Ethical Alliance Newsletter

ethiXbase Insights

Is your third-party supply chain exposed to recent Russian sanctions?

Is your third-party supply chain exposed to recent Russian sanctions? Do you fully understand your third-party shareholders and directors’ structure, and if one of them is associated with the sanctions? Have you considered what this might mean for your business and operations? We have created a new simple and automated short-form questionnaire that will instantly allow you to identify those third-parties that might be associated with a sanction risk.

eBook: A Holistic Guide to Third-Party Risk Assessment

Did you know that almost 90% of Foreign Corrupt Practices Act (FCPA) enforcement actions in the past 40 or so years have been linked to third-party misconduct?According to anti-corruption watchdog Transparency International, third parties and intermediaries, are “the single greatest are of bribery risks for companies”. In an ever-changing globalised world with complex supply chains, third-parties play an important key to the success of an organisation – but can also play a part in their downfall if not handled correctly.

Blog: The Negative Externalities of Modern Slavery

Modern slavery is a problem that has emerged into a global epidemic across some 167 countries. If you tell someone that the smartphone they are using is more than likely assembled by children as young as seven carrying out back-breaking work for twelve hours a day, or that the shrimp they are eating has been harvested by slave labour, most would find it hard to believe.

Editor’s Selection

United Kingdom: Fresh Sanctions Imposed On Russian Business

The UK has taken newfound measures against Russia by sanctioning the companies largest bank and is pledging to end imports of Russian coal and gas. Sberbank and Credit Bank of Moscow will both now be placed under a total asset freeze, while coal and gas imports should be phased out by the end of 2022.

In a recent open letter, Transparency International and other organisations have urged governments to open up Ultimate Beneficial Owner registers as this will help to manage the damage caused by sanctions on Russia.

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United States: Former Coal Vice President Arrested For Bribery

A former Vice President of a Pennsylvania, coal company, Mr Hobson, has been arrested for paying bribes to the Egyptian manufacturing business, Al Nasr Company for Coke and Chemicals. The bribe helped to obtain around $143m in coal contracts and Mr Hobson has been charged with money laundering and conspiracy to commit wire fraud. 

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The European Commission is increasing pressure over a corruption allegation which stems from the wake of the recent election. This is significant as it is the first time that the EU is applying new regulations to withhold funds from a country that breaches the rule of law.


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