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How Brexit denies expatriates the right to vote on their own futures

20 October 2018

by Melvyn Morrison

On 23rd June 2016, British citizens voted by a slim majority (52% versus 48%) to leave the European Union. Nine months later, on 29th March 2017, the British government triggered Article 50 of the Lisbon Treaty to formally notify the European Council about its intention to leave the European Union. This not only marked the start of a 2-year period for negotiating the exit terms, but also prompted a discussion about the future rights of expatriates. The UK is thus due to leave the EU on 29th March 2019 after the exit terms have been agreed. If the terms of a so-called ‘divorce settlement’ are not announced by 21st January 2019, several options are available including leaving the EU without a deal, and delaying departure by seeking extension of the deadline with the unanimous support of the UK and the other 27 EU countries. However, the UK’s relationship with the EU will still remain largely the same until after the transition period that is presently scheduled to end on 31st December 2020. UK expatriates would certainly have liked to have been formally consulted about crucial decisions affecting their futures.  Continue reading…

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Financial institutions boycotting Saudi investment conference

18 October 2018

Saudi Arabia’s isolation in the global business world deepened as three of Europe’s top bankers joined a growing list of executives who have pulled out of a high-profile investment conference in Riyadh next week. A spokesperson for HSBC (HSBC) said its CEO, John Flint, would not attend the Future Investment Initiative, and a person familiar with the situation said Credit Suisse (CS) CEO Tidjane Thiam would no longer be going. Both executives were previously listed as speakers and both banks were strategic partners for the event. Neither bank would comment on the status of the partnerships. Continue reading…

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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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IMF Calls for Policy Action to Deliver Growth that is More Resilient and Creates Sufficient Jobs

18 October 2018

 The International Monetary Fund (IMF) welcomed the continued recovery in activity in sub-Saharan African resource-intensive countries and sustained strong growth in most other countries. The IMF urged however sub-Saharan African countries to reduce underlying vulnerabilities and strengthen the foundations for sustained high growth. According to its latest Regional Economic Outlook for sub-Saharan Africa report: “economic growth is picking up and macroeconomic outcomes have strengthened but more needs to be done to decisively shield the recovery against risks arising from both domestic and external shocks”. 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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