Global - Guyana - The U.S.

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Principles for effective beneficial ownership (BO) disclosure. Open Ownership's 9 principles were updated in January this year. They aim to expand the focus from companies to corporate vehicles more broadly, to account for the revision of Financial Action Task Force (FATF) recommendation 24 and to underline the judgement by the court of justice in the European Union on public access to BO, among others.

Open Ownership: https://www.openownership.org/en/principles/

 

[Opinion] Strong anti-corruption laws that are easily and effectively enforced are needed in Guyana. Columnist argues that the barring of direct family of government officials from bidding on contracts will prevent kickbacks. Given the financial attractiveness of the booming oil sector, safeguarding against corruption should be a high priority.

Starbroek News: https://www.stabroeknews.com/2023/02/16/opinion/letters/have-in-place-strong-anti-corruption-laws-that-are-easily-and-effectively-enforced/

 

The U.S. steps up enforcement of Foreign Corrupt Practices Act (FCPA) in Latin America. The act from 1977 criminalizes bribery of foreign government officials in exchange for new business or maintaining old business. The FCPA is not only applicable to U.S. citizens and companies, but foreign persons and companies listed in U.S. exchanges, subsidiaries, and stakeholders with "substantial contacts in the U.S."

Mondaq: https://www.mondaq.com/unitedstates/white-collar-crime-anti-corruption--fraud/1283656/us-steps-up-enforcement-of-foreign-corrupt-practices-act-in-latin-america

 

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