Charter launched to eradicate modern slavery in construction supply chains

Charter launched to eradicate modern slavery in construction supply chains

Charter launched to eradicate modern slavery in construction supply chains

A Construction Coalition Charter has been launched in the UK that aims to eradicate modern slavery in construction supply chains. The Charter has been established by Building Research Establishment (BRE), the British Standards Institution (BSI) Supply Chain Services and Solutions and strategic communications partner Sustain Worldwide. The coalition of leading construction sector institutions and associations aims to raise awareness on…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Half of firms worry that anti-corruption resource is inadequate, finds survey

Half of firms worry that anti-corruption resource is inadequate, finds survey

Half of firms worry that anti-corruption resource is inadequate, finds survey

Over a third of risk and compliance professionals expect their organisation’s bribery and corruption risks to increase in 2017 with around half concerned that they do not have enough resource to support anti-corruption efforts, according to a recent survey by the Etisphere Institute and Kroll. The poll of 388 senior-level executives working in ethics, compliance or anti-corruption worldwide, also found…

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Violations of workers’ human rights are endemic across most Asian countries and initiatives to tackle the issue at source, and within supply chains, are not fit for purpose, warns UK-based consultant Verisk Maplecroft. In its Human Rights Outlook 2017, the firm stresses that risks are particularly acute down the Asian supply chain, where modern slavery is rife and migrant workers…

Chinese company faces record fine from US for breaking Iran sanctions

Chinese company faces record fine from US for breaking Iran sanctions

Chinese company faces record fine from US for breaking Iran sanctions

A Chinese telco provider is facing a $1.9bn fine for violating US economic sanctions in a case that should act as a warning to international firms of the business risks associated with US sanctions and export rules. Zhongxing Telecommunications Equipment Corporation (ZTE) fell foul of the US Export Administration Regulations (EAR) and Iranian Transactions and Sanctions Regulations (ITSR) and received…

Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Risk managers in Kenya – or anyone with business interests in the east African state – need to be aware of a new Bribery Act, set to come into force. Speaking at KPMG’s two-day ‘It is Time for Change’ conference in Mombasa, Simon Dwyer, head of KPMG’s forensic advisory department in east Africa, warned: “The new Bribery Act impacts on…

US court hears VW emissions guilty plea

US court hears VW emissions guilty plea

US court hears VW emissions guilty plea

Car manufacturer Volkswagen (VW) has pleaded guilty to charges of fraud, obstruction of justice and falsifying statements to fix emissions tests on its vehicles. The guilty plea, delivered by general counsel Manfred Doess on behalf of VW’s board of directors before the US District Court in Detroit, follows VW’s $4.3bn settlement with the US Justice Department in January for the…

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks are surfacing closer to home for western companies at the very time that legislation to clamp down on abuses strengthens and increases scrutiny on business practices, warns a new report from Verisk Maplecroft. The report also says that supply chain due diligence to track and prevent human right violations is not fit for purpose. Verisk Maplecroft’s Human…

D&O exposures increasing in Europe

D&O exposures increasing in Europe

D&O exposures increasing in Europe

The trend towards increased exposures for directors and officers in Europe is continuing, with corporates seeing large regulatory fines and further shareholder actions in recent months. In January, Rolls-Royce agreed a record £671m settlement with UK regulators over bribery and corruption allegations. Shortly after, telecoms group BT saw its shares plunge when it revealed the extent of accounting irregularities at…

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