http://www.transparency.org/exporting_corruption Foreign bribery is not an abstract phenomenon; it has damaging consequences in the form of contracts not going to the best qualified suppliers, prices often being inflated to cover bribe payments, environmental requirements not being enforced and taxes not being collected. Sixteen years after the OECD Convention on Combating Foreign Bribery entered into force, […]

Jersey’s positive role in helping to drive forward and shape the international transparency landscape has been praised by a senior OECD tax expert at this year’s Jersey Finance Annual London Private Client Conference. Addressing an audience of more than 400 senior private client tax, trust and wealth management professionals at the event, held at 8 […]

At the end of 2014, OECD released its first ever Foreign Bribery Report. The report is an analysis of the crime of bribery. We learn about who is bribing, who is receiving the bribe, what the cost of the bribe is, how bribes are being paid, where bribes are being paid, where the bribers are […]

Argentina has been criticised by the OECD for its efforts to fight foreign bribery. The OECD said the country still had no law to punish firms for foreign bribery and it was “seriously non-compliant with key articles of the Anti-Bribery Convention”. The OECD said during a site visit to the country by its Working Group […]

While the Foreign Account Tax Compliance Act (FATCA) has focused worldwide attention on U.S. efforts to create a mandatory cross-border exchange of tax information, the enactment of FATCA was not an isolated occurrence. For more than a decade, the Organisation for Economic Co-operation and Development (OECD) has been trying to obtain a multi-country agreement under […]

Bribes in the analysed cases equalled 10.9% of the total transaction value on average, and 34.5% of the profits – equal to USD 13.8 million per bribe. But given the complexity and concealed nature of corrupt transactions, this is without doubt the mere tip of the iceberg, says the OECD. Bribes are generally paid to […]

The Organisation for Economic Cooperation and Development (OECD) released its Foreign Bribery Report (Report) this week. The Report is the OECD’s first ever analysis of foreign bribery on a global scale. The Report analyses 427 legal cases involving companies (164 cases) and individuals (263 cases) who allegedly bribed foreign public officials in one or more […]

On May 29the Caribbean Financial Action Task Force (CFATF) issued a public statement in which it said that it “recognises Guyana as a jurisdiction with significant AML/CFT (anti-money laundering and counter terrorism financing) deficiencies”. That’s fair enough since Guyana is the only Caribbean Community (CARICOM) country that has not adopted AML/CFT legislation and other measures […]