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Intellectual Property: What do the statistics indicate?
Intellectual Property (IP) is defined as the creation of the mind that includes inventions, patents, designs, any type of art, etc. The primary purpose of establishing intellectual property rights is to foster an environment that allows both corporations and individuals to have the freedom to create and innovate, says Marija Lazic on a report published by legaljobs.io
IP is a major driving force behind global economic growth. This is the reason why experts spend a lot of time gathering intellectual property facts and figures. By doing this, experts can measure intellectual property's efficacy in promoting creativity and development.
Some interesting Intellectual Property Stats
27.7% of jobs in the US come from intellectual property-intensive industries.
38.2% of the US GDP comes from intellectual property-intensive industries.
Intellectual property theft costs the US $225 billion to $600 billion annually.
The average cost of a data breach in the US is $8.64 million.
The average cost to defend a patent lawsuit exceeds $3 million.
Around 12,000 intellectual property cases are filed each year.
The US has held the top spot for tech innovations for a long time. However, reports have shown that eastern countries are catching up, as the World Intellectual Property Organisation (WIPO) statistics indicate. In 2018, the US held the number one spot with 22% of tech innovations, while China was slightly behind with 21%.
More than 80% of patents for manufacturing industries were granted to high and medium-high technology manufacturing industries in 2015. Based on United States Patent and Trademark Office's (USPTO) figures on intellectual property trends, high technology manufacturing received 61% of patents for manufacturing industries, while medium-high manufacturing industries received almost a quarter of patents. Evidently, the high technology manufacturing industry received a higher portion of patents issued by the US Patent and Trademark Office.
The US Department of Commerce states that over 40 million jobs (that's 27.7% of jobs) come from intellectual property intensive industries. For this reason, the US Intellectual Property Enforcement believes that intellectual property infringement can hurt not just the economy but the US labour force as well.
38.2% of the US GDP comes from IP intensive industries. There's a strong connection between intellectual property, business development, and economic growth, and numbers prove it. IP intensive industries account for 38.2% of the country's GDP, amounting to over $6 trillion. (Patent and IP Statistics)
Let's look at some IP statistics:
1. The US government sector received only 1% of the patent share in 2016
As patent and IP statistics show, private companies received 85% of the patent share, 9% was assigned to individuals, 4% to the academic sector, and only 1% to the government sector. The National Science Foundation believes that the government's small share shows that intellectual property is not the main focus. (Patent and IP Statistics)
2. 90% of US exporters are patent-holding firms
According to intellectual property news delivered by the World Trade Organisation ambassador in 2018, Dennis Shea, as much as 90% of exporters are patent-holding firms. These firms turned out to be better exporters because the number of export transactions increased significantly after the patent acquisition.(Patent and IP Statistics)
3. Copyright workers earn 38% higher wages than other US workers.
US ambassador Dennis Shea pointed out that US industries that rely heavily on IP are most likely to prosper. He used the copyright-based industry as an example. According to intellectual property data, IPR-intensive industries generate many jobs and contribute to the US's economic growth. These industries generated 5.6 million jobs, where the average income of these workers was 38% higher than the US workforce's average income.(Patent and IP Statistics)
4. IP accounts for 70% of the value of publicly listed corporations.
It might be challenging to estimate the contribution of IP to the US economy. Still, according to the president's Economic Report to Congress in 2006, 70% of publicly traded companies' value was attributed to intangible assets. (Patent and IP Statistics)
5. The number of US patents filed via PCT increased by 2.8% from 2018 to 2019.
The US patent applications increased by 2.8% in 2019. This percentage is an improvement from 2018, as evidenced by the number of patents by country in 2018. Back then, the number of US patents filed dropped by 1.6% compared to 2017. (WIPO Annual Report 2019)
6. 12% of US applications for patents in 2019 were in the field of computer technology.
The US held the top spot when it came to applications for patents in the field of technology in 2019, followed by China and the Republic of Korea that dominated the field of digital communication. (WIPO Annual Report 2019)
7. According to World IP Indicators 2019, the US was the second topmost filer of patents in the world.
A closer look at WIPO's patent statistics by country shows that the US's numbers in 2018 saw a decline. The number of patents filed by the US dropped by 1.6%. Despite this decrease in the number of patents filed, the US still ranked second worldwide. (WIPO Annual Report 2019)
8. The number of filed trademark applications increased to 673,233 in 2019.
Trademark applications hit a record high in 2019, reaching 673,233 applications. The number of US trademark certificates was over 2.5 million at the end of the same fiscal year. (Patent and IP Statistics)
9. The US's trademark office holds 4.5% of trademarks filed worldwide.
WIPO's trademark statistics 2019 show that the US's trademark office accounted for 4.5% of the entire trademark filing activity. The report also stated that the US trademark office had the second greatest number of trademarks filed with 640,181 trademarks.(WIPO Annual Report 2019)
10. Intellectual property theft costs the US between $225 billion and $600 billion annually.
IP theft is taking a financial toll on the US economy. The Intellectual Property Commission estimates that intellectual property theft in the form of counterfeit goods, trade secret theft, and pirated software costs the US economy $225 billion to $600 billion. According to intellectual property crimes statistics, that's about 1% to 3% of the US's GDP. (IP Theft Statistics)
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11. Counterfeit drug sales in the US amounted to more than $75 billion.
Many people think that IP theft doesn't do any harm, aside from hurting the economy. However, NCPC maintains that counterfeit drugs have caused a lot of harm to Americans due to substandard quality or mislabelling. (IP Theft Statistics)
12. 21.7% of American CFOs think their companies were victims of IP theft.
In a survey conducted among CFOs, 21.7% confirmed that IP theft happened to their companies in 2018. However, a lot of them admitted that there might not be sufficient proof to confirm their allegations.(IP Theft Statistics)
13. 44% of seized goods are fake watches and jewellery
Almost half of the items seized in the US in 2018 were watches and jewellery, accounting for 44% of all seized items. Apparels and other accessories came in second at 22% of total products.(IP Theft Statistics)
14. IP theft trade statistics show that $1.03 billion worth of counterfeit commodities from China were seized in the US.
In 2019, the US Customs was able to confiscate counterfeit items valued at $1.03 billion, all of which originated in China. The value of seized goods significantly surpassed the value of seized goods from Hong Kong in 2019, amounting to $397.28 million. (IP Theft Statistics)
15. In 2019, the US Customs was able to seize 15,811 products from express delivery services
The US confiscated 15,811 items and 8,982 products from express and mail delivery in 2019. This further hammers home the FBI Director's statement that defeating IP theft requires vigilance in all sectors. It's not just the government's responsibility to keep a watchful eye on the situation if we want to see intellectual property infringement statistics drop. (IP Theft Statistics)
16. The average business's cost of a data breach in the US is $8.64 million.
In 2020, the cost of an IP data breach to small enterprises is $8.64 million. Last year, it was $8.19 million. These figures might seem like a small amount for big businesses, but corporations' collective losses are substantial enough to become a threat to US economic security.
On a global scale, data breaches cost $3.86 million per data breach based on recent data breach statistics. (IP Theft Statistics)
17. Around 5,000 patent cases are filed each year in the US.
Since 2012, 5,000–6,000 patent cases have been filed each year. From 2006 to 2011, there were between 2,580 and 3,527 cases, only to increase significantly in 2012. Experts believe that technological advancements are to blame for this increase in patent case filings. (IP Theft Statistics)
18. According to intellectual property litigation statistics, 76% of cases end up in a voluntary settlement.
It's said that most intellectual property cases end up in a settlement. This is because trials could drag on for years; the longer the trial goes on, the more costly it becomes. At some point, both the plaintiff and the defendant come to the realisation that going to trial isn't worth the cost and effort. And that's why a lot of companies seek to settle as soon as possible.(IP Theft Statistics)
19. Patent lawsuits increased by 9% in January 2020 (year-over-year).
According to statistics on IP theft, lawsuits filed against patent infringement saw an increase of 9% in January. Lawsuits filed by patent assertion entities are said to have contributed to this increase.(IP Litigation Statistics)
20. In 2020, the FBI has made 19 arrests on account of Chinese economic espionage.
FBI Director Christopher Wray reported that ever since the Department of Justice launched the China Initiative campaign in 2018 against economic espionage, cases against China have been piling up. In the first half of the 2020 fiscal year, the FBI has already made 19 arrests on Chinese economic espionage. Wray further stated that based on FBI statistics on IP theft, there are still more than 1,000 pending cases against China.
21. Patent assertion entities file 84% of patent lawsuits.
According to statistics, patent assertion entities, also known as patent trolls, make up 84% of all patent lawsuits every year. This figure isn't surprising since patent lawsuits by patent trolls have increased activity by 500% in the past decade. Their lawsuits have affected over 10,000 companies and cost companies around $80 billion per year. (IP Litigation Statistics)
22. The average cost to defend a patent lawsuit exceeds $3 million.
A lot of companies choose to settle immediately when they are sued for patent infringement. This is because the cost to defend against the lawsuit usually exceeds $3 million. For companies that make less than $10 million, this cost could be detrimental to the business. (IP Litigation Statistics)
23. Around 12,000 intellectual property cases are filed each year.
There are approximately 18,400 cases filed in federal court every year. Of that figure, 12,000 are intellectual property cases.(IP Litigation Statistics)
24. Mediation costs $100,000 per intellectual property case.
The cost of intellectual property litigation skyrockets the moment it is filed. This is why some legal advisers urge clients to go through mediation with the plaintiff due to cost. The cost of a patent infringement case with $10 million to $25 million at risk could range from $2 million to $9 million. In contrast, mediation for the same risk could go as low as $100,000.(IP Litigation Statistics)
25. Only 13.4% of cases resulted in damaged awards.
According to intellectual property cases statistics within US states, it takes roughly about 2.4 years for an intellectual property infringement case to go to trial. Of those that go to trial, only 13.4% are awarded compensation for damages and losses. One controversial intellectual property infringement lawsuit was the case of technology giant Apple against conglomerate Samsung on the basis of design and utility patents. The lawsuit dragged on for seven years, with the court finally awarding Apple $539 million. (IP Litigation Statistics)
There is no question that intellectual property statistics are essential to understanding the nation's innovation and development direction. The figures can tell us how well the country is doing with respect to the world's figures.
All these intellectual property facts from Marija Lazic are essential because intellectual property is one of the significant economic growth factors.
However, the question remains if these figures related to patents and trademarks are sufficient to understand intellectual property complexities thoroughly. Even with companies obtaining legal rights to ideas, creativity, and invention, it doesn't guarantee a steady growth in the economy. One factor that threatens intellectual property and the economy is intellectual property theft.
The intellectual property statistics listed above illustrate the effects of intellectual property theft on the economy. In-depth intellectual property analysis isn't necessary to deduce that infringements have already cost countries billions of dollars and millions of jobs.
The FBI Director called on society to join a campaign to put an end to, or at the very least, reduce the number of infringement cases.
The advancement of technology and the ease of obtaining information through digital means double the predicament. That's why all sectors must participate in strategies to keep intellectual property crime statistics under control.
How the CRI® Group can help you tackle IP infringement
Infringement of IP rights threatens the fabric of national economies, endangers safety and frequently kills. It devalues corporate reputations, hinders investment, funds terrorism, and costs hundreds of thousands of people their livelihood annually. (ICC)
Our IP Investigations include 1) Trademark Investigations; 2) Intellectual Property Acquisition Services; 3) Patent Investigations; 4) Brand, Media and Internet Monitoring Services; 5) Anti-Counterfeiting Programs; 6) Brand Integrity Programs; 7) Copyright Abuse Investigations; 8) Cyber Surveillance; and 9) Litigation Support.
CRI® Group's Intellectual Property Investigations team helps companies identify threats to IP and confidential information internally and throughout their supply chain, develop the appropriate mitigation strategies and investigate suspected infringements.
For further information on IPR infringement or to book a meeting with our experts, click here.
Filed under: All Industries, All Regions, Automotive, Aviation, Brazil, São Paulo, Business Intelligence, Canada, Toronto, Due Diligence, Finance & Professional services Industry, Food & Beverage, Fraud Risk Investigation, Insurance, Investigative Solution, IP Infringement Investigation, Istanbul, Turkey, IT & Telecommunications, Malaysia, Kuala Lumpur, Middle East, Oil, Gas & Energy, Pakistan, Islamabad, Pakistan, Karachi, Pharmaceutical & Healthcare, Property, Qatar, Doha, Shanghai, Singapore, Singapore, South Asia, Third-Party Risk Management, Uncategorized, United Arab Emirates, Abu Dubai, United Arab Emirates, Dubai, United Kingdom, London, United States of America, New York by Roque Fernandes
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Know your Swiss Corporate Reporting and Due Diligence Obligations
Switzerland has introduced new Corporate Reporting and Due Diligence obligations in connection with conflict minerals and child labour to improve human rights protections around the world.
Switzerland is following international trends and regulations for non-financial reporting and human rights due diligence and the reforms include new rules in the Swiss Code of Obligations related to the trade of minerals and metal ores originating from conflict-affected zones. The resources are reportedly being extracted using forced labour and are a known source of finance for armed conflict, says the EU. The EU implemented the Conflict Minerals Regulation last year as a means of restricting access to these natural resources.
Companies with registered offices or principal places of business in Switzerland have to comply with these due diligence obligations in their supply chain when dealing with the highlighted minerals and metals in Switzerland. They also need to comply with the due diligence duties if they offer goods or services that have suspected links to child labour. The import and processing of recycled materials are not subject to the new rules.
Requirements for Corporate Reporting and Due Diligence
These corporate reporting and due diligence obligations will apply from the start of the financial year in 2023 to Swiss companies of public interest, which as a group together with their controlled companies in Switzerland and abroad meet both of the following requirements over two consecutive financial years:
The group has at least 500 full-time employees (FTEs) on an annual average; and
The group exceeds either total assets of 20 million Swiss francs or a minimum turnover of 40 million Swiss francs.
Companies' annual reports should cover environmental, social, and employee aspects, human rights, and anti-corruption. It must outline risks and mitigation measures and the relevant due diligence concepts adopted. Foreign companies related to the corporation must also be covered in the report approved by management and shareholders and must remain public for 10 years.
The first reports have to be published in 2024 and failure to do so may result in a fine of up to 100,000 Swiss francs. A report need not be prepared if a written explanation for its absence is provided.
Businesses are required to have or put in place a suitable management system containing their supply chain policy, a system of supply chain traceability, risk assessments, and mitigation measures. This information must be available through on-site controls, and communications with authorities and civil society.
Companies should publish reports on due diligence obligations. These should be accessible for at least 10 years. Making false statements in a report, or failing to comply with the reporting obligation, may lead to a fine of up to 100,000 Swiss francs. Where the failures are negligent rather than intentional, a fine of up to 50,000 Swiss francs could be imposed.
LET'S TALK ABOUT CORPORATE REPORTING AND DUE DILIGENCE LAW
Exemptions to the requirements exist for businesses with fewer than 500 employees and assets of less than 20 million Swiss francs or a turnover of under 40 million Swiss francs. Large corporations can also apply for exemption provided that they demonstrate their supply chain contains a low risk of child labour or that they respect internationally recognised conventions such as the UN Guiding Principles on Business and Human Rights.
As the ecosystem of corporate responsibility for companies is developing quickly, navigating it safely in the interest of rights-holders requires monitoring corporate behaviour and ensuring that mandatory due diligence requirements can live up to the expectations and deliver results.
Due Diligence investigations: Mitigate Critical Risks
At CRI®, we provide corporate reporting and due diligence services wherever you are. Use our DueDiligence360™ reports to help you comply with anti-money laundering, anti-bribery, and anti-corruption regulations ahead of a merger, acquisition, or joint venture. You can also use them for third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures.
Due Diligence helps you Identify key risk issues clearly and concisely using accurate information in a well-structured and transparent report format. Our comprehensive range of reports includes specialised reports that support specific compliance requirements. Protect your reputation and the risk of financial damage and regulator action using our detailed reports. They enhance your knowledge and understanding of the customer, supplier, and third-party risk, helping you avoid those involved with financial crime.
The CRI® Group invites you to schedule a quick appointment with them to discuss in more detail how conducting due diligence and compliance can help you and your organisation.
Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, TPRM, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider.
We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
Filed under: All Industries, All Regions, All Solutions, Automotive, Aviation, Business Intelligence, Canada, Toronto, Compliance Solution, Due Diligence, Finance & Professional services Industry, Food & Beverage, Global, Insurance, Investigative Solution, IT & Telecommunications, Malaysia, Kuala Lumpur, Middle East, Oil, Gas & Energy, Pharmaceutical & Healthcare, Property, Singapore, Singapore, South Asia, Third-Party Risk Management, United Arab Emirates, Dubai, United Kingdom, London, United States of America, New York by Roque Fernandes
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Can Business Intelligence really empower your business?
An indispensable asset to any organisation, Business intelligence (BI) comprises the strategies and technologies that can be used to make on-the-spot decisions that increase revenue, improve productivity, and accelerate growth. This is done through data analysis and management of business information. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, data mining, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics.
This can help an organisation identify, develop, and create strategic business opportunities. Business intelligence is most effective when it combines data derived from the market in which a company operates (external data) with financial and operations data (internal data) from company sources that are internal to the business. The enriched data from business intelligence reporting can provide a complete picture so that you can make any business decision ranging from operational to strategic – such as product positioning or pricing.
Why is Business Intelligence crucial to an organisation?
Business Intelligence Solutions take many shapes and forms in today's complex business environment. Budgets are stretched and the challenges facing a business and its employees can sometimes lead to issues that start small, but then lead to wider problems. These issues can affect the very fabric of your organisation and damage your credibility, reputation, and bottom-line profits.
Business Intelligence Software Trends for 2022-23
Product information portal FinancesOnline has predicted eight business intelligence software trends for 2022-23. These trends cover market growth, future developments in AI, the convergence of business intelligence and big data, and the next wave in data infrastructure and are worth taking a look at:
1. BI Integration with other systems may slow revenue growth
The industry's revenue growth slowdown will possibly be caused by BI's integration with other systems like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). We've seen the same happen with collaboration software, which started off as its own market before evolving into a regular feature of other software categories, such as task management and communication apps. Thus, BI may "lose revenues" to ERP and CRM products down the line.
2. Defensive Artificial Intelligence on the rise
We are seeing a slight movement in the share of offensive and defensive developments driving artificial intelligence in general. Offensive AI points to developments that lead to transformation and innovation or anything that gives an organisation a competitive advantage. On the other hand, defensive AI developments aspire to cost-savings or compliance, among others. AI drivers were aggressively offensive at 91.7% versus 8.3% defensive in 2019. Two years hence, defensive AI developments have increased to 17.3% share, cutting offensive AI outcomes down to 82.7%.
3. Simpler but more sophisticated mobile BI
Mobile BI acts as an endpoint extension of BI applications. But going by the ubiquity of mobile phones and key smartphone statistics—90% of smartphone usage is on apps—BI vendors will start going the way of communication apps, which have since pursued a mobile-first strategy to keep up with user preference. However, the BI infrastructure will still be intact, a mobile or web app built on a proprietary system. What we'll see is a more interactive mobile BI app far from what we have today, apps that push static data at best.
4. Big Data Analytics and Business Intelligence are converging
Big data presents to BI huge volumes of diverse datasets from multiple sources and types that can be used for strategy and operations. The volume of data that'll be created, captured, copied, and consumed worldwide in 2022: 120 zettabytes (that's 120 trillion gigabytes) (IDC/Seagate, 2020) will nearly double by 2025. Using various tools like automation, machine learning, and predictive and prescriptive analytics, forward-looking BI solutions consolidate and analyse big data from multiple sources and derive and communicate insights to users for data-driven, real-time decisions.
5. More Businesses to use predictive analytics
Allied Market Research sees a demand surge in predictive analytics, having the highest CAGR as a service at 44.3% through 2026, followed by descriptive analytics and prescriptive analytics. Fewer companies will find the need to get help for diagnostic analytics, as the ability to interpret data fits into the role of any company's leader.
6. Collaborative Business Intelligence
Robots will continue to focus on repetitive tasks but will do things smarter. The evolving technology framework built on the Internet of Things, AI and analytics allows companies to process business intelligence with greater clarity, depth, and precision. Thus, manufacturing is being pushed towards collaborative production, real-time decision-making, predictive and remote maintenance, and simulation and optimisation (Statista, 2021). In the meantime, humans will find themselves doing higher-level tasks such as strategy, management, and design.
7. Data warehouse modernisation
We shall see further integration of machine learning algorithms in BI processes. AI-powered features will be put to task to manage exhausting warehousing processes, mainly for descriptive analytics and predictive analytics. Tasks such as parsing historical data, data benchmarking, forecast modelling, and simulation of numerous scenarios will be handed over entirely to machine learning. Meanwhile, humans will focus on tasks that require context, creativity, and collaboration, mainly the processes in diagnostic analytics and prescriptive analytics.
8. More large-scale data centres
Tech giants are aggressive in expanding not just their data management capabilities, but an entire country's, too. Microsoft has announced the multi-year investment plan Digital AmBEtion last November 2021 to scale Belgium's digitisation. We will see similar programs by the tech giants around the globe as they aim to bump up infrastructure in other countries for faster cloud access, advanced data security, and cloud solutions to drive regional economies, says FinancesOnline.
How does the CRI® Group look at Business Intelligence?
We take two approaches to Business Intelligence Services:
Intelligence operations (via market research and analysis): we focus on researching the future and potential growth of your business. This is to determine the commercial viability and potential for success in the market, analyse consumer behaviour and business trends in that market, etc.
Investigative operations (via commercial investigations): we focus on the status of your business. This helps business intelligence companies provide the location of assets, and financial information, identification of unmet needs of any market, and gauge brand awareness and identity in the market.
Why partner with CRI® Group for your Business Intelligence needs?
CRI® has one of the largest, most experienced, and best-trained integrity due diligence teams globally.
We have a flat structure which means that you will have direct access to senior members of staff throughout the due diligence process.
Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, and we're committed to maintaining and constantly evolving our global network.
We offer flexibility, and we will tailor our scope to address your concerns and risk areas, saving you time and money.
Our extensive solutions include due diligence, employee pre and post-background screening, anti-bribery anti-corruption compliance, business intelligence, and compliance, facilitating any decision-making across your business, regardless of area or department.
Who is CRI® Group?
Based in London, CRI® Group works with companies across the Americas, Europe, Africa, the Middle East, and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be.
CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, and is an HRO-certified provider, and a partner with Oracle.In 2016, CRI® Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors, and other certified professionals. As a result, CRI® Group's global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world's largest organisations. Contact ABAC® for more on ISO Certification and training.
Filed under: All Industries, All Regions, Automotive, Aviation, Brazil, São Paulo, Business Intelligence, Canada, Toronto, Finance & Professional services Industry, Food & Beverage, Insurance, Investigative Solution, IT & Telecommunications, Malaysia, Kuala Lumpur, Oil, Gas & Energy, Pakistan, Islamabad, Pakistan, Karachi, Pharmaceutical & Healthcare, Property, Qatar, Doha, Singapore, Singapore, Uncategorized, United Arab Emirates, Abu Dubai, United Arab Emirates, Dubai, United States of America, New York by Roque Fernandes
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This article looks at the Supply Chain Due Diligence Act (LkSG) that applies to companies operating or trading in Germany and will enter into force on 1 January 2023.
The new German law, known as the Supply Chain Due Diligence Act (LkSG, short for Lieferkettensorgfaltspflichtengesetz in German) imposes due diligence obligations on environmental protection and on human rights, with all businesses having to introduce iterative and ongoing, or in certain circumstances ad hoc, due diligence processes specified by the Act.
Identification and management of an organisation's supply chain and the risks that come with it require the implementation of due diligence processes.
The term "supply chain" refers to all products/services of a business, including all manufacturing and services, in Germany and/or abroad, from the extraction of raw materials to their delivery to the end customer.
Furthermore, due diligence processes should implement the following criteria:
type and scope of the business activities of the company subject to the due diligence obligations,
the ability of the company subject to the due diligence obligations to exert influence (so-called leverage),
typically expected severity of the violation, and
type of contribution by the company subject to the due diligence obligations to cause a violation.
More details can be had in our FREE Supply Chain Due Diligence Act (LkSG) eBook.
Who is affected by the Supply Chain Due Diligence Act?
As of 1 January 2023: Companies with at least 3,000 employees that have their head office, administrative seat or statutory seat in Germany OR companies that have a branch in Germany and usually employ at least 3,000 employees in this branch;
As of 1 January 2024: Companies with at least 1,000 employees that have their head office, administrative seat or statutory seat in Germany OR companies that have a branch in Germany and usually employ at least 1,000 employees in this branch.
From 2024, the law will apply to businesses with more than 1,000 employees.
Even if companies with fewer employees are not addressees of the Supply Chain Act, they may still be indirectly affected. This is because the companies directly affected would be obliged to enforce compliance to the best of their ability with human rights in their supply chain. The measures necessary for this can have a direct impact on their suppliers, for example, through the implementation of a code of conduct. In addition, the directly affected companies will often be dependent on the active support of their suppliers and thus have this support be contractually assured, e.g. in the form of reporting obligations as part of their risk analysis.
DOWNLOAD THE SUPPLY CHAIN DUE DILIGENCE ACT (LkSG) EBOOK.
Filed under: All Industries, All Regions, All Solutions, AML Advisory Solution, Anti-Bribery Anti-Corruption Solution, Background Investigation, Business Intelligence, Compliance Solution, Due Diligence, Food & Beverage, Fraud Risk Investigation, Global, Insurance, Insurance Fraud Investigation, Investigative Solution, IP Infringement Investigation, ISO 37001, IT & Telecommunications, Leadership Insights, Middle East, Oil, Gas & Energy, Pharmaceutical & Healthcare, Property, Resources, South Asia, Third-Party Risk Management, United Arab Emirates, Dubai, United Kingdom, London, United States of America, New York by Roque Fernandes
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UAE rule: 'Good Conduct & Behaviour'
UAE Good Conduct & Behaviour: CRI® Group urges all UAE organisations to implement thorough background screening under the UAE Good Conduct & Behaviour rule
Those applying for UAE employment visas need to obtain the UAE "Good Conduct & Behaviour Certificate" to create a more secure and peaceful community. The certificate is a mandatory requirement. Expatriates will need to procure a certificate of good conduct and behaviour from their respective home country or a country where they have legally resided in the last five years. The certificate will need to be authenticated by the UAE diplomatic mission or the Ministry of Foreign Affairs overseas. This rule is deemed to apply to all UAE jurisdictions but excludes dependants accompanying primary applicants as well as tourists.
The implementation of this rule on 4 February 2018 came to light of the UAE authorities endeavouring to achieve high levels of security for UAE residents and ensuring that security screening measures are met with authenticated evidence in the form of a legalised good certificate of conduct.
In the short term, business leaders should be wary of a potential uptick in employment fraud, according to experts from Corporate Research and Investigations LLC "CRI® Group," a leading global provider of background screening and due diligence services.
According to CRI® Group, the high volume of foreign applicants applying for jobs in the UAE could mean a rush to secure the certificates, with the possibility of a few individuals using fraudulent credentials to meet applicable standards. There's also a risk of applicants presenting fraudulent good conduct certificates to obtain employment visas quickly.
"This is an important new rule that will help the UAE ensure an even more secure workforce," said Zafar Anjum, CRI® Group's CEO. "However, this is also a critical time for all organisations to conduct thorough pre-employment background checks. CRI® Group provides this service at an expert level, and we can also verify the validity of Good Conduct Certificates. With our operational capabilities in 80 countries, we have the knowledge and resources to determine if the certificates are genuine and not fake or forged."
CRI® Group has a specialised dedicated service called EmploySmart™ as additional verification support to organisations in public and private sectors to authenticate Good Conduct Certificates and verify the validity of attested documents such as diplomas and transcripts, certificates, and education, character references, certificates/letters.
Anjum encourages organisations to move quickly "time is of the essence." Please get in touch with us at cridxb@crigroup.com for more information.
CRI® Group Employee Background Checks
Employee background checks, also known as EmploySmart™, is a robust new pre-employment background screening service certified for BS7858 to avoid negligent hiring liabilities. Ensure a safe work environment for all – EmploySmart™ can be tailored into specific screening packages to meet the requirements of each position within your company. We are a leading worldwide provider, specialising in local and international employee background checks, including pre-employment and post-employment background checks.
CRI® Employee Background Checks are an investigation into a person's character – inside and outside their professional lives. Some checks you already carry out in-house, such as candidate's qualifications (documents provided), work history (with a reference check), right to work in the country and even a quick social media presence scan.
However, we provide a full in-depth background screening service for candidates and employees at all levels – from senior executives through to shop-floor employees:
Address Verification (Physical Verification)
Previous Employment Verification
Education & Credential Verification
Local Language Media Check
Credit Verification & Financial History (where publicly available)
Compliance & Regulatory Check
Civil Litigation Record Check
Bankruptcy Record Check
International Criminal Record Check
Integrity Due Diligence
You're vulnerable to risk when you bring a new employee into your business to fill a vital role. CRI® is trusted by the world's largest corporations and consultancies – outsource your employee due diligence to an experienced provider, and you will only ever have to look forward, never back. Working with CRI® Group, you get:
Expertise in domestic and international screening, one of the largest, most experienced and best-trained integrity due to diligence teams globally.
The ability to manage multiple background checks online
Quick turnaround times
High-quality searches, backed by numerous checks and quality controls
We have a flat structure which means that you will have direct access to senior staff members throughout the due diligence process.
Our solutions are easily customisable, flexible and we will tailor our scope to address your concerns and risk areas, saving you time and money.
Our team of more than 50 full-time analysts is spread across Europe, the Middle East, Asia, North and South America and fully equipped with the local knowledge to serve your needs globally.
Our comprehensive solutions include due diligence, employee pre and post background screening, business intelligence and compliance, facilitating any decision-making across your business no matter what area or department.
Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI® Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI® Group's international team of certified fraud examiners work as a discreet white-labelled supplier to some of the world's largest organisations. Contact ABAC® for more on ISO Certification and training.
Filed under: Employee Background Check, Middle East by admin
Tackling corporate fraud in the Middle East
Tackling corporate fraud in the middle east has become even more challenging during the pandemic. ICAEW Insights sat down with our founder and chief executive, Zafar Anjum, to discuss the rising levels of corporate fraud in the middle east during the pandemic.
Find out how CRI® is using AI to investigate wrongdoing; from fake degrees and doctored CVs to false insurance claims and bogus bills, our corporate fraud investigators in the Middle East have seen it all. Zafar told ICAEW his firm was busier than ever as the pandemic triggered a rise in white-collar crime cases across the region.
From its base in London, CRI® has been helping firms in middle east regions like Qatar, Dubai, Abu Dhabi and Saudi Arabia. Regions where anti-fraud frameworks are still being built out inside the embryonic corporate regulatory regimes that govern the Middle East.
"We've seen a lot of insurance fraud claim investigations, fake bills, fake debts and fraudulent certificates designed to cheat insurance companies," Zafar said. "Covid allowed internal controls to be relaxed; people are working from home, so the usual check and balances are missing."
Nascent regulatory regime
Last year, PwC research found corporate fraud was on the rise across the region, with nearly half of all local companies reporting at least one occurrence in 12 months. Zafar said the lack of counter-corruption model legislation such as the UK Bribery Act 2010 often meant policing the business areas such as the Dubai International Finance Centre (DIFC) fell to private companies as the regulator doesn't have the resources to cover the scale of the problem.
"In the Middle East, the issues relating to fraud and corruption are of concern because there isn't the legislation when compared to developed countries. The definition of fraud and fraudulent activities are different across the Middle East," he said.
The DIFC was established in 2004 to create a safe and constant upward regulatory environment for companies to do business. One of its aims was to attract investment from London and Wall Street firms and other corporates from both continents. A regulator was created to monitor the market, and the set-up was replicated for the Abu Dhabi and Qatar financial business districts.
The economic "free zones" have relied on firms themselves to help shape the regulatory framework, Zafar said, which has created a mixture of frameworks as standards are broadly aligned with the UK or US markets.
"It's not national-level legislation, which carries its own problems. There have been scandals, and a lot of that centres on fraudulent financial statements, investment scams," Zafar said. "A prevalent problem is vendor/third-party screening and false claims, especially during the bidding process. Some firms exaggerate their capabilities and are not able to deliver."
Investor scams on the rise
A big part of CRI® Group's work is analysing financial statements, checking backgrounds, and working with compliance teams to root out bad actors. Zafar said investors scams were also on the rise across the UAE; because the country is ripe for development, some fraudsters had found it easy to prey on foreign victims who are drawn to the opportunities but unwilling to carry out proper due diligence.
The UAE's family offices are a driving force of industry, and the name carries significant weight regarding deals. "It's very risky to invest without carrying out the proper checks, and unfortunately, a lot of people come in blind," Zafar said.
"Fake property claims are rife. It can be individuals who are targeted or small groups of foreign investors. One case involved a handful of US investors who wanted to invest in some economic and humanitarian projects. They wanted to create jobs, other activities, but fell in with people who weren't with the families they claim to be a part of."
Family names are often taken by scammers and used to convince investors to part with their cash fairly frequently, Zafar said. Because many people don't care about due diligence, it can end up costing millions of dollars," he said. "It's so hard to recover the money, to catch the fraudster. If the victims don't have local consultants or experts, it can be hard to trace back and recover the damages."
An investor group puts its trust — and its funds — in the hands of an outside business partner without considering a due diligence check on the individual.
Eighteen months into the partnership, the individual has succeeded in fleecing the group of more than $6 million and is still at large. Investigators such as CRI are increasingly turning to artificial intelligence and machine learning tools to help with screening. Zafar said great strides had been made in tackling corruption and bribery.
Public and private investigation partnerships
Databases of politically exposed individuals, or persons with links to crime, on watchlists or have criminal activity linked to their name or accounts are rapidly being populated for use by regulators and private investigators.
"We're trying to prove that there is a role for AI in detecting crime and that it can be a part of the investigative process. Machines will scan publicly available databases, criminal cases and the like, and we can check if firms have been blacklisted by authorities such as the Asian Development Bank, IMF or World Bank, which is really helpful."
In the past, these checks would have to be carried out by hand, one by one. "It's hard, almost impossible! Name matches are probably the largest problem in the Middle East.
You cannot find a person with the first name Mohammad or last name Khan; you'll get billions of matches, so we need to develop a database that builds on this with other information. There isn't a nationwide electoral database in any Middle East region, so you can see how much work still has to be done."
Credit history, employment checks and previous addresses are a handful of ways the files can be built out, Zafar said, and his team is working on ways to streamline that process. There was no concept of background screening in 2008 when Zafar's team started, and despite having come a long way, he said they still encounter fraud on a massive scale. However, they still encounter fraud on a huge scale, he said.
Alarming numbers
"Sometimes applicants try to falsely fill the gap in their CV, which is dangerous because we don't know if they've spent time in jail," he said. "More common red flags are fake degrees and fake previous employment references. We found one in 20 applications for a job had fake degrees, experience letters, or fake references in some regions. It's a huge number, and some of the universities were prestigious too, which makes it quite alarming."
Another big area of focus is auditing gifts and donations passed through a company concerning projects carried out. His team works with companies to ensure their anti-bribery controls are as robust as possible, given the tough penalties on offer.
"It's a criminal liability for a company, and the directors will be liable if they don't have the proper anti-bribery procedures in place," Zadar said. "Accounts and financial teams are critical to making sure firms have proper internal controls."
CRI® is also on a mission to stamp out "box-ticking" compliance, which has traditionally been a problem across the Middle East due to the nascent regulatory framework. "If you're conducting audits, nothing will happen if this is the way; you'll never spot the problem," he said. "The role of accountants, whether internal or external, to shape the controls and make sure they are implemented effectively."
He said bribery through sales commissions, waste for public service, sexual extortion or sextortion as a form of corruption could be rife in some sectors. It was up to companies to ensure money wasn't being paid outside official channels to staff.
"We understand it's a process for some firms who are not used to doing it this way, but we're here to help," he said. "Companies need to establish their compliance documentation and make sure it's up to the standard. The most important areas are due diligence and anti-bribery policies. This should not be a paper-based box-ticking exercise, it has to be implemented, and every employee must know the company believes in zero-tolerance of corruption."
Visit ICAEW's Fraud hub for related articles and case studies, or to see the original article, click here.
Zafar I. Anjum is Group Chief Executive Officer (t: +44 207 8681415 | m: +44 7588 454959 | e: zanjum@crigroup.com) of CRI® Group, a global supplier of investigative, forensic accounting, business due diligence and employee background screening services for some of the world's leading business organisations.
Headquartered in London and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center-QFC, and the Abu Dhabi Global Market-ADGM, CRI® Group safeguards businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business.
CRI® Group maintains offices in UAE, Pakistan, Qatar, Singapore, Malaysia, Brazil, China, Turkey, the USA, and the United Kingdom. Contact CRI® Group to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.
Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider.
We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI® Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification.
ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. Contact ABAC® for more on ISO Certification and training
Filed under: All Industries, All Solutions, Leadership Insights, Middle East by admin
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How to conduct background screening in the Middle East?
Background screening is critically important for business worldwide. Providing such service is a complex process, and it is different for every country and region. In the United States, investigators have a web of databases at their disposal and a vast network of local resources that provide a wealth of information at the mere click of a mouse. It's a different world in the Middle East. Technology is limited in many parts of the region. Privacy legislation varies from country to country and from jurisdiction to jurisdiction. Cultural differences can impact the flow of information. Language barriers can contribute to inaccurate reporting.
Background Screening in the Middle East
Instead of database-driven investigations like those conducted in the U.S, professionals in the Middle East must conduct large parts of their investigations literally on foot, travelling to remote regions to scour records and interview sources. If you're looking for accurate, reliable information in the Middle East you need to turn to qualified, professional sources that are familiar with the countries, cultures, terrain, languages, resources and – most of all – the laws that govern personal privacy. In this part of the world, your contacts and resources are your greatest assets.
Discovering Hard-to-Find Facts in Hard-to-Reach Locations
The biggest challenge in conducting background investigations in the Middle East is collecting reliable information most efficiently. This requires a well-trained and diverse group of professional investigators who are multilingual and multi-cultural, are familiar with those geographic regions and can easily traverse the obstacles that often impede international investigations. Those obstacles include:
Working with local customs offices.
Complying with data protection laws and mandates.
Knowledge level of local investigative researchers.
Lack of centralized information resources and databases; and
The proliferation of multicultural environments that are particularly influenced by locals who vastly differ in their approaches to investigative screening and public record searches, particularly with information collected via database sources.
The Obstacle of Background Investigators in the Middle East
To address these obstacles, successful background investigators in the Middle East are often required to work deep in the field, travelling to remote destinations to conduct interviews, develop resources and enlist local assistance to verify the information. Leading background screening firms will conduct investigations that regularly involve a thorough review of local press records, using online and proprietary databases augmented by manual field research to locate the appropriate public records.
This in-depth investigative approach is necessary to bring to light any instances of malfeasance or notable, publicly aired criticism. These professionals will also research all public records that are available within the respective government institutions such as a region's trial courts, police and SEC sources, and global sanctions lists. The goal of providing this level of investigative legwork is to collect timely, well-documented and substantiated information which will measure up to the high standards often required by our U.S. partners.
Partner With Reputable Background Screening Firms in the Middle East
As the world economy shrinks and the pool of foreign job applicants expands, a partnership with a reputable international employee screening service provider to conduct investigations abroad is essential for maintaining a safe hiring program for your clients. To ensure you're using the best providers available, a little investigating of your own will result in big benefits down the road.
Checklist on Securing Reputable Background Screening Service:
Research the listing of expatriate background screening firms provided by the Professional Background Screening Association https://thepbsa.org/.
Ask your provider how they comply with local and regional laws governing individual privacy protection; the methods they utilize in protecting information.
Make sure your service provider's physical address is in the region they're conducting investigations. If not, they could be simply outsourcing their cases to a third party.
Ask about the manner in which your service provider conducts investigations. Avoid firms that investigate exclusively through media searches.
Inquire about the internal policies and procedures the service provider uses to monitor the protection of data and if it conducts regular audits to ensure compliance with regional privacy mandates.
Specifically, the provider should be in compliance with GDPR and must maintain Information Security Management System ISMS (ISO27001).
Don't settle for firms that say they specialize in providing checks of the International Terrorist Watch List and the OFAC watch list. Those lists are available online to anyone at no cost.
Avoid firms that won't supply you with the source of the records they obtain, were available from public record resources. Also, be sure to ask how old the information collected is.
Reputable firms will combine in-depth field investigations with routine public records searches. Make sure your provider is doing both. Background checks involve investigative research and not just press clippings.
Service delivery is critical in foreign investigations. Ask about average turnaround times and get commitments for delivery in advance of the investigation.
Find out what other U.S. companies use as a service provider. Ask for references.
Employee Background Check
How do you know the candidate you just offered a role to is the ideal candidate? Are you 100% sure you know that everything they're telling you is the truth? 90%? They showed you a diploma, how do you know it's not photoshopped? Did you follow the correct laws during your background checks process? Employee background checks and necessary screenings are vital to avoid horror stories and taboo tales that occur within HR, your business, or even your brand – simply investing in a sufficient screening can save you time, money and heartbreak.
CRI® Group has developed EmploySmart™, a robust new pre-employment background screening service, certified for BS7858, to avoid negligent hiring liabilities. Ensure a safe work environment for all – EmploySmart™ can be tailored into specific screening packages to meet the requirements of each specific position within your company. We are a leading worldwide provider, specialized in local and international employee background checks, including pre-employment and post-employment background checks.
Learn More About EmploySmart™
Download EmploySmart™ Brochure
Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS102000:2013 and BS7858:2019 Certifications is an HRO certified provider and partner with Oracle.
In 2016, CRI® Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI® Group's global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world's largest organizations. Contact ABAC® for more on ISO Certification and training.
Zafar I. Anjum is Group Chief Executive Officer of CRI® Group (www.crigroup.com), a global supplier of investigative, forensic accounting, business due to diligence and employee background screening services for some of the world's leading business organizations. Headquartered in London (with a significant presence throughout the region) and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center – QFC, and the Abu Dhabi Global Market-ADGM, CRI® Group safeguard businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. CRI® Group maintains offices in UAE, Pakistan, Qatar, Singapore, Malaysia, Brazil, China, the USA, and the United Kingdom.
Contact CRI® Group to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.
Zafar Anjum, MSc, MS, CFE, CII, MICA, Int. Dip. (Fin. Crime) | CRI® Group Chief Executive Officer
t: +44 207 8681415 | m: +44 7588 454959 | e: zanjum@crigroup.com
Filed under: Background Investigation, Employee Background Check, Industry Insights, Middle East, Resources by admin
Q&A on how corporate fraud and corruption affect businesses in the UAE 2021
CRI® Group and its ABAC® Center of Excellence were featured in Financier Worldwide's InDepth Feature: Corporate fraud and corruption 2021. In this edition, CRI® Group's CEO Zafar Anjum and ABAC® Group's Scheme Manager Huma Khalid talk about how corporate fraud and corruption affect businesses not only in the UK and UAE, but across the globe, and provide solutions and insights for businesses to become better protected from corporate fraud, bribery and corruption.
Q. To what extent have you seen a notable rise in the level of corporate fraud, bribery and corruption uncovered in the UAE?
A. The United Arab Emirates (UAE) remains the least corrupt country in the Middle East and North Africa region. It was perhaps fitting that the United Nations (UN) held its anti-corruption conference in the UAE just over a year ago. At the conference, delegates drafted anti-corruption resolutions and discussed asset recovery, international cooperation, and other topics in preparation for an upcoming special session of the UN General Assembly against corruption. Of course, there is still much work to be done. Fraud, bribery and money laundering are still problems in the UAE that require a united focus to overcome. Of special concern is the real estate sector, which some have called a haven for stashing and laundering cash. In some cases, these funds are linked to terrorist financing, raising the alarm beyond just the balance sheet for typical financial or corporate fraud.
Q. Have there been any legal and regulatory changes implemented in the UAE designed to combat fraud and corruption? What penalties do companies face for failure to comply?
A. The recent Anti-Commercial Fraud Law in the UAE strengthened rules around counterfeiting and intellectual property (IP) theft, among other areas. In addition, lawmakers and regulators are applying an anti-fraud focus to other laws. A perfect example is the UAE's Insolvency Law 2020. The Ministry of Finance announced that penalties will be imposed on those who fraudulently abuse the law. This could include making a fake claim or a sham debt against a debtor or illegally increasing a debt amount. Such offences are punishable by jail time and fines. An awareness campaign by the UAE Banks Federation (UBF), the Central Bank of the UAE (CBUAE), Abu Dhabi Police, and Dubai Police was the first such collaboration in the UAE and it comes as both corporate and consumer fraud have increased. Companies are expected to protect their stakeholders' investments, and failure to do so can lead to regulatory and legal punishments.
Q. In your opinion, do regulators in the UAE have sufficient resources to enforce the law in this area? Are they making inroads?
A. There are at least two daunting tasks facing regulators in the UAE at present: detecting and preventing money laundering and stemming the growing threat of cyber crime. While these problems are not unique to the UAE, they do require significant investment and increased investigation and enforcement efforts. Recent reports allege that illicit funds flow through 'free trade zones' and into real estate deals, such as luxurious properties in Dubai and other locations. The laws are in place to punish such crimes, but more inroads will need to be made to bring this under control in a country that largely succeeds at fighting fraud in other areas. Cyber crime is also a constant challenge that has been exacerbated by the COVID-19 pandemic. Many fraudsters have sought to take advantage of companies having to transition to different employment models, such as remote working. Fraud fighters are working hard to stay ahead of the curve in this regard.
Q. If a company finds itself subject to a government investigation or dawn raid, how should it respond?
A. If a company finds itself under investigation, one of the first things it must do is mandate down the chain of command that employees cooperate fully with investigators. Any efforts to the contrary may be considered obstruction, and lead to more punishments or a higher likelihood of penalties at the end. In contrast, engaging in a good-faith effort to assist an investigation may weigh in the company's favour.
Questions will arise, such as: Was this a surprise? What are the facts of the case? How did this occur? Legal counsel must be engaged immediately, but it is also important to speak with compliance officers, risk management, executives and the board in a transparent way to help the company move forward. Communicate a zero-tolerance policy toward fraud, and if employees are proven to have engaged in such behaviour, they should be terminated and prosecuted.
Q. What role are whistleblowers playing in the fight against corporate fraud and corruption? How important is it to train staff to identify and report potentially fraudulent activity?
A. Some business leaders falsely believe that audits, account reconciliation and other procedures offer the best protection against fraud. They are important functions, but they are not the most effective detection method. Fraud is often uncovered by tips, according to the ACFE's Report to the Nations on Occupational Fraud and Abuse. Employees are truly the front line of defence for companies, and the first to throw up warning flags about unethical behaviour. The question is whether companies listen to their employees. And is there an easy, anonymous way for employees to submit tips, without fear of retaliation? Companies should educate employees about the red flags of fraud, and then make sure they know they can and should report it.
Q. What advice can you offer to companies on conducting an internal investigation to follow up on suspicions of fraud or corruption?
A. If the company does not have an experienced team of anti-fraud professionals on staff, it is crucial to enlist the help of an outside firm with experts who specialise in this area. There are mistakes companies make at the beginning of an investigation that can haunt them later. For example, most countries, including the UAE, have laws that govern the proper collecting and handling of evidence. With most evidence in a digital format, following the right protocols is more important than ever. There are also important guidelines for interviewing witnesses and those suspected of fraud which, when disregarded, could lead to a failed investigation. The bottom line is: do not go it alone – get expert professional help. And if criminal conduct is discovered, contact the authorities.
Q. What general steps can companies take to proactively prevent corruption and fraud within their organisation?
A. Preventing and detecting fraud starts with a company's employees, so training and communication are key. First, employees must be trained on what constitutes fraud, bribery and corruption, how to recognise it, and how to report it. Second, the company must communicate that fraud will not be tolerated on any level, and those who commit fraud will be terminated and prosecuted if they are found to have broken the law. Companies should also have anti-corruption and anti-fraud controls in place, including an employee code of conduct, regular and surprise audits, and a fraud reporting system available to employees, contractors and even customers. Achieving certification in internationally recognised standards, such as ISO 37001 ABMS, is a good practice too. When it comes to fraud and corruption, an ounce of prevention is worth a pound of cure. Being proactive is truly the only practical option for protecting the business and its assets.
Meet Zafar ZAFAR ANJUM, Group Chief Executive Officer
Zafar Anjum is founder and group CEO at CRI® Group, and its ABAC® Center of Excellence. He uses his extensive knowledge and expertise in creating stable and secure networks across challenging global markets. For organisations needing large project management, security, safeguard and real-time compliance applications, Mr Anjum is the assurance expert of choice for industry professionals.
Corporate Research and Investigations | t: +44 (0)7588 454 959 | e: zanjum@crigroup.com
Meet HUMA KHALID, Scheme Manager
Huma Khalid, as scheme manager, is responsible for leading ABAC. Ms Khalid's responsibilities include planning and overseeing all aspects of the ABAC programme, which include certification and training. Additionally, she oversees the compliance department for the implementation, management and internal audit of CRI® Group's and ABAC compliance programmes
ABAC® Center of Excellence Limited | t: +44 (0)777 652 4355 | e: huma.k@abacgroup.com
CRI® GROUP works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international risk management, employee background screening, business intelligence, due diligence, compliance solutions and other professional investigative research solutions provider. CRI® Group has the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Its global presence ensures that no matter how international your operations are, the company has the network needed to provide you with all you need, wherever you happen to be. For more on our Risk Management solutions just check out our brochure:
View Risk Management Solutions Brochure
Filed under: All Industries, All Solutions, Industry Insights, Middle East, Resources by admin
CRI®, the only company with BS102000 & BS7858 certifications in Middle East
What is BS7858 & BS102000? The BS7858:2019 standard, "Screening of Individuals Working in a Secure Environment – Code of Practice," places emphasis on the risk assessment of secure environment workers. The code focuses on the need for tighter controls over the pre-employment screening – and periodic re-screening – of individuals, who in their positions could potentially benefit from illicit personal gain, become compromised, or take advantage of other opportunities for creating breaches of confidentiality, trust or safety. Read more here.
When it comes to providing information security, financial audits, risk assessments, background checks, due diligence and a wide range of anti-fraud related services, maintaining the highest levels of training and expertise is an absolute must. That's why CRI® Group achieves critical certifications from the British Standards Institute (BSI), the National Association of Background Screeners (NAPBS) and other preeminent groups in the security and anti-fraud field as part of the company's commitment to its clients.
CRI® Group is the first and only investigative research company in the Middle East to receive the certifications BS102000:2013, Code of Practice for the Provision of Investigative Services, and BS7858:2019, screening of individuals working in a secure environment, from internationally recognised training and certification body BSI. CRI® Group also holds other BSI certifications (more on those within this article).
Founded in 1901, BSI is the UK national standards body that works with thousands of organisations in more than 150 countries. BSI is accredited by 20 local and international bodies. We sat down with CRI® Group President and CEO Zafar I Anjum, CFE, to discuss these certifications and what they mean:
CRI® Group is the only firm of its kind in the Middle East to hold the BS102000:2013 and BS7858:2019 certifications. What led you to embark on gaining these and other certifications from BSI?
Anjum: Just a few years ago, we announced that CRI® Group would be engaging BSI for training and certification on many levels, and these and other certifications are direct results of that initiative. Earning multiple certifications from a distinguished standards body like BSI is a mark of pride for us as it demonstrates expertise in our core services.
BS102000:2013 is the "Code of Practice for the Provision of Investigative Services." What does this mean?
Anjum: This certifies CRI® Group's proficiency in providing services regarding fraud risk assessment and investigations, forensic accounting, intellectual property (IP) investigations, due diligence and background investigations, debt collections, corporate security consulting and investigation, pre-and post-employment screening and fraud and crime investigations.
BS7858:2019 denotes "Security Screening of Individuals Employed in a Security Environment." Please tell us more about this certification.
Anjum: This recognises CRI® Group's expertise in screening services including identity checks, financial checks, employment checks and criminal records checks. CRI® Group implemented this standard with regular external audits conducted by BSI and adhered to recommendations specifically vetting and conducting employment background screening of security personnel seeking affiliations with security companies.
How does this relate to CRI® Group's EmploySmart program?
Anjum: Background screening professionals must be on the cutting edge of industry technology and resources – while also staying educated on the changing laws and regulations that govern the field. At CRI® Group, we are proud to provide the most extensive and thorough background screening services as part of our EmploySmart program.
CRI® Group also holds the certifications ISO/IEC 27001:2013, Information Security Management System and you are a credentialed NAPBS (National Association of Professional Background Screeners) Research Provider. Congratulations on these distinguished credentials!
Anjum: Thank you. We are pleased to have our expertise in these areas recognized by BSI, NAPBS and other leading bodies, and we will continue to strive to provide the top level of service for businesses to help them prevent and detect fraud.
BS7858:2019, a new way to mitigate employee risk during COVID-19
The far-reaching impact of the COVID-19 outbreak has affected virtually every business and economic sector worldwide, and depending on the global region, has hampered (on various levels) the ability to conduct proper and thorough background screening investigations. In the United Kingdom and the United Arab Emirates, the countrywide lockdowns forced leaders to close sites and send their workforce home. Many are having to learn how to manged people working from home (WFH) or remotely for the first time. The previous concerns about productivity, privacy and protecting sensitive information only grew more with the practice of WFH. They highlighted the vital importance of pre-employment background screening and background investigations. BS7858:2019: the revised standard for screening individuals working in secure environments offers a complete solution.
Find out how you can mitigate employee risk during this pandemic with BS7858:2019
The revised BS7858:2019 standard enables organisations to demonstrate a commitment to safeguarding their businesses, employees, customers and information utilising widely accepted methods that focus on risk assessment and top-down management involvement in the company's employment policies and practices. In establishing policies and practices around the standard, organisations can show that they place a high value on hiring individuals who possess integrity. Organisations can then task them with responsibilities designed to keep their co-workers, customers and information safe from the negative forces that have become more prevalent in today's ever-changing COVID-19 world.
BS7858:2019, everything you need to know and more!
The price of a bad hire has far-reaching consequences for any business, including productivity loss, decreased employee morale, risks to employee safety and increased exposure to costly negligent hiring claims and potentially devastating litigation. The premise behind the standard is to safeguard employers from bad or fraudulent hires. Cases of organisations that forego conducting due diligence on a new hire – especially a hire with high-risk exposure – often end badly for those organisations. At CRI Group we know how important is your background screening to your company's success and to give you an idea of what is new we have produced this playbook detailing the differences between BS7858:2012 standard and the new BS7858:2019 standard.
Download your "BS7858:2019, everything you need to know and more!" playbook here…
Managing your people through COVID-19
The COVID-19 pandemic is undeniable affecting the world. And the situation is changing at an hourly rate as we go into a second global lockdown. Businesses are having to adapt quickly in order to survive, i.e. cutting steps in their hiring process, and no-one knows how this will play out. However, there are ways you can mitigate the impact, learn how with this FREE ebook. Taken as a whole, this ebook is the perfect primer for any HR professional, business leader and companies looking to avoid employee background screening risks. It provides the tools and knowledge needed to effectively stay ahead of COVID-19. Read the answers to the following questions:
How to turn the tide' on coronavirus crisis?;
COVID-19 Action point checklist;
Background Screening: Essential Checks;
6 steps for good practice in connection with COVID-19;
11 Steps to Reduce Personnel Costs;
COVID-19 General advice;
How to remove any danger to your business during COVID-19;
… and more!
Download your "Employee Screening during COVID-19: everything you need to know and more!" FREE ebook here!
Frequently asked questions about background checks
Get answers to frequently asked questions about background checks/screening cost, guidelines, check references etc. This eBook is a compilation of all of the background screening related questions you ever needed answers to:
Does a candidate have to give consent to process a background check/screening?
How long does it take to conduct a background check?
When should I conduct pre-employment checks?
How often should I screen employees?
How to collect references and what to ask?
How much does it cost to conduct background checks?
What is the difference between employment history verification and employment reference?
How do I check on entitlement to work?
How to conduct identity checks?
What will a financial regulatory check show?
Is it possible to identify a conflict of interest during checks?
What is a bankruptcy check?
What about directorships and shareholding search?
Can I have access to a criminal watch list?
Anti-money laundering check?
Can we conduct FACIS (fraud and abuse control information system) searches?
Taken as a whole, is the perfect primer for any HR professional, business leader and companies looking to avoid employee background screening risks. It provides the tools and knowledge needed to make the right decisions.
Filed under: Background Investigation, Employee Background Check, Middle East, Resources by admin
Q&A: Corporate Fraud and Corruption in UAE
The United Arab Emirates (UAE) is the 21 least corrupt nation out of 180 countries, according to the 2019 Corruption Perceptions Index reported by Transparency International. However, UAE corporate fraud and corruption still prevails as UAE is just one of many enablers of global corruption, crime, and illicit financial flows. Addressing the emirate's role presents anti-corruption practitioners, law enforcement agencies, and policymakers with incredibly complex challenges. Read the answers to the following questions:
To what extent are boards and senior executives in UAE taking proactive steps to reduce incidences of fraud and corruption from surfacing within their company?
Have there been any significant legal and regulatory developments relevant to corporate fraud and corruption in the UAE over the past 12-18 months?
When suspicions of fraud or corruption arise within a firm, what steps should be taken to evaluate and resolve the potential problem?
Do you believe companies are paying enough attention to employee awareness, such as training staff to identify and report potential fraud and misconduct?
How has the renewed focus on encouraging and protecting whistleblowers changed the way companies manage and respond to reports of potential wrongdoing?
Q. To what extent are boards and senior executives in UAE taking proactive steps to reduce incidences of fraud and corruption from surfacing within their company?
Anjum: High-profile corruption scandals have driven home the seriousness of fraud and corruption, and the turmoil that can engulf a company because of it. Organisations in the United Arab Emirates (UAE), and in the Middle East region as a whole, understand that being proactive against risk can be a matter of survival, especially in a competitive environment, but it is more than that. Today, being forward-thinking and proactive when it comes to fraud and corruption can actually foster organisational growth. Business grows an average of 3 per cent faster where corruption is low, according to the World Bank. And more organisations are engaging in trusted certifications like ISO 37001 for anti-bribery management because having that certification tells customers, vendors, third parties and employees that the company places a high priority on fraud training and prevention.
Q. Have there been any significant legal and regulatory developments relevant to corporate fraud and corruption in the UAE over the past 12-18 months?
Anjum: In January 2017, UAE president Shaikh Khalifa Bin Zayed Al Nahyan approved the highly anticipated Anti-Commercial Fraud Law, which strengthens protections of intellectual property rights (IPR) and imposes stricter penalties on counterfeiters. Counterfeiting and adulterated goods, along with intellectual property (IP) theft, are severe problems in the Middle East, propagated by unscrupulous inland and free zone traders. And while fraud and corruption still plague the region, the UAE continues to lead the Middle East in Transparency International's latest Corruption Perception Index for its strides in addressing fraud risk and areas of concern, including bribery and corruption. With that said, experts have noted that businesses and governments in the UAE, and the Middle East, on the whole, face increasing threats of cybercrime, with a need for continuously updated laws and regulations to keep pace with this ever-evolving fraud threat.
Q. When suspicions of fraud or corruption arise within a firm, what steps should be taken to evaluate and resolve the potential problem?
Anjum: Fraud allegations, from bribery to embezzlement, should be treated as a very serious issue. When suspicion arises at an organisation, business leaders and the board should bring in expert help. Professional investigators have years of training in evidence collection and interviewing, and their role is to establish the facts of the case. The key to a proper investigation is to not approach it with a preconceived notion of how it will conclude. It is critical to remember that companies do not get a second chance when conducting a fraud investigation. It has to be done right the first time to reach a successful conclusion.
Q. Do you believe companies are paying enough attention to employee awareness, such as training staff to identify and report potential fraud and misconduct?
Anjum: Employees are the eyes and ears of your company, and the first line of defence against fraud and corruption. Many organisations are getting the message and making employee training and awareness of key parts of their fraud prevention programme. One key way to do this is by engaging in ISO 37001, which certifies that an organisation has implemented reasonable and proportionate measures to prevent bribery. The certification process involves a training module for employees. It stresses the importance that such training should continue as mandatory for all staff, and be provided on an annual basis – if not more frequently. If employees do not know what constitutes fraud, or how to recognise it, organisations face a heightened risk of being victimised.
Q. How has the renewed focus on encouraging and protecting whistleblowers changed the way companies manage and respond to reports of potential wrongdoing?
Anjum: Statistics from the Association of Certified Fraud Examiners (ACFE) show that most fraud is discovered by tips, which often come from employees, vendors and others connected to the organisation in some way, and the only way to get those tips is to provide a culture that supports and encourages whistleblowers. That is why having an anonymous reporting system, and communicating it to employees is a critical part of any fraud and risk prevention strategy. But for it to work, employees have to know what type of behaviour should be reported. This is where a training protocol like ISO 37001 comes in. It provides a curriculum that helps employees recognise the red flags of fraud, and also communicates how they can report fraud when they see it.
Q. Could you outline the main fraud and corruption risks that can emerge from third-party relationships? In your opinion, do firms pay sufficient attention to due diligence at the outset of a new business relationship?
Anjum: Many companies pay lip service to due diligence, but when an opportunity arises to make a major move, such as a merger, acquisition or new partnership, the interest of growing the business trumps a more cautious approach. This may be changing, however, as more organisations in the UAE and elsewhere put established due diligence procedures in place that cannot be circumvented by overeager business leaders. This is important because the risks are great.
Q. What advice can you offer to companies on implementing and maintaining a robust fraud and corruption risk management process, with appropriate internal controls?
Anjum: Begin with a thorough fraud risk assessment that examines every area of your organisation. This should be conducted by experts and used to gauge your overall threat level, as well as help you create a plan for moving forward by exposing a weakness that could lead to fraud risk and compliance issues. When creating your fraud and corruption risk management process, be sure to include hiring procedures, including thorough background checks, due diligence for any new mergers, acquisitions and partnerships, regular schedule audits and implement an anonymous reporting system. Build-in review processes that track the effectiveness of your controls, including how tips were handled and ultimately resolved. Finally, try to think like a fraudster. Consider any way that an employee, vendor or even customer might try to take advantage of your organisation. You might be surprised at what you find.
Speak up – report any illegal, unethical, or improper behaviour
If you find yourself in an ethical dilemma or suspect inappropriate or illegal conduct, and you feel uncomfortable reporting through normal channels of communication, or wish to raise the issue anonymously, use CRI® Group's Compliance Hotline. The Compliance Hotline is a secure and confidential reporting channel managed by an independent provider. When reporting a concern in good faith, you will be protected by CRI® Group's Non-Retaliation Policy.
Zafar I. Anjum, is Group Chief Executive Officer of CRI® Group, a global supplier of investigative, forensic accounting, business due diligence and employee background screening services for some of the world's leading business organisations. Headquartered in London (with significant presence throughout the region) and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center-QFC, and the Abu Dhabi Global Market-ADGM, CRI Group safeguards businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. CRI® Group maintains offices in UAE, Pakistan, Qatar, Singapore, Turkey Malaysia, Brazil, China, USA, and the United Kingdom.
Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI® Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI® Group's global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world's largest organisations. Contact ABAC® for more on ISO Certification and training.
Download 2018 annual reviews by Mr. Zafar Anjum, CEO, and Ms. Fatima Farrukh, Compliance professional at CRI® Group.
Click here to download the review of UAE (Mr. Zafar Anjum, CEO at CRI® Group)
Click here to download the review of UK (Mr. Zafar Anjum, CEO at CRI® Group)
Click here to download the review of Pakistan (Ms. Fatima Farrukh, Compliance professional at CRI Group)
CRI® Group was included in the 2018 Annual Review: UAE Corporate Fraud & Corruption, published by Financier Worldwide Magazine. The above is an updated version of the Financier Worldwide reprint.
Filed under: Compliance Solution, Middle East, Resources by admin


Q. What do I do with my tulips after they have finished flowering? I have left them in the ground before but the blooms never seem to be as prolific as the first year and they are much smaller plants. Is it best simply to yank them out and replant new bulbs each year? Can I dry them over the summer and replant?
A. It's best to leave them alone and let them pull all the energy from the foliage into the bulbs. Unfortunately with many new hybrids, many are great bloomers the first year then not as great after that. You can either leave them and see how they do next year, or simply pull up and replant, filling the hole with plenty of bone meal.


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To mark International Day for the Elimination of Violence Against Women, we're delighted to have a guest blog from Manuel Contreras-Urbina, Director of Research of the Global Women's Institute.
Around 1 in 3 women worldwide have experienced physical or sexual violence in their lifetime. While numerous studies and programs seek to address intimate partner violence (IPV) by increasing economic empowerment, the exact impact of such interventions on IPV is still unclear. Send a Cow (SAC) has been delivering economic empowerment and food security programs in Africa for the past 30 years. The Global Women's Institute at the George Washington University and SAC are examining the effectiveness of Send a Cow's economic interventions on reducing rates of IPV in communities of Western Kenya by strengthening the monitoring and evaluation (M&E) of Send a Cow's new "Improving Nutrition Program."
A formative qualitative fieldwork was recently conducted to better understand how Send a Cow's interventions have changed gender norms in the communities. In reference to Send a Cow's economic empowerment program, a project participant said, "after the training, we planted vegetables and started increasing our income. We don't need to go to our husbands for money to buy salt and other things. This has reduced the conflict between husband and wives."
Male and female beneficiaries and stakeholders shared that the Send a Cow program has not only boosted women's self-esteem but has also empowered them to be independent and take charge of household decisions. It also seems that the program has reduced conflicts within the household and potential IPV situations. One focus group participant noted that "as income increased, physical violence reduced. There is more peace as we now do not have to request money from our husbands."
According to another focus group participant, the training conducted by Send a Cow also seem to be changing roles and responsibilities within the household, "one thing from the training I got was how to work together as a family. Everyone has a role – the children, me, my husband. Even the quarrels have now reduced, before I was the only person working."
Results of the program go beyond just the family. Many of the women that participate in Send a Cow's programs said they gained respect even from their community members, "also we are respected in the community- after the training and implementing new cultivation strategies - we became respected because we had money and we were able to advise people about what to do in the community."
The respect women gained has transpired into new leadership roles. From being church leaders, village elders, to health volunteers, women are starting to take important leadership roles in the community.
Although these results come from a first phase of research, we hope that similar results can be captured through the new M&E tool being designed to track the impact of Send a Cow's new "Improving Nutrition Program" on issues of gender and violence against women.
Manuel Contreras Urbina, Director of Research of the Global Women's Institute at the George Washington University
Find out more about our work with The Global Womens Institute
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Msg 484 of 513
Fasig Tipton night of the stars starts at 2:00 eastern.
Top fillies and mares like Princess Noor and so many more. Plus the first look at 1st crop stallion weanlings.
High-Profile Horses on Offer at Fasig-Tipton November
Headlined by high-profile fillies and mares, including a handful that competed in the Breeders' Cup Nov. 5-6 at Del Mar, The November Sale at Fasig-Tipton will have the upper crust of breeding stock for consideration Nov. 9 in Lexington.
First-Crop Weanlings on Offer at 'Night of the Stars'
The first part of the catalog for The November Sale, Fasig-Tipton's marquee fall mixed sale Nov. 9, will offer weanlings from exceptional families, including those by sires whose first foals will go through the ring at the "Night of the Stars."
Msg 486 of 513 to Amy (1pony)1pony
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Msg 487 of 513 to gerchgogerchgo
Fasig Tipton auction can be viewed on the web
www.FasigTipton.com
link to catalog
https://www.fasigtipton.com/showcase/K21D/#/sale
Keeneland Sales starts Wednesday at 1:00 eastern
https://catalog.keeneland.com/catalog/
https://www.thoroughbreddailynews.com/hard-not-to-love-to-gainesway-whisper-hill/
https://www.thoroughbreddailynews.com/shadai-goes-to-2-85m-for-dayoutoftheoffice/
https://www.thoroughbreddailynews.com/brave-anna-gets-things-going-at-ftknov/
https://www.thoroughbreddailynews.com/curlin-filly-tops-f-t-november-weanling-offerings/
https://www.bloodhorse.com/horse-racing/articles/254819/coolmore-swoops-in-for-2-7m-kimari-at-fasig-tipton
https://www.bloodhorse.com/horse-racing/articles/254821/magical-world-lights-up-bid-board-at-5-2m
https://www.thoroughbreddailynews.com/west-takes-home-moonshine-memories-for-3-4m/
Edited November 9, 2021 8:38 pm by gerchgo
Swiss Skydiver sold for $4.7 million, goes to Japan :(
https://www.thoroughbreddailynews.com/swiss-skydiver-off-to-japan-following-4-7m-sale/
Shedaresthedevil will remain in training after being sold for $5million!
https://www.bloodhorse.com/horse-racing/articles/254825/shedaresthedevil-to-remain-in-training-after-5m-sale