corruption Archives - CFO

International Crime Scholar Pleads Guilty in Money-Laundering Case

Risk & Compliance

International Crime Scholar Pleads Guilty in Money-Laundering Case

Bruce Bagley said he knew the funds were connected to corrupt projects in Venezuela.

By Lauren Muskett | June 2, 2020

Petrobras Fined $1.8B for Duping U.S. Investors

Risk & Compliance

Petrobras Fined $1.8B for Duping U.S. Investors

U.S. authorities say the Brazilian energy giant padded its financial statements to conceal the payment of kickbacks to company executives by contractors.

By Matthew Heller | September 27, 2018

Petrobras Settles Investor Class Action for $2.9B

Risk & Compliance

Petrobras Settles Investor Class Action for $2.9B

The settlement resolves investor claims arising from the $2 billion corruption scandal that has rocked Brazil for four years.

By Matthew Heller | January 3, 2018

Corruption Is Costly — and Pervasive

Risk Management

Corruption Is Costly — and Pervasive

An anticorruption survey from AlixPartners shows redoubled efforts at checking the rising tide of fraud and graft.

By Vincent Ryan | May 16, 2017

General Cable Fined $75M for Foreign Bribery

Risk & Compliance

General Cable Fined $75M for Foreign Bribery

The SEC alleges the company generated more than $51 million in illicit profits by bribing government officials in Africa and Asia.

By Matthew Heller | January 3, 2017

Och-Ziff Settles Africa Bribery Case for $412M

Risk & Compliance

Och-Ziff Settles Africa Bribery Case for $412M

The hedge fund allegedly "positioned itself to profit" from endemic corruption in Africa by bribing government officials.

By Matthew Heller | September 30, 2016

IMF Urges Tougher Fight Against Corruption

IMF Urges Tougher Fight Against Corruption

While the annual cost of bribery alone is an estimated $1.5 trillion to $2 trillion, the fund says the indirect damage is even higher.

By Matthew Heller | May 12, 2016

Risk & Compliance

Crime Watch

Think you know where and in what form economic crime is occurring? Take our quiz.

By CFO Staff | March 22, 2016

Crime Doesn’t Pay, Says Harvard Bribery Study

Crime Doesn’t Pay, Says Harvard Bribery Study

Corruption does boost local sales, but those are canceled out by the costs associated with bribery, as indicated by return on equity.

By David McCann | March 1, 2016

Citigroup Discloses FIFA Bribe Probe Subpoena

Risk & Compliance

Citigroup Discloses FIFA Bribe Probe Subpoena

Federal prosecutors are investigating whether banks should have raised alarms about money transfers linked to allegedly corrupt FIFA officials.

By Matthew Heller | February 29, 2016

Firms Facing Tough Anti-Corruption Hurdles

Risk Management

Firms Facing Tough Anti-Corruption Hurdles

A KPMG survey says the complexity of complying with anti-bribery regulations is making it more difficult to audit third parties.

By Katie Kuehner-Hebert | September 18, 2015

China Uncovers $2.7B in Misused Lottery Funds

Risk & Compliance

China Uncovers $2.7B in Misused Lottery Funds

Audit finds that a quarter of all the money raised through the state-run lottery program between 2012 and 2014 was embezzled or misappropriated.

By Katie Kuehner-Hebert | June 26, 2015

Asia-Pacific Workers Concerned About Ethics

Workplace Issues

Asia-Pacific Workers Concerned About Ethics

Survey indicates that fraud prevention impacts recruitment, talent retention and business continuity in the Asia-Pacific region.

By Katie Kuehner-Hebert | June 22, 2015

Did KPMG Auditors Drop the Ball on FIFA?

Risk & Compliance

Did KPMG Auditors Drop the Ball on FIFA?

Corruption scandal has some wondering whether KPMG's oversight of worldwide soccer's governing body was effective.

By Matthew Heller | June 3, 2015

U.S. Corruption Probe Nets 9 FIFA Officials

Risk & Compliance

U.S. Corruption Probe Nets 9 FIFA Officials

Soccer organization's officials allegedly received more than $150 million in bribes and kickbacks as part of "World Cup of fraud."

By Matthew Heller | May 27, 2015