Prelims

Half Title Page

COMPLIANCE IN MULTINATIONAL CORPORATIONS

Endorsement

‘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

‘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 centres. 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

‘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 Pristina

Title Page

COMPLIANCE IN MULTINATIONAL CORPORATIONS

Business Risks in Bribery, Money Laundering, Terrorism Financing and Sanctions

BY

FABIAN M. TEICHMANN

Teichmann International AG, Switzerland

BRUNO S. SERGI

Harvard University, USA, and University of Messina, Italy

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2018

Copyright © 2018 Emerald Publishing Limited

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-78756-870-9 (Print)

ISBN: 978-1-78756-867-9 (Online)

ISBN: 978-1-78756-869-3 (Epub)

About the Authors

Fabian M. Teichmann is an Attorney-at-law and Public Notary whose area of research interest centres on corruption, money laundering and the financing of terrorism. After having graduated from Harvard University, he went on to earn a PhD in law from the University of Zurich (Switzerland) and a Doctor of Economics and Social Sciences from the University of Kassel (Germany). He also holds graduate degrees in Law as well as in Accounting and Finance from the University of St. Gallen. Today, Fabian Teichmann chairs the board of a mid-sized Swiss law firm and runs consulting companies in England, Liechtenstein and the United Arab Emirates. He teaches a course on ‘Compliance in Multinational Corporations’ at the University of Kassel and is the author of several books and over 80 scholarly articles.

Bruno S. Sergi is a Teacher and scholar whose area of research interest centers on the emerging markets. At Harvard University, he is an Instructor on the economics of emerging markets and the political economy of Russia and China, an Associate of the Davis Center for Russian and Eurasian Studies and a Faculty Affiliate in the Institute for Quantitative Social Science. Also, he teaches International Economics at the University of Messina, is an Associate Editor of The American Economist (an official publication of Omicron Delta Epsilon, The International Honor Society in Economics) and a Co-founder and Scientific Director of the International Center for Emerging Markets in Moscow. He is the author and coauthor of several books and over 150 scholarly papers.

Acknowledgments

Many thanks to Pete Baker and Katy Mathers, who have enthusiastically sponsored our book project and managed all the steps throughout the very speedy book production.

Fabian M. Teichmann

Bruno S. Sergi