS.COM: https://www.pymnts.com/healthcare-financing/2022/pymnts-intelligence-meeting-payment-challenges-telehealth/