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Sep 6, 2013

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Corliss Online Financial Mag: Is Singapore being naive on...

Singaporean corporations are more naive in their approach to anti-fraud and corruption practices in comparison to the Asia-Pacific average, a survey from global accountancy firm Ernst & Young has found. According to the “Building a more ethical business environment survey,” only 17 percent of Singaporean respondents acknowledged that planned investments in new markets will expose the company to new risks, compared to an average of around 35 percent for the Asia-Pacific region. “Companies in Singapore don’t necessarily lag behind in terms of anti-fraud and corruption practices; what we found is a disconnect between policies that companies already have in place and the enforcement of those policies,” said John Tudorovic, fraud investigation and dispute services partner at Ernst & Young. According to E&Y, nearly two thirds of Singaporean executives surveyed said their companies’ anti-bribery and anti-corruption practices did not work well in practice, compared with an average of 48 percent for the Asia-Pacific region. Furthermore, E&Y said their survey findings showed that a lack of regular training and management commitment to anti-bribery and anti-corruption policies was a cause for concern in Singapore. Only 18 percent of Singaporean respondents said their management had strongly communicated their commitment to their anti-bribery and anti-corruption measures, compared with an average of 35 percent for the Asia-Pacific region. Common procedures used to tackle fraud and corruption, such as whistle blowing and technology like forensic due diligence, were also not common practice in Singapore, the survey found. While 71 percent of Singaporean companies said they would be prepared to advocate whistle blowing, whereby employees can report insider knowledge of fraud or corruption through a protected procedure, only 17 percent actually operate such schemes. Read Full article: http://carrascoirv 013/10/04/corliss- online-financial-m ag-is-corporate-si ngapore-being-too- naive-on-fraud/ More Financial News: /u/leslie.cordovan 5278/decalz/268635 07/corliss_online_ financial_mag_is_c orpora /posts/corliss-onl ine-financial-mag- is-corporate-singa pore-being-too-nai ve-on-fraud  (Oct 4, 2013 | post #1)

Google attacked by MPs for failing to cut piracy sites fr...

Source: http://www.indepen /politics/google-a ttacked-by-mps-for -failing-to-cut-pi racy-sites-from-it s-search-results-8 839707.html Google is accused by MPs of jeopardising thousands of British jobs by failing to block websites providing illegal downloads of music and films. In a scathing report, the Culture, Media and Sport select committee condemned the internet giant's “derisory” efforts to tackle online piracy and denounced its explanation for its inaction as “flimsy”. It said the creative industries were worth £36bn a year to the British economy and employed 1.5m people, but warned that would be put at risk if they could not rely on tough intellectual property safeguards. The industry estimates that piracy costs it £400m in lost revenues a year. More than one-third of films watched online are viewed unlawfully and £1bn-worth of music is illegally downloaded annually. The committee reserved its strongest words for Google, accusing it of failing to explain why its search engine still directed people to websites flouting copyright rules and challenging it to remove more illegal sites or to demote them down lists of search results. It criticised the company for its “evident reluctance to block infringing websites on the flimsy grounds that some operate under the cover of hosting some legal content”. John Whittingdale, the committee's chairman, said: “The continuing promotion of illegal content through search engines is simply unacceptable and efforts to stop it have so far been derisory. ”There is no reason why they cannot demote and ultimately remove sites hosting large amounts of illegal material from search engine results. “Google and others already work with international law enforcement to block for example child porn from search results and it has provided no coherent, responsible reason why it can't do the same for illegal, pirated content. Copyright infringement is a serious crime that threatens our economic future.” UK Music, which represents artists, songwriters and record labels, condemned the promotion by search engines of illegal content as unacceptable. More Financial News: http://corlissonli html http://corlissonli nefinancialmag.tum http://corlissmag.  (Sep 28, 2013 | post #1)