American regulators have recently been scrutinizing financial institutions’ internship programs for potential violations of the Foreign Corrupt Practices Act.1 The United States Securities and Exchange Commission recently announced its first internship-related FCPA settlement with Bank of New York Mellon Corp.
Political leaders must take the necessary decisions to more robustly defend their interests and work with likeminded decision-makers within the EU and indeed the U.S. to make the right policy decisions that would increase economic growth instead of seeking to punish foreign and sovereign jurisdictions.
Some of the purported details contained in the FBI documents are so deliciously funny – the top soccer executive who claimed his only income was as a salesman for a “pet rock company” or that he was suffering from advanced dementia ...
The recent turmoil in China’s stock markets reflects the topsy-turvy nature of China’s financial system — and the tension between state and market. Since 1978, the financial system has not kept pace with the march toward the market.
The way forward, I strongly believe, is for international finance centers, and practitioners operating in them, to demonstrate even more strongly that they are substance jurisdictions rather than brass-plate ones.
Considering the higher degree of centralization, increased audit coverage and more discretionary decision-making by governing bodies (e.g. the European Commission challenging tax rulings), taxpayers will face increased uncertainties and thus tax risks.
Of the 34 current members of the OECD, the number taxing corporations on a territorial basis has doubled since 2000, up to 28 of 34 in 2012.
Cyber risk management should run throughout an organization to include the active involvement of the CEO and board, similar to the way senior management and employees think about an organization’s code of ethics...