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Leaked documents reveal UK banks helped fraudsters and money-laundering | BBC News

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Use of this site constitutes acceptance of our User Agreement and Privacy Policy . ©2022 reddit inc. All rights reserved. REDDIT and the ALIEN Logo are registered trademarks of reddit inc.

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Leaked documents reveal UK banks helped fraudsters and money-laundering | BBC News from worldpolitics

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Legal battle of yet another scam in the country underway...

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Breaking the cycle of failure in combating corruption in Asian countries

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There is a broad consensus on the importance of sound auditing to curb corruption, and accounting actors increasingly recognise that accountants are at the forefront of the fight against corruption at the national and global levels (Everett, Neu and Ramahan 2007). As early as 1994, the World Bank stated that countries wanting to fight corruption should:

Implement an effective and integrated financial management information system;

Develop a professional base of accountants and auditors;

Adopt and apply internationally acceptable accounting standards; and

Empower a strong legal framework for supporting modern accounting practices (Everett, Neu and Ramahan 2007; World Bank 1994).

The types of corruption most likely to be detected by auditors in the course of their work include falsified statements and claims, purchasing for personal use, illegal bidding practices in procurement competitions, tax or duty evasion, irregularities in the award of procurement contacts, overpayment for and nondelivery of goods and services, third-party transactions, and so on (Evans 2008). And also, external auditors have limited investigative powers which restricts their ability to further investigate corruption cases. Investigations are generally carried out by the police or specialist anticorruption agencies.

Measures to address these challenges and enable the auditing profession to play its role in the fight against corruption include clarifying the mandate of auditors to detect corruption and money laundering, providing adequate anti-corruption training to accountants, strengthening the oversight of the profession, and promoting transparency and citizens’ participation in auditing activities.

Reference :-
https://knowledgehub.transparency.org/helpdesk

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Transparency International Knowledge Hub | Knowledge Hub

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The Anti-Corruption Knowledge Hub is an online space where Transparency International presents its research output.

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Abayaranasinghe Mudiyanselage Chandana Weerakumara or commonly known as Sakvithi Ranasinghe who was remanded for 10 years following the fraud over Rs 16bn was granted bail today(June 10). The Colombo Magistrate ordered the defendant to be released on a bond of Rs 600,000 and six surety bonds of Rs 1.1bn. Ranasinghe is the chief defendant of three cases in relation to the fraud of Rs 16bn of deposits in the Sakvithi Housing and Constructions (Pvt) Ltd.

Reference :-
https://www.newsfirst.lk/2019/06/10/rs-16bn-fraud-suspect-sakvithi-ranasinghe-granted-bail/

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Forensic auditing mechanism and fraud detection

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Forensic auditing mechanism and fraud detection

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The finding indicates that adequate knowledge of economic damage calculation and financial statement valuation is essential for forensic auditors’ service. The result also reveals that forensic auditor skills and techniques are significant predictors for fraud detection in the Nigerian public sector, and thus validated the findings of Greek (2011) that reported that forensic auditing was powerful in detection of sophisticated fraud in a developing nation.

Reference :-
https://www.emerald.com/insight/2042-1168.htm

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Journal of Accounting in Emerging Economies

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Journal of Accounting in Emerging Economies available volumes and issues

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Special Investigating Unit investigates corruption and maladministration allegations in Telkom

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Special Investigating Unit investigates corruption and maladministration allegations in Telkom

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President Cyril Ramaphosa has signed Proclamation R.49 of 2022, authorising the Special Investigating Unit (SIU) to investigate allegations of corruption and maladministration in the affairs of Telkom, South Africa’s wireline and wireless telecommunications provider, and to recover any financial losses suffered by Telkom and the State through civil litigation.

Reference :-
https://www.gov.za/taxonomy/term/643

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United nations conversation against corruption

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United nations conversation against corruption

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The United Nations Convention against Corruption is the only legally binding universal anti-corruption instrument. The Convention's far-reaching approach and the mandatory character of many of its provisions make it a unique tool for developing a comprehensive response to a global problem. The vast majority of United Nations Member States are parties to the Convention.

Reference :-
https://www.unodc.org/unodc/en/treaties/CAC/

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United Nations : Office on Drugs and Crime

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The United Nations Convention against Corruption is the only legally binding universal anti-corruption instrument. The Convention's far-reaching approach and the mandatory character of many of its provisions make it a unique tool for developing a comprehensive response to a global problem. The Convention covers five main areas: preventive measures, criminalization and law enforcement, international cooperation, asset recovery, and technical assistance and information exchange. The Convention covers many different forms of corruption, such as bribery, trading in influence, abuse of functions, and various acts of corruption in the private sector. A highlight of the Convention is the inclusion of a specific chapter on asset recovery, aimed at returning assets to their rightful owners, including countries from which they had been taken illicitly. The vast majority of United Nations Member States are parties to the Convention. Read more"

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The United Nations Convention against Corruption is the only legally binding universal anti-corruption instrument. The Convention's far-reaching approach and the mandatory character of many of its provisions make it a unique tool for developing a comprehensive response to a global problem.

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Jasiel Correia's trial: One of the biggest stories in Fall River's history

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Jasiel Correia's trial: One of the biggest stories in Fall River's history

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Correia was a confident, self-styled entrepreneur and a political star who parlayed political controversy and public discontent into a stratospheric rise to the mayor’s office, only to fall back to earth amid scandal over his smartphone app business SnoOwl and claims that he ran a pay-to-play scheme for marijuana companies looking to do business. After months of delays, Correia’s trial began in the spring of 2021, with the young Fall River native facing 24 charges of wire fraud, tax fraud, extortion and conspiracy.

Reference :-
https://www.heraldnews.com/story/news/courts/2021/12/22/jasiel-correia-fraud-corruption-story-what-expect-2022-fall-river-mayor-trial-sentencing-gen-andrade/8972892002/

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Fraud and corruption case against former State Security Minister Bongani Bongo postponed.

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Fraud and corruption case against former State Security Minister Bongani Bongo postponed.

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The Nelspruit Magistrate’s Court in Mpumalanga has postponed the case of fraud and corruption against the former Minister of State Security, Bongani Bongo, and eleven co-accused to March 31.This after one of the accused changed legal representative, and the other lawyer failed to appear in court. They were arrested in 2020 in connection with an alleged land deal of R37.5 million dating back to 2011.Apparently, some of the accused received kickbacks after the owners of the farms in question were paid less than the amount that was spent by government.

Reference :-
https://www.sabcnews.com/sabcnews/fraud-and-corruption-case-against-former-minister-of-state-bongo-postponed/

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An effective prevention model, we believe, consists of a positive work environment and ethical governance; the implementation of a compliance risk (corruption) management program that includes regular fraud risk assessments; an accessible psychological assistance program to help employees resolve their personal and organizational problems; regular employee anti-fraud training; the implementation of targeted internal controls such as proper segregation of organizational duties; the adoption of fair compensation levels and the timely revision of individual performance goals; and a user-friendly and anonymous reporting mechanism accessible to all employees, suppliers and customers, which encourages the disclosure of irregularities and concerns.

To counter corruption, sustained enforcement of national bribery laws that forbid public and private bribery, the fear of fines and criminal sentences by directors, managers, employees and public officers and the threat of debarment sanctions for corrupt companies all serve as effective deterrents.

Implementing effective prevention programs within organizations and governmental institutions can eradicate the root of the problem and limit the damages associated with corruption.

Reference :-
https://www.emerald.com/insight/content/doi/10.1108/JFC-11-2014-0048/full/html

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Corruption is described as “the misuse of electricity to acquire an illegal advantage” (Hetzer, 2012, p. 228). Corruption can be determined in all sectors of a society, such as authorities agencies, businesses, corporations, instructional institutions, clinical institutions, professional groups, such as medical doctors and lawyers, non secular organizations, and personal citizens.

Corruption can be manifested in many ways, including bribery, extortion, intimidation, kickbacks, theft, and other forms

Some criminals, such as leaders of equipped crook groups, rely on corrupting authorities officials, commercial enterprise leaders, or bankers to facilitate their crook things to do associated to drug and human trafficking, prostitution smuggling, cash laundering, and different crimes.

Hetzer, (2012, p. 228) states, “In principle, corruption is a scenario in which a character who is accountable for performing sure obligations pursues mistaken or unfair benefit for performing positive duties, or pursues wrong or unfair gain for movements or omissions in the overall performance of these duties.”

As with corruption, fraud can be carried out in a variety of ways, including social security and insurance fraud, home repair fraud, financial frauds, and other types.

The victims of fraud can be individuals, organizations, businesses, or government agencies. Frauds dedicated by way of massive corporations can end result in the loss of lots of thousands and thousands of dollars, as in a fraud pertaining to a housing development, or in the loss of a few dollars, such as when a avenue service provider sells faulty portions of jewelry.

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Why the person is committing the act of fraud and/or corruption.

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Why the person is committing the act of fraud and/or corruption.

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These ought to fluctuate extensively and can encompass monetary pressures, monetary problems, gambling problems, keeping a lifestyle, vengeance in opposition to the organization, emotional problems, and the like.

Motive can be addressed via measures such as worker assist programmers, open door policies, and treating and compensating personnel fairly.

corruption will show up if the corrupt obtain is larger than the penalty expanded by means of the possibility of being caught and prosecuted.

Since a excessive diploma of monopoly and discretion accompanied by means of a low diploma of transparency does now not routinely lead to corruption, a fourth variable of "morality" or "integrity" has been added by means of others. The ethical dimension has an intrinsic factor and refers to a "mentality problem", and an extrinsic issue referring to occasions like poverty, insufficient remuneration, inappropriate work stipulations and inoperable or over-complicated approaches which demoralize humans and let them search for "alternative" solutions.

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Fraud is broadly defined as any deliberate act that is engaged in for the purpose of obtaining an unlawful gain. The criminal act of fraud is manifested in many different ways, either person to person or through mass communication system such as the telephone, television and internet.
Corruption is defined as the misuse of power to obtain an unlawful advantage. It can be occur in any organization or group that has some form of power structure. The person who engaged in corruption is generally motivated by self-interests such as gaining money or a promotion. But Corruption is a mechanism of fraud or theft.

Reference from :-
https://www.ebrd.com/downloads/integrity/FCguidelines.pdf
https://oldmedia.ifrc.org/ifrc/wp-content/uploads/2018/03/IFRC-Fraud-and-Corruption-prevention-and-control-policy_English.pdf