OECD ‘Black List’ & CRS warning will impact a number of area from onboarding questions through to data capture. The OECD, on 16 October 2018, published a report on countries offering the Residence and Citizenship by Investment (CBI/RBI) schemes. The OECD has analysed over 100 CBI/RBI and identified a number of schemes that potentially pose […]

The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January 1, 2016. According to the OECD, all major financial centres have now signed up to the standard. Financial institutions should now be preparing for the commencement of CRS […]

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, […]

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 […]

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 […]