G20 countries failing to fight corruption – $2tn laundered yearly

As much as $2-trillion is laundered every year, mostly through the hiding of company ownership behind “opaque structures”, with G20 countries not doing enough to prevent corruption. This was according to the Reviewing G20 promises on beneficial ownership report, which was released to coincide with the recent G20 meeting in Turkey, by global civil society organisation Transparency International. Polity.org.za

US probe finds possible misconduct by Walmart in Brazil – WSJ

A US investigation into potential foreign bribery by Walmart Stores Inc has unearthed evidence of possible misconduct by the company in Brazil, the Wall Street Journal reported, citing documents and people familiar with the matter. Reuters

Corruption worries have sparked a reshuffle of Kenya’s cabinet

Pope Francis is on his way to Kenya today (25 Nov) and the way things have been going in east Africa’s largest economy, they sure could use his prayers. Last night, president Uhuru Kenyatta announced a cabinet reshuffle, ostensibly in response to a series of corruption allegations that have created a sense of national crisis in the country. Quartz Africa

China’s anti-corruption drive targets top university officials

China’s anti-corruption campaign spread its net ever wider with the naming and shaming of eight university officials for buying “fancy cars” and attempting to cover up the institution’s “chaotic” financial management. The Irish Times

SA fails to honour undertaking to fight corruption – report

South Africa falls short of measures to curb corrupt financial flows, according to a Transparency International  report. Executive director of Corruption Watch David Lewis on Sunday said the TI report highlighted how G20 countries, including South Africa, had failed to honour their undertaking to fight corruption. Fin24

Spain among Europe’s worst offenders for tax evasion and money laundering

Spain is among Europe’s worst offenders for helping firms launder money and avoid paying tax. According to European Network report, 50 Shades of Tax Dodging, Spain is the fourth worst offender behind Luxembourg, Germany and Italy. Olive press

Lawmaker convicted in Brazil corruption scandal

A Brazilian lawmaker has been sentenced to nearly 12 years in prison in connection with a massive corruption probe at state-run oil giant Petrobras. Deputy Congressman Luiz Argolo was convicted late Monday of accepting some $400 000 in bribes. Judge Sergio Moro also fined him $120 000 and ordered his helicopter seized. Yahoo News

US fines Alstom record $772m over international bribery
The US fined French energy and transport giant Alstom SA $772-million for bribing government officials in Indonesia, Egypt and several other countries to win business, the US Justice Department said. Alstom pleaded guilty nearly a year ago to two criminal counts related to bribery and corruption under the Foreign Corrupt Practices Act. Ethical Alliance

How India Fares in Company Corruption

Indian Prime Minister Narendra Modi often talks about tamping down on corruption in India, but a recent report shows that it remains pervasive. A survey of around 770 senior executives in large local and multinational companies across industries worldwide, found that, among the regions surveyed, India has one of the highest percentages of companies where fraud, in particular corruption and bribery, was detected. The Wall Street Journal