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AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
TEN LTD. DISCLOSES FCPA SCRUTINY Tsakos Energy Navigation Limited (TEN Ltd) is a Bermuda incorporated, Greece Headquartered company which owns “a versatile fleet of modern crude and product tankers with strong ice-class capabilities, shuttle tankers and liquefied natural gas vessels.” TEN has shares listed on the New York Stock Exchange and is thus subject to the Foreign CorruptPractices Act.
FORMER GUNVOR EMPLOYEE PLEADS GUILTY IN CONNECTION WITH Recently Raymond Kohut (a Canadian citizen who lived in the Bahamas and worked in business development for Gunvor Group Ltd., a Switzerland based commodities firm) pleaded guilty in connection with an Ecuador bribery scheme. Similar to the DOJ’s recent money laundering charges against Jorge Cherrez Mino and John Robert Luzuriaga Aguinaga in connection with a bribery FCPA "TIPS" CONTINUE TO BE A MINOR COMPONENT OF THE SEC'S The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act. In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it NOVARTIS JOINS THE REPEAT OFFENDER CLUB What happens when the Greek, Swiss, and South Korean subsidiaries of a Swiss company engage in improper conduct in Greece, Vietnam and South Korea? Why of course, approximately $345 million flows into the U.S. treasury. Yesterday, Novartis joined the long and growing list of FCPA repeat offenders as the DOJ and SEC announced (see here ContinueReading
HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. RANSOM PAYMENTS AND CORRUPT INTENT Recently, the CEO of Colonial Pipeline Co. acknowledged that he authorized a $4.4 million ransom payment to the perpetrators of the recent cyberattack on the company’s distribution system. CEO Joseph Blount stated: “I didn’t make it lightly. I will admit that I wasn’t comfortable seeing money go out the door to people like this. But Continue Reading ORACLE - ANOTHER WORLD'S MOST ETHICAL FCPA VIOLATOR It surprises most people to learn that a company with pre-existing FCPA compliance policies and procedures – and a company otherwise making good faith efforts to comply with the FCPA – can still face legal liability when a non-executive employee or agent nevertheless acts contrary to the company’s pre-existing FCPA compliance and procedures. And rightfully so. Yet because of SHORT SELLER BELIEVES THAT ORMAT TECHNOLOGIES IS ENGAGED Foreign Corrupt Practices Act scrutiny can arise in a variety of ways. Although not common, occasionally (see here for a prior example) a short seller (generally speaking an investor hoping to profit if a company’s shares fall) alleges that a company is engaged in corruption. Recently, Hindenburg Research issued this lengthy report suggesting that Ormat Technologies SMITH & NEPHEW UNDER FCPA SCRUTINY AGAIN As highlighted in this prior post, in 2012 medical devices maker Smith & Nephew plc (a U.K. company with ADR shares traded on the New York Stock Exchange) resolved a $22 million Foreign Corrupt Practices Act enforcement action concerning conduct in Greece. According to the DOJ, “Smith & Nephew, through certain executives, employees andaffiliates,
AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
TEN LTD. DISCLOSES FCPA SCRUTINY Tsakos Energy Navigation Limited (TEN Ltd) is a Bermuda incorporated, Greece Headquartered company which owns “a versatile fleet of modern crude and product tankers with strong ice-class capabilities, shuttle tankers and liquefied natural gas vessels.” TEN has shares listed on the New York Stock Exchange and is thus subject to the Foreign CorruptPractices Act.
FORMER GUNVOR EMPLOYEE PLEADS GUILTY IN CONNECTION WITH Recently Raymond Kohut (a Canadian citizen who lived in the Bahamas and worked in business development for Gunvor Group Ltd., a Switzerland based commodities firm) pleaded guilty in connection with an Ecuador bribery scheme. Similar to the DOJ’s recent money laundering charges against Jorge Cherrez Mino and John Robert Luzuriaga Aguinaga in connection with a bribery FCPA "TIPS" CONTINUE TO BE A MINOR COMPONENT OF THE SEC'S The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act. In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it NOVARTIS JOINS THE REPEAT OFFENDER CLUB What happens when the Greek, Swiss, and South Korean subsidiaries of a Swiss company engage in improper conduct in Greece, Vietnam and South Korea? Why of course, approximately $345 million flows into the U.S. treasury. Yesterday, Novartis joined the long and growing list of FCPA repeat offenders as the DOJ and SEC announced (see here ContinueReading
DOJ FCPA ENFORCEMENT This recent post highlighted SEC Foreign Corrupt Practices Act enforcement against issuers in 2020. Today’s post focuses on the other FCPA enforcement agency – the Department of Justice – and highlights various facts and figures relevant to DOJ FCPA enforcement in 2020 against business organizations. (See here for a similar post from 2019; here for a WHERE’S ALL THE ACTION? Today’s post is from Cuneyt Akay (Greenberg Traurig). 2021 is off to a slow startat least in terms of FCPA corporate enforcement. The DOJ has only announced one corporate settlement so far in 2021, and the SEC has had no corporate enforcement cases. Many prognosticators were predicting big things for FCPA enforcement in 2021. A ONCE AGAIN, REBOOTING A LONG-STANDING FCPA PROPOSAL, THIS Including the first time I proposed this concept in 2010, this is the 1oth time I have written this general post (see here, here, here, here, here, here, here, here and here for the previous versions). Until things change I will keep writing it which means I will probably keep writing this same general post long into the future. The proposal is this: when a company voluntarily Continue ReadingFROM THE DOCKETS
From The Dockets. This post highlights updates to Foreign Corrupt Practices Act related civil actions involving OSI Systems and Misonix. As highlighted in this prior post, in late 2017 investment firm Muddy Waters Research accused OSI Systems (a California based company that develops and markets security and inspection systems such as airport DOJ TO INCREASE ITS FOCUS ON INVESTIGATIONS, PROSECUTIONS Presumably in connection with the visit by Vice President Kamala Harris to Guatemala, earlier this week U.S. Attorney General Merrick Garland “announced a series of steps that the Department of Justice is taking to address the threats posed by both corruption and by transnational human smuggling and trafficking networks” in Central America. The main focus Continue Reading EL SALVADOR ARCHIVES Presumably in connection with the visit by Vice President Kamala Harris to Guatemala, earlier this week U.S. Attorney General Merrick Garland “announced a series of steps that the Department of Justice is taking to address the threats posed by both corruption and by transnational human smuggling and trafficking networks” in Central America. The main focus of the establishment of so CHECKING IN ON GLENCORE'S SCRUTINY In mid-2018 Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland with common stock that trades on the New York based over-the-counter market) disclosed that it was under scrutiny by the DOJ. (See here for the prior post). Specifically, the company disclosed: “Glencore Ltd, a subsidiary of Glencore plc, has received Continue Reading ONCE AGAIN THE SUPREME COURT REJECTS THE DOJ’S OVERLY This is approximately the tenth time a post of this nature has appeared on these pages. Even though the current Supreme Court is often ideologically divided, the Court has shown remarkable consistency in recent years in rejecting (often times unanimously) overly expansive interpretations of a criminal statute by the Department of Justice. The latest example occurred ISSUES TO CONSIDER FROM THE UNITED TECHNOLOGIES This prior post went in-depth into the SEC’s $13.9 million Foreign Corrupt Practices Act enforcement action against United Technologies Corp. and this post continues the analysis by highlighting additional issues to consider. Timeline As highlighted in this prior post, UTC’s FCPA scrutiny began in late 2013/early 2014. Thus, from start to finish its scrutiny lasted PRESIDENT BIDEN DID NOT INTRODUCE "A BIG IDEA INTO THE Last week, President Biden released a memo titled “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest.” In pertinent part, the memo states that “countering corruption a core United States national security interest” and Biden pledged that his “Administration will lead efforts to promote good governance; bring transparency HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. ORACLE - ANOTHER WORLD'S MOST ETHICAL FCPA VIOLATOR It surprises most people to learn that a company with pre-existing FCPA compliance policies and procedures – and a company otherwise making good faith efforts to comply with the FCPA – can still face legal liability when a non-executive employee or agent nevertheless acts contrary to the company’s pre-existing FCPA compliance and procedures. And rightfully so. Yet because of INTERNAL CONTROLS ARCHIVES By Mike Koehler on. February 26, 2021. in. Books and Records, Internal Controls, Non-FCPA FCPA Enforcement Actions. The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records andinternal controls
ALL ABOUT PANALPINA
Last but certainly not least in the analysis of CustomsGate enforcement actions is Panalpina. See here for the prior post on the Pride International enforcement action, here for the prior post on the Shell enforcement action, here for the prior post on the Transocean enforcement action, here for the prior post on the Tidewater enforcement Continue Reading AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
SHORT SELLER BELIEVES THAT ORMAT TECHNOLOGIES IS ENGAGED Foreign Corrupt Practices Act scrutiny can arise in a variety of ways. Although not common, occasionally (see here for a prior example) a short seller (generally speaking an investor hoping to profit if a company’s shares fall) alleges that a company is engaged in corruption. Recently, Hindenburg Research issued this lengthy report suggesting that Ormat Technologies TEN LTD. DISCLOSES FCPA SCRUTINY Tsakos Energy Navigation Limited (TEN Ltd) is a Bermuda incorporated, Greece Headquartered company which owns “a versatile fleet of modern crude and product tankers with strong ice-class capabilities, shuttle tankers and liquefied natural gas vessels.” TEN has shares listed on the New York Stock Exchange and is thus subject to the Foreign CorruptPractices Act.
WHAT CONGRESS INTENDED THE THIRD-PARTY PAYMENT PROVISIONS Call me old-fashioned or a rule of law purist. However, in this the Foreign Corrupt Practice Act’s 40th year, it is prudent to take a step back and ponder what Congress actually intended to capture, and not capture, by enacting the FCPA. Indeed, as the recent Hoskins decision yet again demonstrated (see here) a common Continue Reading ALLIANCE ONE BECOMES A REPEAT OFFENDER OF THE BOOKS AND As highlighted here, in 2010 tobacco company Alliance One International resolved an approximate $19.5 million Foreign Corrupt Practices Act enforcement action concerning conduct in Kyrgyzstan, Thailand, China, Greece, and Indonesia. In resolving the SEC matter Alliance One consented to the entry of final judgment permanently enjoining it from violating the FCPA including the books and "FOREIGN OFFICIALS" IN PUERTO RICO? While reading the DOJ release today regarding the guilty plea of Dr. Candido Negron Mella (see here), I was reminded of a conversation I had a few years back with a former law firm colleague during which we scratched our heads wondering if a Puerto Rico government official could be a “foreign official” under the FCPA.Because the statute defines “foreign official” as being an “officer HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. ORACLE - ANOTHER WORLD'S MOST ETHICAL FCPA VIOLATOR It surprises most people to learn that a company with pre-existing FCPA compliance policies and procedures – and a company otherwise making good faith efforts to comply with the FCPA – can still face legal liability when a non-executive employee or agent nevertheless acts contrary to the company’s pre-existing FCPA compliance and procedures. And rightfully so. Yet because of INTERNAL CONTROLS ARCHIVES By Mike Koehler on. February 26, 2021. in. Books and Records, Internal Controls, Non-FCPA FCPA Enforcement Actions. The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records andinternal controls
ALL ABOUT PANALPINA
Last but certainly not least in the analysis of CustomsGate enforcement actions is Panalpina. See here for the prior post on the Pride International enforcement action, here for the prior post on the Shell enforcement action, here for the prior post on the Transocean enforcement action, here for the prior post on the Tidewater enforcement Continue Reading AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
SHORT SELLER BELIEVES THAT ORMAT TECHNOLOGIES IS ENGAGED Foreign Corrupt Practices Act scrutiny can arise in a variety of ways. Although not common, occasionally (see here for a prior example) a short seller (generally speaking an investor hoping to profit if a company’s shares fall) alleges that a company is engaged in corruption. Recently, Hindenburg Research issued this lengthy report suggesting that Ormat Technologies TEN LTD. DISCLOSES FCPA SCRUTINY Tsakos Energy Navigation Limited (TEN Ltd) is a Bermuda incorporated, Greece Headquartered company which owns “a versatile fleet of modern crude and product tankers with strong ice-class capabilities, shuttle tankers and liquefied natural gas vessels.” TEN has shares listed on the New York Stock Exchange and is thus subject to the Foreign CorruptPractices Act.
WHAT CONGRESS INTENDED THE THIRD-PARTY PAYMENT PROVISIONS Call me old-fashioned or a rule of law purist. However, in this the Foreign Corrupt Practice Act’s 40th year, it is prudent to take a step back and ponder what Congress actually intended to capture, and not capture, by enacting the FCPA. Indeed, as the recent Hoskins decision yet again demonstrated (see here) a common Continue Reading ALLIANCE ONE BECOMES A REPEAT OFFENDER OF THE BOOKS AND As highlighted here, in 2010 tobacco company Alliance One International resolved an approximate $19.5 million Foreign Corrupt Practices Act enforcement action concerning conduct in Kyrgyzstan, Thailand, China, Greece, and Indonesia. In resolving the SEC matter Alliance One consented to the entry of final judgment permanently enjoining it from violating the FCPA including the books and "FOREIGN OFFICIALS" IN PUERTO RICO? While reading the DOJ release today regarding the guilty plea of Dr. Candido Negron Mella (see here), I was reminded of a conversation I had a few years back with a former law firm colleague during which we scratched our heads wondering if a Puerto Rico government official could be a “foreign official” under the FCPA.Because the statute defines “foreign official” as being an “officer DOJ FCPA ENFORCEMENT This recent post highlighted SEC Foreign Corrupt Practices Act enforcement against issuers in 2020. Today’s post focuses on the other FCPA enforcement agency – the Department of Justice – and highlights various facts and figures relevant to DOJ FCPA enforcement in 2020 against business organizations. (See here for a similar post from 2019; here for a DOJ TO INCREASE ITS FOCUS ON INVESTIGATIONS, PROSECUTIONS Presumably in connection with the visit by Vice President Kamala Harris to Guatemala, earlier this week U.S. Attorney General Merrick Garland “announced a series of steps that the Department of Justice is taking to address the threats posed by both corruption and by transnational human smuggling and trafficking networks” in Central America. The main focus Continue Reading THE FCPA HAS ALWAYS BEEN A LAW MUCH BROADER THAN ITS NAME The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records and internal controls provisions can be implicated in foreign bribery schemes. However, the books and records and internal controls provisions are among the COMPANIES THAT HAVE RESOLVED FCPA ENFORCEMENT ACTIONS OR In the minds of some, companies that have resolved Foreign Corrupt Practices Act enforcement actions or are currently under FCPA scrutiny are bad or unethical companies. It is a tempting position to take. After all, the FCPA is about bribery and corruption. However, it is a wrong position to take in many (but certainly not Continue Reading EL SALVADOR ARCHIVES Presumably in connection with the visit by Vice President Kamala Harris to Guatemala, earlier this week U.S. Attorney General Merrick Garland “announced a series of steps that the Department of Justice is taking to address the threats posed by both corruption and by transnational human smuggling and trafficking networks” in Central America. The main focus of the establishment of so CHECKING IN ON GLENCORE'S SCRUTINY In mid-2018 Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland with common stock that trades on the New York based over-the-counter market) disclosed that it was under scrutiny by the DOJ. (See here for the prior post). Specifically, the company disclosed: “Glencore Ltd, a subsidiary of Glencore plc, has received Continue Reading ONCE AGAIN THE SUPREME COURT REJECTS THE DOJ’S OVERLY This is approximately the tenth time a post of this nature has appeared on these pages. Even though the current Supreme Court is often ideologically divided, the Court has shown remarkable consistency in recent years in rejecting (often times unanimously) overly expansive interpretations of a criminal statute by the Department of Justice. The latest example occurred PRESIDENT BIDEN DID NOT INTRODUCE "A BIG IDEA INTO THE Last week, President Biden released a memo titled “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest.” In pertinent part, the memo states that “countering corruption a core United States national security interest” and Biden pledged that his “Administration will lead efforts to promote good governance; bring transparency DOJ ANNOUNCES GUILTY PLEAS BY FORMER UNAOIL EXECUTIVES DOJ Announces Guilty Pleas By Former Unaoil Executives. Yesterday, the DOJ announced that Cyrus Ahsani and Saman Ahsani (the former CEO and Chief Operations Officer of Monaco-based Unaoil) pleaded guilty in March 2019 to one count of conspiracy to violate the FCPA for their roles in a scheme to corruptly facilitate millions of dollars in bribe NAVIGATING THE ‘GIFT, ENTERTAINMENT AND HOSPITALITY Navigating The ‘Gift, Entertainment And Hospitality’ Landscape In India. (MZM Legal Advocates & Legal Consultants in Mumbai, India). Panag is the India Expert for FCPA Professor. FCPA enforcement actions in 2014 have seen companies such as HP Poland, Bruker and Avon (in part) face heat as a result of alleged bribes being paid under the HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. INTERNAL CONTROLS ARCHIVES By Mike Koehler on. February 26, 2021. in. Books and Records, Internal Controls, Non-FCPA FCPA Enforcement Actions. The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records andinternal controls
ALL ABOUT PANALPINA
Last but certainly not least in the analysis of CustomsGate enforcement actions is Panalpina. See here for the prior post on the Pride International enforcement action, here for the prior post on the Shell enforcement action, here for the prior post on the Transocean enforcement action, here for the prior post on the Tidewater enforcement Continue Reading ISSUES TO CONSIDER FROM THE UNITED TECHNOLOGIES This prior post went in-depth into the SEC’s $13.9 million Foreign Corrupt Practices Act enforcement action against United Technologies Corp. and this post continues the analysis by highlighting additional issues to consider. Timeline As highlighted in this prior post, UTC’s FCPA scrutiny began in late 2013/early 2014. Thus, from start to finish its scrutiny lasted AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
FCPA "TIPS" CONTINUE TO BE A MINOR COMPONENT OF THE SEC'S The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act. In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it BEAM POURS $8.2 MILLION INTO THE TREASURY AND BECOMES THE First it was alcoholic beverage company Diageo based on conduct in India and elsewhere (see here). Then it was alcoholic beverage company ABInBev based on conduct in India (see here). Yesterday, the SEC announced yet another Foreign Corrupt Practices Act enforcement action against an alcoholic beverage company for conduct in India. This timeit was
A LOOK AT THE FRENCH ENFORCEMENT ACTION AGAINST AIRBUS Previous posts here and here looked at the U.S. Foreign Corrupt Practices Act enforcement action against Airbus. This previous post looked at the U.K. Bribery Act enforcement action against Airbus. This post completes the enforcement trilogy, bylooking at the French enforcement action against Airbus. Like the prior U.S. and U.K. bribery enforcement action, the French ALLIANCE ONE BECOMES A REPEAT OFFENDER OF THE BOOKS AND As highlighted here, in 2010 tobacco company Alliance One International resolved an approximate $19.5 million Foreign Corrupt Practices Act enforcement action concerning conduct in Kyrgyzstan, Thailand, China, Greece, and Indonesia. In resolving the SEC matter Alliance One consented to the entry of final judgment permanently enjoining it from violating the FCPA including the books and VEON (FORMALLY KNOWN AS VIMPELCOM) EMERGES FROM DPA As highlighted in this previous post, in February 2016 telecommunications company VimpelCom (now known as VEON) resolved a Foreign Corrupt Practices Act enforcement action concerning conduct in Uzbekistan. In resolving the matter through a three-year deferred prosecution agreement, the company agreed to pay a net $397.5 million FCPA settlement and also agreed to HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. INTERNAL CONTROLS ARCHIVES By Mike Koehler on. February 26, 2021. in. Books and Records, Internal Controls, Non-FCPA FCPA Enforcement Actions. The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records andinternal controls
ALL ABOUT PANALPINA
Last but certainly not least in the analysis of CustomsGate enforcement actions is Panalpina. See here for the prior post on the Pride International enforcement action, here for the prior post on the Shell enforcement action, here for the prior post on the Transocean enforcement action, here for the prior post on the Tidewater enforcement Continue Reading ISSUES TO CONSIDER FROM THE UNITED TECHNOLOGIES This prior post went in-depth into the SEC’s $13.9 million Foreign Corrupt Practices Act enforcement action against United Technologies Corp. and this post continues the analysis by highlighting additional issues to consider. Timeline As highlighted in this prior post, UTC’s FCPA scrutiny began in late 2013/early 2014. Thus, from start to finish its scrutiny lasted AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
FCPA "TIPS" CONTINUE TO BE A MINOR COMPONENT OF THE SEC'S The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act. In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it BEAM POURS $8.2 MILLION INTO THE TREASURY AND BECOMES THE First it was alcoholic beverage company Diageo based on conduct in India and elsewhere (see here). Then it was alcoholic beverage company ABInBev based on conduct in India (see here). Yesterday, the SEC announced yet another Foreign Corrupt Practices Act enforcement action against an alcoholic beverage company for conduct in India. This timeit was
A LOOK AT THE FRENCH ENFORCEMENT ACTION AGAINST AIRBUS Previous posts here and here looked at the U.S. Foreign Corrupt Practices Act enforcement action against Airbus. This previous post looked at the U.K. Bribery Act enforcement action against Airbus. This post completes the enforcement trilogy, bylooking at the French enforcement action against Airbus. Like the prior U.S. and U.K. bribery enforcement action, the French ALLIANCE ONE BECOMES A REPEAT OFFENDER OF THE BOOKS AND As highlighted here, in 2010 tobacco company Alliance One International resolved an approximate $19.5 million Foreign Corrupt Practices Act enforcement action concerning conduct in Kyrgyzstan, Thailand, China, Greece, and Indonesia. In resolving the SEC matter Alliance One consented to the entry of final judgment permanently enjoining it from violating the FCPA including the books and VEON (FORMALLY KNOWN AS VIMPELCOM) EMERGES FROM DPA As highlighted in this previous post, in February 2016 telecommunications company VimpelCom (now known as VEON) resolved a Foreign Corrupt Practices Act enforcement action concerning conduct in Uzbekistan. In resolving the matter through a three-year deferred prosecution agreement, the company agreed to pay a net $397.5 million FCPA settlement and also agreed to WHERE’S ALL THE ACTION? Today’s post is from Cuneyt Akay (Greenberg Traurig). 2021 is off to a slow startat least in terms of FCPA corporate enforcement. The DOJ has only announced one corporate settlement so far in 2021, and the SEC has had no corporate enforcement cases. Many prognosticators were predicting big things for FCPA enforcement in 2021. A THIS WEEK ON FCPA PROFESSOR FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.” Set forth below are the topics discussed this week on FCPA Professor. This post highlights things you need to know from May from FCPA (andrelated) land.
FROM THE DOCKETS
From The Dockets. This post highlights updates to Foreign Corrupt Practices Act related civil actions involving OSI Systems and Misonix. As highlighted in this prior post, in late 2017 investment firm Muddy Waters Research accused OSI Systems (a California based company that develops and markets security and inspection systems such as airport FCPA VIOLATIONS BUT NO FCPA CHARGES It is relatively common for the DOJ to allege a foreign bribery scheme, but “only” charge an individual with money laundering. These cases tend to involve alleged “foreign official” bribe recipients who – courts have concluded – are not subject to the FCPA anti-bribery provisions. The DOJ has also criminally charged individuals in what “sounds” PRESIDENT BIDEN DID NOT INTRODUCE "A BIG IDEA INTO THE Last week, President Biden released a memo titled “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest.” In pertinent part, the memo states that “countering corruption a core United States national security interest” and Biden pledged that his “Administration will lead efforts to promote good governance; bring transparency CHECKING IN ON GLENCORE'S SCRUTINY In mid-2018 Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland with common stock that trades on the New York based over-the-counter market) disclosed that it was under scrutiny by the DOJ. (See here for the prior post). Specifically, the company disclosed: “Glencore Ltd, a subsidiary of Glencore plc, has received Continue Reading ONCE AGAIN THE SUPREME COURT REJECTS THE DOJ’S OVERLY This is approximately the tenth time a post of this nature has appeared on these pages. Even though the current Supreme Court is often ideologically divided, the Court has shown remarkable consistency in recent years in rejecting (often times unanimously) overly expansive interpretations of a criminal statute by the Department of Justice. The latest example occurred COMPANIES THAT HAVE RESOLVED FCPA ENFORCEMENT ACTIONS OR In the minds of some, companies that have resolved Foreign Corrupt Practices Act enforcement actions or are currently under FCPA scrutiny are bad or unethical companies. It is a tempting position to take. After all, the FCPA is about bribery and corruption. However, it is a wrong position to take in many (but certainly not Continue ReadingAN M&A CASE STUDY
An M&A Case Study. By Mike Koehler on. October 13, 2014. in China Valves, Merger Issues, Watts Water Technologies. The Foreign Corrupt Practices Act is a niche practice area for sure. At the same time, FCPA issues intersect with other business law issues such that the FCPA is a fundamental skill set for all business lawyers and advisers WHAT IS A BOARD'S RESPONSIBILITY FOR COMPLIANCE? A guest post today from Thomas Fox who runs the FCPA Compliance and Ethics Blog. ***** “The nightmare of every corporate director is to wake up to find out that the company of the Board he or she sits on is on the front page of the New York Times (NYT) for alleged illegal conduct. This nightmare Continue Reading HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. INTERNAL CONTROLS ARCHIVES By Mike Koehler on. February 26, 2021. in. Books and Records, Internal Controls, Non-FCPA FCPA Enforcement Actions. The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records andinternal controls
ALL ABOUT PANALPINA
Last but certainly not least in the analysis of CustomsGate enforcement actions is Panalpina. See here for the prior post on the Pride International enforcement action, here for the prior post on the Shell enforcement action, here for the prior post on the Transocean enforcement action, here for the prior post on the Tidewater enforcement Continue Reading ISSUES TO CONSIDER FROM THE UNITED TECHNOLOGIES This prior post went in-depth into the SEC’s $13.9 million Foreign Corrupt Practices Act enforcement action against United Technologies Corp. and this post continues the analysis by highlighting additional issues to consider. Timeline As highlighted in this prior post, UTC’s FCPA scrutiny began in late 2013/early 2014. Thus, from start to finish its scrutiny lasted AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
FCPA "TIPS" CONTINUE TO BE A MINOR COMPONENT OF THE SEC'S The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act. In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it BEAM POURS $8.2 MILLION INTO THE TREASURY AND BECOMES THE First it was alcoholic beverage company Diageo based on conduct in India and elsewhere (see here). Then it was alcoholic beverage company ABInBev based on conduct in India (see here). Yesterday, the SEC announced yet another Foreign Corrupt Practices Act enforcement action against an alcoholic beverage company for conduct in India. This timeit was
A LOOK AT THE FRENCH ENFORCEMENT ACTION AGAINST AIRBUS Previous posts here and here looked at the U.S. Foreign Corrupt Practices Act enforcement action against Airbus. This previous post looked at the U.K. Bribery Act enforcement action against Airbus. This post completes the enforcement trilogy, bylooking at the French enforcement action against Airbus. Like the prior U.S. and U.K. bribery enforcement action, the French ALLIANCE ONE BECOMES A REPEAT OFFENDER OF THE BOOKS AND As highlighted here, in 2010 tobacco company Alliance One International resolved an approximate $19.5 million Foreign Corrupt Practices Act enforcement action concerning conduct in Kyrgyzstan, Thailand, China, Greece, and Indonesia. In resolving the SEC matter Alliance One consented to the entry of final judgment permanently enjoining it from violating the FCPA including the books and VEON (FORMALLY KNOWN AS VIMPELCOM) EMERGES FROM DPA As highlighted in this previous post, in February 2016 telecommunications company VimpelCom (now known as VEON) resolved a Foreign Corrupt Practices Act enforcement action concerning conduct in Uzbekistan. In resolving the matter through a three-year deferred prosecution agreement, the company agreed to pay a net $397.5 million FCPA settlement and also agreed to HOME - FCPA PROFESSORABOUTFCPA 101TRAININGBOOKSPODCASTLAWYERS FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”. Set forth below are the topics discussed this week on FCPA Professor. See here for how certain FCPA commentators react to being fact checked. INTERNAL CONTROLS ARCHIVES By Mike Koehler on. February 26, 2021. in. Books and Records, Internal Controls, Non-FCPA FCPA Enforcement Actions. The Foreign Corrupt Practices Act has always been a law much broader than its name suggests. Sure, the FCPA contains anti-bribery provisions which concern foreign bribery. Sure, the FCPA’s books and records andinternal controls
ALL ABOUT PANALPINA
Last but certainly not least in the analysis of CustomsGate enforcement actions is Panalpina. See here for the prior post on the Pride International enforcement action, here for the prior post on the Shell enforcement action, here for the prior post on the Transocean enforcement action, here for the prior post on the Tidewater enforcement Continue Reading ISSUES TO CONSIDER FROM THE UNITED TECHNOLOGIES This prior post went in-depth into the SEC’s $13.9 million Foreign Corrupt Practices Act enforcement action against United Technologies Corp. and this post continues the analysis by highlighting additional issues to consider. Timeline As highlighted in this prior post, UTC’s FCPA scrutiny began in late 2013/early 2014. Thus, from start to finish its scrutiny lasted AG BARR'S RECENT SPEECH IS FCPA RELEVANT Last week Attorney General William Barr delivered this Constitution Day speech. The Foreign Corrupt Practices Act was never mentioned. However, as highlighted below several of the topics discussed were FCPA relevant. Barr stated: “The rule of law is the lynchpin of American freedom. And the critical guarantee of the rule of law comesfrom the
FCPA "TIPS" CONTINUE TO BE A MINOR COMPONENT OF THE SEC'S The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act. In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it BEAM POURS $8.2 MILLION INTO THE TREASURY AND BECOMES THE First it was alcoholic beverage company Diageo based on conduct in India and elsewhere (see here). Then it was alcoholic beverage company ABInBev based on conduct in India (see here). Yesterday, the SEC announced yet another Foreign Corrupt Practices Act enforcement action against an alcoholic beverage company for conduct in India. This timeit was
A LOOK AT THE FRENCH ENFORCEMENT ACTION AGAINST AIRBUS Previous posts here and here looked at the U.S. Foreign Corrupt Practices Act enforcement action against Airbus. This previous post looked at the U.K. Bribery Act enforcement action against Airbus. This post completes the enforcement trilogy, bylooking at the French enforcement action against Airbus. Like the prior U.S. and U.K. bribery enforcement action, the French ALLIANCE ONE BECOMES A REPEAT OFFENDER OF THE BOOKS AND As highlighted here, in 2010 tobacco company Alliance One International resolved an approximate $19.5 million Foreign Corrupt Practices Act enforcement action concerning conduct in Kyrgyzstan, Thailand, China, Greece, and Indonesia. In resolving the SEC matter Alliance One consented to the entry of final judgment permanently enjoining it from violating the FCPA including the books and VEON (FORMALLY KNOWN AS VIMPELCOM) EMERGES FROM DPA As highlighted in this previous post, in February 2016 telecommunications company VimpelCom (now known as VEON) resolved a Foreign Corrupt Practices Act enforcement action concerning conduct in Uzbekistan. In resolving the matter through a three-year deferred prosecution agreement, the company agreed to pay a net $397.5 million FCPA settlement and also agreed to WHERE’S ALL THE ACTION? Today’s post is from Cuneyt Akay (Greenberg Traurig). 2021 is off to a slow startat least in terms of FCPA corporate enforcement. The DOJ has only announced one corporate settlement so far in 2021, and the SEC has had no corporate enforcement cases. Many prognosticators were predicting big things for FCPA enforcement in 2021. A THIS WEEK ON FCPA PROFESSOR FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.” Set forth below are the topics discussed this week on FCPA Professor. This post highlights things you need to know from May from FCPA (andrelated) land.
FROM THE DOCKETS
From The Dockets. This post highlights updates to Foreign Corrupt Practices Act related civil actions involving OSI Systems and Misonix. As highlighted in this prior post, in late 2017 investment firm Muddy Waters Research accused OSI Systems (a California based company that develops and markets security and inspection systems such as airport FCPA VIOLATIONS BUT NO FCPA CHARGES It is relatively common for the DOJ to allege a foreign bribery scheme, but “only” charge an individual with money laundering. These cases tend to involve alleged “foreign official” bribe recipients who – courts have concluded – are not subject to the FCPA anti-bribery provisions. The DOJ has also criminally charged individuals in what “sounds” PRESIDENT BIDEN DID NOT INTRODUCE "A BIG IDEA INTO THE Last week, President Biden released a memo titled “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest.” In pertinent part, the memo states that “countering corruption a core United States national security interest” and Biden pledged that his “Administration will lead efforts to promote good governance; bring transparency CHECKING IN ON GLENCORE'S SCRUTINY In mid-2018 Glencore (a commodities company incorporated in the United Kingdom and headquartered in Switzerland with common stock that trades on the New York based over-the-counter market) disclosed that it was under scrutiny by the DOJ. (See here for the prior post). Specifically, the company disclosed: “Glencore Ltd, a subsidiary of Glencore plc, has received Continue Reading ONCE AGAIN THE SUPREME COURT REJECTS THE DOJ’S OVERLY This is approximately the tenth time a post of this nature has appeared on these pages. Even though the current Supreme Court is often ideologically divided, the Court has shown remarkable consistency in recent years in rejecting (often times unanimously) overly expansive interpretations of a criminal statute by the Department of Justice. The latest example occurred COMPANIES THAT HAVE RESOLVED FCPA ENFORCEMENT ACTIONS OR In the minds of some, companies that have resolved Foreign Corrupt Practices Act enforcement actions or are currently under FCPA scrutiny are bad or unethical companies. It is a tempting position to take. After all, the FCPA is about bribery and corruption. However, it is a wrong position to take in many (but certainly not Continue ReadingAN M&A CASE STUDY
An M&A Case Study. By Mike Koehler on. October 13, 2014. in China Valves, Merger Issues, Watts Water Technologies. The Foreign Corrupt Practices Act is a niche practice area for sure. At the same time, FCPA issues intersect with other business law issues such that the FCPA is a fundamental skill set for all business lawyers and advisers WHAT IS A BOARD'S RESPONSIBILITY FOR COMPLIANCE? A guest post today from Thomas Fox who runs the FCPA Compliance and Ethics Blog. ***** “The nightmare of every corporate director is to wake up to find out that the company of the Board he or she sits on is on the front page of the New York Times (NYT) for alleged illegal conduct. This nightmare Continue ReadingTOP MENU
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Click Here for All Posts ALEXION PHARMACEUTICALS POISED TO RESOLVE APPROXIMATE $25 MILLION FCPAENFORCEMENT ACTION
May 7, 2020
Back in the day, most companies just resolved Foreign Corrupt Practices Act enforcement actions and it was “wait and see” for the actual settlement amount. Nowadays, certain companies prep the market by disclosing an approximate settlement amount before the settlement actually occurs. As highlighted in this prior post , in mid-2015 Alexion Pharmaceuticals disclosed FCPA scrutiny. The company recentlydisclosed
that it reached an agreement in principle with the SEC to resolve an approximate $25 million enforcement action. Just because Alexion disclosed an approximate settlement amount, does not necessarily mean that settlement is imminent. For instance, Walmart disclosed an FCPA settlement amount but it took an additional 1.5 years to actually resolve the action.Continue Reading
THE LARGEST CIVIL MONETARY PENALTIES IN CORPORATE FCPA ENFORCEMENTACTIONS
May 6, 2020
This recent post
highlighted the 2002 Foreign Corrupt Practices Act enforcement action against Syncor International. It was noted that the $500,000 civil monetary penalty Syncor paid to resolve the action was – at the time – the largest penalty ever obtained by the SEC in an FCPA matter. Fast forward to the present and such a figure would not even crack the Top 50 civil monetary penalties assessed in an FCPA enforcementaction.
Disgorgement and prejudgment interest comprise the bulk of SEC recovery in corporate FCPA enforcement actions (typically 90% or so of overall recovery in most years). However, in approximately 40% of corporate FCPA enforcement actions since 2010 the SEC has assessed a civil monetary penalty and set forth below are the Top 25 civil monetary penalties in FCPA actions.Continue Reading
THE SYNCOR ENFORCEMENT ACTION BROKE NEW GROUNDMay 5, 2020
__
The 2002 Foreign Corrupt Practices Act enforcement action against Syncor International and its subsidiary Syncor Taiwan broke new groundin two ways.
First, the enforcement action is believed to be the first FCPA enforcement action based on the theory that physicians and others associated with foreign health care systems are “foreign officials” under the FCPA. Second, the enforcement action against Syncor Taiwan was the first FCPA enforcement action based on the dd-3 prong of the FCPA’s anti-bribery provisions (added to the FCPA in 1998). As further point of interest is that approximately five years after the corporate action, the SEC filed related charges against a culpableindividual.
Continue Reading
SEC’S RECENT FCPA COMPLAINT MAY REVEAL BENEFITS OF COMPANY COMPLIANCE BUT PLEADINGS MAY BE DEFICIENTMay 4, 2020
A guest post from Arnall Golden Gregory LLP attorneys Cory Kirchertand Adriaen Morse
. Previously both
Kirchert and Morse were Senior Counsel in the SEC’s EnforcementDivision.
*****
INTRODUCTION
The U.S. Securities and Exchange Commission (“SEC”) recently filed a case alleging violations of the anti-bribery provisions of U.S. securities laws that raises more questions than it answers. As most practitioners in this area know, press releases (or “litigation releases”) that accompany the announcement of new enforcement cases often discuss a company’s cooperation, in particular when the case came to the SEC’s attention via company self-disclosure or when the SEC wishes to signal that the company’s cooperation contributed to a low penalty or no penalty.Continue Reading
THIS WEEK ON FCPA PROFESSORMay 2, 2020
FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.” Set forth below are the topics discussed this week on FCPA Professor. As discussed in this post,
a bill was recently introduced in the House to transfer pharma FCPA civil settlement amounts to pediatric disease research.Continue Reading
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