Compliance in Multinational Corporations: Business Risks in Bribery, Money Laundering, Terrorism Financing and Sanctions

Fabian M. Teichmann
Teichmann International AG, Switzerland

Bruno S. Sergi
Harvard University, USA, and University of Messina, Italy

Product Details
15 Oct 2018
Emerald Publishing Limited
160 pages - 129 x 198mm
Emerald Points
Over the past two decades, the enforcement of anti-bribery, anti-money-laundering and anti-terrorism-financing regulations has become increasingly challenging for multinational corporations. Bribery and money laundering scandals have the potential to take down entire multinational corporations. Frequently, managers in charge of those firms end up facing criminal prosecution and civil lawsuits, and are not equipped with the formal legal training to prevent these phenomena. 

Compliance in Multinational Corporations explores the historical background of such phenomena as bribery, money laundering, and terrorism financing. Analysing the legal environment based upon international conventions, and including an empirical analysis of 100 expert interviews, it takes an innovative look at the perspectives of both criminals and compliance experts to provide a long-lasting guide for compliance experts. While traditional compliance and financial crime literature focuses on rules, regulations and prevention mechanisms, this book shows how intelligent criminals act. It offers practical advice and concrete guidelines that will address the most pre-eminent compliance challenges. 

 The book will prove an essential resource for compliance managers, academics and professional educators who wish to equip themselves against the significant risks they face.
Chapter 1. Bribery and Corruption Today: Practices and Challenges 
Chapter 2. Money Laundering: Challenges and Solutions 
Chapter 3. How Multinational Corporations Become Trapped in Terrorism Financing 
Chapter 4. Sanctions and Embargos: Effective Political Tools or Unnecessary Challenges for Compliance Departments? 
Chapter 5. Whistleblowing in Corporations 
Chapter 6. Conclusions and Practical Implications
Fabian M. Teichmann is chair of Teichmann International AG. He earned an undergraduate degree in economics and finance from Bocconi University (Italy) and graduate degrees in general management from Harvard University (USA) and in law as well as in accounting and finance from the University of St. Gallen (Switzerland). Before founding Teichmann International AG, Dr Teichmann held various leading positions both in Switzerland and abroad. He holds a PhD in law from the University of Zurich (Switzerland) and he is a Doctor of Economics and Social Sciences from the University of Kassel (Germany).

Bruno S. Sergi
is a Center Associate of the Davis Center for Russian and Eurasian Studies at Harvard University. Concurrently, he teaches international economics at the University of Messina. Previously, he has taught and done research at New York University and the International Monetary Fund, among others. He has been an honorary fellow of the School of Social and Political Sciences (2010-2011) and a fellow of the Contemporary Europe Research Centre at the University of Melbourne (1999-2009). He is the founder and editor-in-chief of the International Journal of Trade and Global Markets, the International Journal of Economic Policy in Emerging Economies, and the International Journal of Monetary Economics and Finance. Sergi holds an MSc and MPhil in economics from the University of London and a PhD in economics from the University of Greenwich Business School, London.

The work of Teichmann and Sergi is timely in a world where globalized practices determine increasing complexity within the compliance of organizations. Asking relevant questions and bringing societal values forward are essential skills for this debate to surface successfully. This book contributes greatly to it. - Mark Esposito, Professor of Business and Economics, Harvard University’s Division of Continuing Education & Hult International Business School

Sergi and Teichmann combine the perspectives of the academic and the practitioner in analysing key issues of financial crime that multinational corporations face today: bribery, money laundering, terrorism financing. How can corporations address them? How useful are sanctions and embargoes? The authors offer a compelling and innovative point of view by drawing on extensive empirical material: cases, experiences, experts’ analyses. This book is a must-read for compliance managers and anyone exposed to financial crime’s increasing global risks. - Ernesto Gallo, PhD, Regent’s University London

Compliance in Multinational Corporations: Business Risks in Bribery, Money Laundering, Terrorism Financing and Sanctions touches upon some of the most critical challenges of our day: preventing serious financial crime, enforcing pertinent regulatory framework, and ensuring ethical and effective behavior of multinational corporations. The authors show that preserving the law-abiding character of corporations requires multi-faceted efforts. They go going beyond the precepts of traditional compliance and financial crime literature, to search for innovative and practical solutions. Through an original empirical enterprise, they offer novel insights and practical guidance on how to address the most pressing challenges and dilemmas of modern society and its developmental aspirations: bribery, money laundering, and terrorism financing. - Qerim Qerimi, Law and Development Research Group, University of Antwerp & Faculty of Law, University of Prishtina

I highly recommend the informative book Compliance in Multinational Corporations: Business Risks in Bribery, Money Laundering, Terrorism Financing and Sanctions by Fabian Teichmann and Bruno Sergi. With the prevailing tension among governments and players of the underground economy, the book is timely for those who are looking for answers on the cost and economics related to worldwide corruption, money laundering, and financial malpractices. The book provides a wealth of information to academic researchers, faculties teaching International finance, economics and business law, attorneys dealing with the multinational business environment, decision makers at national and state law enforcement agencies, and executives at offshore banking centers. Both authors are prominent specialists and distinguished scholars in their own right, and possess prolific track records in articulating the economics and legal issues related to cross-border corruption, bribery, money laundering, and terrorism. - Musa Essayyad, PhD, JP Morgan Chase Bank Professor of Business & Director, Drew Center for Business and Economic Analysis
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