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Christine Lagarde: ‘I believe we should consider the possibility to issue digital currency’

19 November 2018

In her speech, during the Fintech Festival in Singapore, Christine Lagarde, IMF Managing Director, recognized that digitalization has its influence on the financial sector. So she said: “A new wind is blowing, that of digitalization. In this new world, we meet anywhere, any time. The town square is back – virtually, on our smartphones. We exchange information, services, even emojis, instantly… peer to peer, person to person. We float through a world of information, where data is the “new gold”- despite growing concerns over privacy, and cyber-security. A world in which millennials are reinventing how our economy works, phone in hand. And this is key: money itself is changing. We expect it to become more convenient and user-friendly, perhaps even less serious-looking.”

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FSB publishes 2018 Resolution Report and publicly consults on financial resources to support CCP resolution

16 November 2018

The Financial Stability Board (FSB) published its 2018 Resolution Report and is also launching for public consultation a discussion paper on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. The report updates on progress in implementing the framework and policy measures to enhance the resolvability of systemically important financial institutions and sets out the priorities for the FSB’s resolution work going forward.

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Mark Dunn
Mark Dunn

Unlocking Beneficial Ownership a Key Concern in New ABC Benchmarking Report

10 June 2018

Rising concern about opaque and suspect third-party corporate ownership structures is a notable finding in the Kroll / Ethisphere 2018 Anti-Bribery and Corruption Benchmarking Report. When senior executives working in ethics, compliance or anti-corruption were asked to rank the reasons that potential third parties failed to meet their companies’ standards, risks associated with beneficial structures rose from fifth to third when compared to the previous year’s survey. While still ranking behind general reputational or integrity concerns, and conflicts of interest, such risks were elevated above questionable relationships with politically exposed persons, and unusual contract and payment structures. About 60 percent of respondents reported that they were concerned or very concerned about beneficial ownership risks associated with their third parties, and only one in five were ‘very comfortable’ with the mechanisms they had in place to address these risks. A similar proportion was minimally or not at all comfortable. Continue reading…

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Cooperation and Verification Mechanism for Bulgaria and Romania; Brexit preparedness

15 November 2018

The European Commission issued its latest reports on steps taken by Bulgaria and Romania to meet their commitments on judicial reform and the fight against corruption, and in the case of Bulgaria organised crime, in the context of the Cooperation and Verification Mechanism. The report on Bulgaria looks at the progress made over the past year to meet the final 17 recommendations issued by the Commission in the January 2017 report and positively notes Bulgaria’s continued efforts and determination to implement those recommendations. The Commission is confident that Bulgaria – if it pursues the current positive trend – will be able to fulfil all the remaining recommendations and thereby the outstanding benchmarks. This will enable the Cooperation and Verification Mechanism process for Bulgaria to then be concluded before the end of this Commission’s mandate – in line with the orientation given by President Jean-Claude Juncker when he started his term of office. Continue reading…

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Mark Dunn
Mark Dunn

Global spread

01 February 2018

In October 2016 the International Standards Organisation issued the ISO 37001, a new standard that organisations and companies can use to certify their anti-bribery and corruption compliance procedures. The ISO 37001 was agreed by standards bodies in 37 countries and it is already being promoted by many countries across the world. Peru became the first Latin American country to implement the standard. One reason given for this is that in 2015 the country lost nearly $4 billion because of misappropriation of public funds, bribery and other types of corruption. The government of Montreal in Canada has appointed someone to analyse and propose how to apply the principles of the ISO 37001 to the city. Earlier, Singapore’s Corrupt Practices Investigation Bureau (CPIB) launched the Singapore Standard, which is based on the ISO 37001. The standard has also been widely adopted in the Middle East and North Africa. Colin Keeney of Deloitte notes that six of the 37 countries involved in crafting the standard came from this region.

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