Corruption: The Loopholes for Corruption and Money Laundering are Getting Smaller

Corruption: The Loopholes for Corruption and Money Laundering are Getting
Smaller

- Foreign Corrupt Practices Act shows more teeth

- International effort on anti-corruption increases

- WorldCompliance: Intelligence Database reaches new accuracy level

MIAMI, May 11 /PRNewswire/ -- Individuals and companies demanding bribes for
services are facing increasing difficulties. For once, worldwide legislation
has made it more difficult to place funds in the financial system. More than
125 countries have sharpened their laws to combat money laundering and
terrorism financing since 2001. More importantly, the willingness of
organizations to tolerate bribes is drastically decreasing. Currently, more
and more Fortune 1000 companies are introducing processes and solutions to
avoid the risk of involvement in foreign corruption.

Background is the stronger enforcement of the Foreign Corrupt Practices Act,
originally enacted in 1977. During the past 30 years only 80 cases were
investigated, however since the beginning of the year, already 70
investigations have been initiated. Several companies in the United States
have been subject to fines and settlements (Lucent, Halliburton), but also
international companies are targets of investigations (Siemens, BAE). Most
recently the offices of the German company MAN AG were raided.

"More and more fortune 1000 companies are looking for a systematic way to
avoid corruption allegations," according to Dirk Mohrmann, CEO of
WorldCompliance, which is specialized in providing anti corruption databases.
The Foreign Corrupt Practices Act prohibits the bribing of Foreign Officials
and requires companies to maintain adequate processes and documenting payments
to avoid inadvertent payments of bribes. "Knowing whether your suppliers or
business partners are closely connected to Foreign Public Officials is a very
important element in a useful FCPA compliance program," said Mr. Mohrmann.

WorldCompliance has been successful in offering unrivaled protection to its
customers, by providing the largest and most comprehensive database of Foreign
Officials, their family members, close associates and companies. Yesterday,
WorldCompliance announced the successful summer release of its Online License,
which allows its clients to find foreign officials with laser like accuracy.
Profiles show photos, names, dates of birth, biographies and display the
relationship network in a unique graphical way for easy risk analyses. "This
allows our clients to quickly decide whether a business partner poses a risk
in the FCPA sense and the audit proof workflow features enable them to
demonstrate compliance efforts at any given time at a later stage," said Mr.
Mohrmann.

WorldCompliance protects over 2000 clients in over 100 countries, including
over 50 of the world's largest financial institutions, many Fortune 1000
companies, financial regulators, intelligence agencies and the Big Four. Its
product suite is used to identify individuals and companies linked to over
twenty different risk categories, such as terrorism, narcotics, money
laundering, and fraud, collateral crimes, beneficial owners and PEPs
(Politically Exposed Persons).

Website:www.worldcompliance.com

SOURCE WorldCompliance

Lee M., Corporate Communications, WorldCompliance, +1-877-258-1877 ext. 263,
leem@worldcompliance.com