Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week an Airbus subsidiary pleads guilty to bribery. Read the full story and more news below:
Airbus Subsidiary Pleads Guilty to Bribery:
The U.K. Serious Fraud Office (SFO) ordered Airbus’ Saudi Arabia subsidiary to pay USD 38.9M in corruption charges. Airbus’ subsidiary GPT Special Project Management Ltd. pleaded guilty to one count of corruption related to contracts between the company and the Saudi government between 2008 to 2010. An Airbus spokesperson stated that the outcome of the investigation was “welcomed and allowed the company to move forward with customers, in accordance with the highest ethical standards.”
Danske Bank May Have to Look Into Estonia Dirty Money Case, Again:
Danske Bank stated that it might be required by authorities to investigate the Estonia money laundering case. The bank finished a long-running investigation process at the end of 2020 into its Estonia subsidiary. The investigation concerned USD 241B worth of suspicious transactions that went through the Estonian office from 2007 to 2015. The company stated that it might open a new internal investigation further in 2021.
U.K. Sanctions 22 Individuals Under New Corruption Regime:
Under the U.K.’s new Global Anti-Corruption sanctions regime issued in July, 22 individuals from South Africa, Russia, Latin America, and Russia were blacklisted this week. The sanctions include asset freezes and travel bans against the individuals. Sanctioned individuals include people implicated in the tax fraud scheme uncovered by Sergei Magnitsky in Russia, individuals in Central America who facilitated bribes for drug trafficking, and the Gupta family in South Africa.
SEC Gives Two Awards Worth More than USD 3M:
The U.S. Securities and Exchange Commission (SEC) announced two whistleblower awards worth USD 3.3M. In the first order, a whistleblower was given approximately USD 3.2M for alerting the SEC staff of violations and providing subject-matter expertise to the agency. In the second one, an individual was given USD 100,000 for providing information and ongoing assistance on a case that led to the SEC detecting ongoing fraud.
Barbados Ex-Minister Sentenced for Laundering Bribes:
The U.S. Department of Justice (DOJ) charged the former minister of industry in the Caribbean island of Barbados for laundering bribes. According to the DOJ, Donville Inniss received USD 36,000 in bribes from a Barbadian insurance company in exchange for government contracts through an American bank. Inniss concealed the bribes through a shell dental company located in New York. The former minister is facing a two-year prison sentence.
U.S. Imposes Corruption Sanctions on Guatemalan Official:
The United States Treasury Department (OFAC) issued sanctions on two Guatemalan public officials for alleged corruption. Felipe Lorenzana, a member of congress, and Gustavo Alejos, Chief of Staff under a former presidency, were both accused of attempting to influence the selection of judges of the Supreme Court of Justice of Guatemala and of the Court of Appeals. The two individuals are blacklisted and will be facing asset freezes in the U.S. The sanctions also ban American individuals from dealing with the sanctioned official in any way.