Saturday, January 23, 2021

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2020 Brought New Guidance to Compliance Programs

Tom Fox argues that the most significant developments for compliance professionals in 2020 were two noteworthy releases of information by the federal government: the Department of Justice’s update to the Evaluation of Corporate Compliance Programs, and its joint release with the SEC of a second edition of A Resource Guide to The U.S. Foreign Corrupt […]
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Deutsche Bank to Pay $130 Million in Bribery and Fraud Cases

Deutsche Bank will pay more than $130 million to resolve investigations into FCPA violations and commodities fraud. This sum consists of about $85 million...

Shearman & Sterling FCPA Digest: Recent Trends and Patterns in the Enforcement of the...

Shearman & Sterling has published the latest issue of its bi-annual FCPA Digest report, highlighting how FCPA enforcement actions have fared amid a difficult year marked by the COVID-19 outbreak, the presidential elections, natural disasters and the ensuing disruptions of market and governmental activity. The highlights from 2020 include a record level of financial penalties; […]
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AML Compliance Update: Congress Passes Corporate Transparency Act

On January 1, 2021, as part of its annual defense spending bill, U.S. Congress passed the Corporate Transparency Act, which requires certain domestic and...

Top 10 International Anti-Corruption Developments For November 2020

In order to provide an overview for busy in-house counsel and compliance professionals, Morrison & Foerster summarizes some of the most important international anti-corruption...

The Danger of Internal Controls Enforcement: The Andeavor SEC Settlement

The internal controls provision in the FCPA statute has broad application to a variety of situations beyond foreign bribery.  The Securities and Exchange Commission knows full well the power of the internal controls provision and has readily applied it in a variety of circumstances. One recent example is the SEC’s settlement with Andeavor LLC for failure […]
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New Jersey Man Pleads Guilty to Violating the Foreign Corrupt Practices Act

Deck Won Kang of New Jersey pleaded guilty of paying $100,000 in bribes to a Korean government official for contracts to provide naval equipment and technology to the Defense Acquisition Program Administration, a state-run agency within South Korea’s Ministry of National Defense. Kang offered money to a procurement official in the Korean Navy, to be […]
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A Debrief on the 37th International Conference on the Foreign Corrupt Practices Act

In a recent podcast, K&L Gates white collar practitioners Neil Smith, William Semins, Nicole Stockey, and David Peet discuss their key takeaways from this year’s 37th International Conference on the Foreign Corrupt Practices Act. Listen to the podcast at K&L Gates
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The Vitol Enforcement Action: Part 4 – Lessons Learned

In the conclusion of a four-part series about the Department of Justice/Commodity Futures Trading Commission FCPA-involved enforcement action against Vitol Inc. over corruption in Brazil, Ecuador, and Mexico, Tom Fox considers some of the lessons learned from the case. Fox notes the separate enforcement action by the CFTC, and advises that “every compliance practitioner needs […]
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Vitol FCPA Settlement: Lessons Learned (Part III of III)

Michael Volkov identifies several lessons to be learned from the DOJ/CFTC enforcement action and settlements involving Vitol Inc. Commodity trading markets presents significant corruption risks. The Petrobras and Petroecuador corruption scandals continue to reverberate through every sector of the energy industry, including valuable energy trading operations. The case underscores the value of tender and confidential, […]
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