Fat Leonard Returns to the U.S. to Face Justice.

Today, as part of a prisoner exchange deal, Leonard Francis, better known as Fat Leonard, has been extradited to the U.S. from Venezuela to face justice. According to the Washington Post, Francis was returned to the U.S. along with ten other U.S. citizens who were imprisoned in Venezuela. While Francis had not committed any crimes in Venezuela, the Maduro government had detained him on the off chance a prison swap with the U.S. ever seemed feasible. According to a report by CNN, In exchange for Francis, the U.S. issued clemency to Alex Saab, a financier with close links to Maduro, who was wanted on money laundering charges by the U.S. government. It has been a long road, but finally, Francis will face U.S. justice and spend a long time in prison.

High-Ranking Cardinal Found Guilty in Embezzlement Case.

Over the weekend, former high-ranking Cardinal Angelo Becciu was found guilty of Embezzlement and Fraud by a criminal court in the Vatican and sentenced to five and a half years in prison. According to a Reuters report, the trial centered on the purchase of a building in London formally by the department store Harrods for £350 million in 2013 through an Italian financier named Raffaele Mincione, while Becciu was the second highest ranking member of the Secretariat of state. According to a report by the CBC, Minicione was also found guilty of embezzling funds from the Vatican. In 2018, with Becciu in another position within the Vatican, the Secretariat attempted to turn to another financier, Gianluigi Torzi, who himself fleeced the Vatican out of millions and was also found guilty of fraud and embezzlement. Eventually, the Vatican took a £140 million loss on the entire investment. No one told Becciu that making a habit out of embezzlement is a bad idea.

EU Approves Membership Talks with Ukraine.

Yesterday, the EU approved membership talks with Ukraine and Moldova. While this is undeniably a big step for Ukraine as a country, it is not certain that Ukraine will be accepted into the bloc. According to a report in The Guardian, Hungarian President Viktor Orban, a well-known ally of Russia and President Putin, is threatening to hold up the process in any way possible. It is entirely possible that Orban’s sole goal was to get the EU to release 10 billion Euros from the EU budget. Ukraine has a lot of work to do before it can be accepted into the bloc. According to an article in Reuters, Ukraine must continue to clean up its judicial system and hire more anti-corruption professionals. It will be a long road, but based on its recent track record, Ukraine is committed to joining the EU despite the ongoing conflict with Russia.

An Update on Michelle Mone.

Recently, it has emerged that Baroness Michelle Mone is facing a criminal investigation concerning the PPE Medpro scandal. According to a report in The Guardian, Mone and her husband, businessman Douglas Barrowman, are facing allegations of conspiracy to defraud, fraud by false representation, and bribery brought by the National Crime Agency (NCA), Britain’s version of the FBI. For the last several years, Mone and Barrowman have denied any involvement in profiting off the lucrative government contracts awarded to PPE Medpro. According to an article in the BBC, Mone regrets not informing the public of her role in the company. However, she made this apology in a documentary funded by PPE Medpro. This all seems dodgy to me, and I don’t see the NCA putting much stock in it, either.

The State of Corruption in Moldova.

(Disclaimer: Yesterday, I attended an event at the Brookings Institute where the Justice Minister of Moldova spoke about the country’s Anti-Corruption efforts).

Moldova borders Ukraine in Eastern Europe, and Russia is viewed as its sphere of influence due to Moldova being part of the Soviet Union. According to the Anti-Corruption Resource Center, Moldova is a country that, like many in the region, has a strong oligarchy where corruption and bribery are prevalent. Despite this, in 2021, the election of Maia Sandu and the Party of Action & Solidarity (PAS) signaled a new era of commitment to anti-corruption initiatives. An article by the Center For Security and International Studies states that due to the conflict in Ukraine, Moldova has applied for membership to the EU despite opening up to foreign investors and instituting judicial reforms. While these are encouraging steps to combat corrupt influences, it appears that, like Ukraine, Moldova is trying to make strides in eradicating corruption.

Two High-Ranking Cyber Security Officials Sacked in Ukraine.

Today, two high-ranking officials in the Ukrainian government’s cyber security department were fired. According to a report in Reuters, Yurii Shchyhol and Viktor Zhora, the head and deputy head of the State Service of Special Communications and Information Protection of Ukraine (SSSCIP), were sacked due to allegations of their role in a plot to embezzle $1.72 million between 2020 and 2022. According to a report in US news, Shchyhol and Zhora are accused of buying software at increased prices from two companies they allegedly ran. The procurement process for the software program was very secretive and possibly rigged in favor of Shchyhol and Zhora. Ukraine is making strides in confronting corruption, but there is a long way to go.

Panama Removed from FATF Gray List.

Last week, Panama was from the Financial Action Task Force (FATF) Gray List. FATF is an Inter-governmental organization that monitors corruption worldwide. According to an article in the US News, the Panamanian government has made enough reforms to the financial sector that the country can be taken off the list. This will, according to the article, open the door to more international investment. While this is undeniably a good sign, one has to hope that the type of people who want to put money in Panama are doing it for the right reasons.

Former Head of China Bank Arrested on Corruption Charges.

Today, China arrested the former head of one of its largest commercial banks, Liu Liange. According to the BBC, Liu is accused of illegally granting loans, bringing banned publications into China, and accepting bribes. Liu was expelled from the communist party after this accusation came to light. According to Barrons, President Xi has been embarking on a wide-sweeping campaign to eradicate corruption from the Communist Party. One must assume that Liu probably won’t see the light of day soon.

Head of China Life Insurance Sentenced to Death on Corruption Charges.

The former Chairman of China’s most prominent life insurance firm Wang Bin today was sentenced to death with a two year reprieve after being found guilty on corruption charges. This is the latest conviction of a well-known figure in China’s financial services industry, as President Xi clamps down on corruption. According to a report from CNN, Mr. Wang had taken $44 million in bribes and had stashed $7 million away in a bank account in Hong Kong. It is unclear who could have bribed Mr. Wang; it could be anyone within the Chinese business community or someone from abroad. According to a report in the Independent, when Wang was arrested in 2022, China’s anti-corruption body stated he failed to institute policies within his company that would mitigate financial risks. Likely, this will not be the last time a prominent figure in the Chinese financial industry will be charged with corruption.

Ukraine’s ongoing crusade against Corruption.

This week, the Ukrainian government under President Zelensky has been making further efforts to eradicate societal Corruption in Ukraine. Several outlets, including Reuters, have reported that a delegation of Ukrainian officials has met with Jake Sullivan, the U.S. national security advisor, about improving anti-corruption efforts. Along with that is a report from the BBC that Ihor Kolomoisky, a well-known Ukrainian oligarch, is to be held in custody for two months on fraud and money laundering charges. Arguably, the most critical corruption story to come out of Ukraine is that President Zelensky has fired his defense minister, Oleskii Reznikov, because of allegations of Corruption. A report by the Washington Post suggests that Rustem Umerov, the former head of the State Property Fund of Ukraine, will take over. While there is a long way to go, it is clear that the Ukrainian government is making strides in stamping out governmental malfeasance.