Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week, the Justice Department began court arguments this week to block a merger of two publishing giants. Read the full story and more news below:
Justice Department Seeks to Block Publisher Giant Merger
The United States Department of Justice is seeking to block the merger of two U.S.-based publishing giants on grounds of antitrust violations. Opening arguments began Monday against the proposed acquisition of Simon & Schuster publishing by Penguin Random House. The USD 2.2B merger would reduce the number of the largest US publishers from five to four. Regulators say that the merger would reduce competition in the publishing industry.
Airlines Should Pay for Excessive Delays, NY Attorney General Says
On the heels of a skyrocketing number of flight delays and cancellations in domestic airports across the US, NY Attorney General Letitia James urged the Department of Transportation to increase their oversight into the industry. In a letter to Transportation Secretary Pete Buttigieg, James said that airlines are increasingly “advertising and booking flights they do not have the adequate staff to operate” and said that they are skirting the law by doing so. Other senators, including Elizabeth Warren and Alex Padilla have put pressure on Buttigieg to impose fines and other penalties on airlines in light of delays and cancellations.
Goldman Sachs Credit Business Under Investigation
The credit lending business of US bank Goldman Sachs is under investigation by a consumer watchdog group for its billing practices. The Consumer Financial Protection Bureau is exploring several areas of the banks financial business, including its handling of customer refunds and how it resolves billing disputes. The CFPB is also looking into the banks advertisements and its reporting of consumer information to credit bureaus.
UK Sentences Leader of Dubai Money Laundering Group
A UK court sentenced the leader of a group responsible for smuggling and laundering money from the UK into Dubai. Abdullah Mohammed Ali Bin Beyat Alfalasi was convicted under allegations that he set up flights for couriers to illegally smuggle more than GBP 104M in proceeds from drug deals and other illegal activity. The conviction represents one of the largest organized crime and money laundering busts in the UK.