Despite the bailouts and regulation after the 2008 financial crisis, unethical behaviour at banks has cost shareholders close to US$10 billion over the past two years in the form of fines. No wonder there is fierce competition on both sides of the Atlantic, particularly now as banks are beginning to report their results, over diminishing […]
This week’s announcement about the rigging of the foreign exchange markets marks one significant change: at last, the media and the Chancellor are using the word corruption to describe this behaviour. Today we take tough action to clean up corruption.” – UK’s Chancellor of the Exchequer George Osborne Since the financial crisis started in 2008, banks have been fined […]
Vietnam is one of the most attractive emerging markets for international businesses. Even though growth rates have slowed compared to a few years ago, they still look attractive in a challenging global economic climate. However, corruption risks and lack of transparency in key sectors are regularly pointed out as threats to competitiveness and sustainable progress. […]
It’s the blockbuster policy book of the year: Thomas Piketty’s weighty Capital in the 21st Century, a 600 plus-page analysis of the scale and perils of rising inequality. As Piketty argues, wealth and return on capital are growing faster than the overall economy and income from labour. Making matters worse, labour income is becoming increasingly […]
On 30 July it emerged that the Supreme Court of Victoria, Australia had issued a suppression order to stop the media from reporting key details of a scandal that involved foreign bribery in the printing of Australian bank notes, allegedly implicating people from Australia, Indonesia, Malaysia and Vietnam. The court order is apparently in the […]
Shortly after being appointed CEO of the Japan-based company Olympus, Michael Woodford discovered a massive case of fraud within the company. When he tried to raise the alarm internally, calling on board members to explain the exorbitant fees – amounting to hundreds of millions of US dollars – paid to obscure companies, some of them […]
From one corruption fighting organisation to another, hats off to Global Witness. Founder Charmian Gooch and her colleagues have been recognised for their stellar efforts to highlight the damage done by corrupt practices in the extractives sector. In her award winning TED talk, Gooch highlighted the role of ‘the facilitators’ – global banks and global […]
If you have not yet made it to the gym, fear not. Exchange that new year’s resolution for another: learn a new language. But make sure you learn one which has a more practical purpose than ordering a drink or finding one’s way to the swimming pool. It’s time to learn the lingo of bankers […]
Over the past half-century, national governments have developed complex regulatory structures to oversee public health, banking, utilities, food safety, communications, transportation and other industries. By the 1980s, however, the United States and United Kingdom began pushing the policy pendulum in the other direction – deregulating industries sector by sector. Through international organisations, governments around the […]
The arrest in China of four GlaxoSmithKline executives on charges of bribery highlights an important reality that companies ignore at their peril. As we have seen in other areas, most notably in financial crime or money laundering, the ways and means of committing a criminal act can and do evolve. A trench-coated operative wearing dark […]
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