VinciWorks

MPs to next government: Close anti-corruption loopholes

In a new manifesto, MPs outline their vision for UK anti-corruption laws. What does this mean for the future of bribery and corruption regulation?

A cross-party group of MPs want the next government to ensure that the UK is no longer a haven for dirty money by enacting legislation that would tighten up current corporate anti-corruption legislation.

The All-Party Parliamentary Group (APPG) on Anti-Corruption and Responsible Tax and the APPG on Fair Business Banking jointly launched the economic crime manifesto in which the group lays out four principles for pragmatic reform to clean the UK’s finance sector: Transparency, regulation, enforcement and accountability.

Artificial Intelligence Thought Leadership
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5 min read

75% of university librarians see urgent need for AI ethics as faculty and students turn to them for help

AI is everywhere, and the higher and further education sectors are no exception. Artificial intelligence is increasingly being integrated into higher and further education for a variety of uses by both staff and students. The new technology has the potential to herald a new era of innovation, creativity, and efficiency, and effectively revolutionise higher education. For students, AI powered tools can enable more personalised learning experiences, enhanced accessibility and research capabilities, easier collaboration, and automate student administrative and logistical tasks such as scheduling, registration, and financial aid management. For staff and administration, AI solutions also offer numerous benefits, including streamlined and more efficient administrative processes, data-driven decision making, recruitment and admissions process, as well as creative academic applications, such as having students critically evaluate AI generated texts, freeing up valuable staff time and resources for more personalised student support and academic initiatives.

Ex-MoD official gets 30 months in Saudi corruption case

Jeffrey Cook was found guilty of taking over £70K in kickbacks

Jeffrey Cook, a former Ministry of Defence (MoD) employee received 30 months in jail time after being convicted of misconduct in public office. Cook took over £70K in payments and gifts as kickbacks on a public contract that he arranged while he was an employee at the MoD.

Between 2004 and 2008, Cook was on secondment when he commissioned a series of reports from an offshore company, ME Consultants, for the MoD on its “SANGCOM” project to provide military communications equipment and services to the Saudi Arabian National Guard. The company was paid about £700K. Serious Fraud Office (SFO) investigators discovered that Cook concealed payments and gifts he received totalling about 10% of its fee as a kickback. He received more than £44K in cash and two cars worth £30K according to SFO prosecutors.

GDPR
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3 min read

Biometric crackdown by UK regulator puts focus on big data at work

Thousands of employees’ biometric data must be deleted, according to a new ruling by the Information Commissioner’s Office. Serco, one of the UK’s largest employers was told to stop using fingerprint scanners and facial recognition software for staff clocking on and off in a warning that could force many other employers to change their practices.

Former Western Sydney Airport employee charged with allegedly soliciting a bribe

This charge is the first in an investigation initiated by the newly-launched National Anti-Corruption Commission

A former employee of the Western Sydney Airport (WSA) has been charged with allegedly soliciting a bribe of $200k during the procurement process for a contract to provide services at the airport. The contract was worth an estimated $5 million.

The charge was made by the National Anti-Corruption Commission (NACC), following a joint investigation with the Australian Federal Police. The long awaited NACC was founded this past July with the goal of preventing, detecting and investigating corrupt conduct in the Commonwealth. It is the first time an independent anti corruption body has overseen the entire Commonwealth public sector.

Neurodiversity policy template free download: make your organisation more neurodiversity friendly

As many as 1 in 7 people in the UK are neurodivergent, meaning that organisations that fail to meet the needs of their neurodivergent staff and clients are neglecting a significant demographic. Although there are challenges associated with these differences, there are also many strengths.

Guide
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3 min read

EU Council approves amended version of the Corporate Sustainability Due Diligence Directive

The revised version scales back the scope of the landmark new law

The Corporate Sustainability Due Diligence Directive (CSDDD) is legislation designed to get companies to protect the environment, maintain social justice and promote a stronger, sustainable economy. It requires that companies consider the social and environmental impact of their operations by promoting transparency and encouraging companies to be more proactive in identifying and mitigating sustainability risks.

A watered-down version of the Directive was approved in March, meaning that it is likely to become law later this year.

Anti-Money Laundering Thought Leadership
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2 min read

In Queensland, new money laundering laws will restrict cash gambling at casinos

The move comes as Australia seeks to implement stricter AML laws nationwide

In an effort to prevent money laundering, Queensland implemented legislation that limits cash gambling at the state’s casinos. The new law also involves identity verification and a code of conduct at casinos. The legislation comes as Tranche 2 anti-money laundering (AML) reforms are likely to soon come into force in Australia.

Queensland attorney general Yvette D’Ath noted that casinos will be restricted to accepting a certain amount of cash from a person for gambling-related transactions in a 24-hour period. The cash limit will be set through regulation but is likely to be about $1,000.

Diversity and Inclusion Equality and Diversity Thought Leadership
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4 min read

UK Carers Leave Act: A Step Forward, But 70% Say “Not Enough”, New VinciWorks Survey Reveals

The Carers Leave Act (2023) taking effect on April 6th is a positive step, recognising the critical role unpaid carers play in society. However, a new VinciWorks poll found a significant gap between the Act’s provisions and the needs of working carers.

The Carers Leave Act, which applies to all businesses and industries, offers a week of unpaid leave – a start, but one that falls short of the significant support working carers require. VinciWorks, a leading compliance eLearning and software solutions provider, surveyed over 150 HR and compliance professionals. Its findings show that 70% of respondents believe the Act doesn’t go far enough.

Changes are coming to Australian AML. Its banks need to get ready

Australia’s banking sector is at medium to high ML/TF risks

A national risk assessment on major banks and other domestic banks operating in Australia indicated that they are at medium and high risks for money laundering and terrorist financing (ML/TF) activities. Tranche 2 anti-money laundering (AML) reforms are likely to soon come into force in Australia and it could help the country with its reputation as a trusted financial centre, especially after several high-profile money laundering court cases.

Australia’s banking sector sits at the centre of its financial services industry. It is hoped that the reforms will help fight the evolving threat of organised financial crime, which is estimated to cost Australia up to $60 billion a year. According to the Australian government, “Significant regulatory gaps and vulnerabilities have made Australia an increasingly attractive destination for laundering illicit funds.”

AML Tranche 2 has already been introduced by countries like the UK, Canada, and New Zealand and firms in Australia are preparing for these changes. Australia is one of only three jurisdictions that are not aligned with the Financial Action Task Force (FATF) recommendations on international AML standards. Once the Tranche 2 reforms are implemented, they will be and this will mean changes for a range of businesses as they must comply with the regulations to avoid penalties.