Monday Compliance News - Around the World

GCSG's Monday Compliance News is a compilation of some of the previous week's interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.

US sentences ex-Guinea minister to seven year in prison for laundering bribes | Reuters

"A former Guinea government minister was sentenced to seven years in prison on Friday following his conviction of laundering $8.5 million in bribes that U.S. prosecutors say he took in exchange for helping a Chinese conglomerate secure mining rights." (Click here for the article) - USA, Guinea, China

Modernizing NAFTA - a look at the key issues | Global Trade

"The North American Free Trade Agreement (NAFTA) between the United States, Mexico, and Canada, entered into force in 1994 is to be renegotiated. Talks began earlier this month following the conclusion of the 90-day US Congressional notification period. The status quo is not an option; NAFTA will emerge with a new look." (Click here for the article) - USA, Canada, Mexico

OFAC pushes Iran sanctions enforcement | Volkov Law

"Many companies have been laser-focused on anti-corruption compliance, and with good reason given the risks and consequences of an anti-corruption enforcement action. In doing so, companies have to be careful to avoid ignoring sanctions risks, especially in the ever-evolving nature of sanctions rules and regulations." (Click here for the article) - USA, Iran, Singapore

Emerging markets: rethinking M&A | Forbes

"McKinsey & Company estimates that more than 70% of global merger and acquisition deals fail … but why is this? We believe it is due, in great part, to a lack of information (or poor information) on the target and the deal. What might be blamed on a poor integration process might actually be more related to not knowing enough about the target and opportunity. Too often, particularly in emerging markets, integration teams are left to deal with legacy problems that are not identified within the traditional pre-transaction due diligence: inflated books and stock; non-existent distributors and customers; business-critical political connections; facilitation payments; and conflicts of interest with competitors. The result is companies find they have overpaid for assets that cannot deliver the market-share and growth trajectory that formed the basis of the acquisition strategy in the first place." (Click here for the article) - Global

US uses rare tactic in latest bribery case: a sting | WSJ

"U.S. investigators, in a foreign-bribery case unsealed this week, used an unusual tactic: a sting operation. The unsealed criminal complaint in the case of Joseph Baptiste, a retired U.S. Army colonel who was charged in Massachusetts with conspiracy to violate the Foreign Corrupt Practices Act and with money laundering, said undercover Federal Bureau of Investigation agents and intercepted phone calls were used to bring the allegations. Prosecutors said the charges stemmed from a probe launched in 2014 into Haitian-American businessmen who were offering bribes to Haitian government officials for business there." (Click here for the article) - USA, Haiti

US, Mexico spar on NAFTA | WSJ

"The second round of talks to renegotiate the North American Free Trade Agreement began on Friday under a dark cloud after both the U.S. and Mexico raised the stakes dramatically in recent days. President Donald Trump has jolted the tone of the meetings with renewed calls to pull out of the 23-year-old deal linking the economies of the U.S., Canada and Mexico—a drastic course U.S. officials said he came close to pursuing in April before backing down and agreeing instead to negotiate." (Click here for the article) - USA, Canada, Mexico