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Recently, Attorney General Holder and DAAG Marshall Miller from the Criminal Division delivered important speeches (See Holder Here and Miller Here) on the Justice Department’s initiative to increase individual criminal prosecutions. The initiative was mainly political – the Department claimed that legislation was needed for one part of the proposal.
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Cynics can easily dismiss FinCEN’s August 11, 2014 Advisory on Promoting a Culture of Compliance (Here). In fact, FinCEN’s Advisory contains several important messages, which need to be emphasized. FinCen’s motivation for releasing the Advisory is clear – FinCEN is frustrated by the systemic breakdowns in compliance underscored
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The purpose of a due diligence system is not to identify and prevent hiring of a third-party who will commit bribery. To the contrary, no one can predict with accuracy who will commit bribery, unless they truly have mind-reading capabilities. Instead, the purpose of a due diligence program
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Sometimes the tea leaves are wrong; sometimes the prognosticators do not know what they are talking about; and sometimes nothing has changed. So, folks in the FCPA world are asking, where are all the FCPA enforcement cases? Sure, we have had some big cases come down this year: Alcoa, Marubeni,
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Companies are worried more and more about sanctions compliance. As the number and complexity of sanctions grow, depending on the twists and turns of our foreign policy, companies are whipsawed in the area of sanctions compliance. The Treasury Department’s Office of Foreign Asset Control tries to keep everyone informed
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As my readers know, The Kreller Group is a sponsor of my blog. The Kreller Group provides corporate investigative services. The Kreller Group has started a bi-monthly blog. Kreller's first posting on its blog -- "Instrumentality" Defined for FCPA Purposes-- is available here. Happy Reading.
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A federal jury in New York recently handed down a verdict against the Arab Bank, Jordan’s largest bank, for funding Hamas terrorism acts against Israel. The verdict is precedent setting and will encourage other plaintiffs to challenge bank conduct that enables terrorism. The plaintiffs put on evidence that the
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In typical Chinese fashion, the prosecution of GSK and several GSK executives ended after a one-day “trial.” GSK paid a $489 million fine; and four criminal sentences were handed out with suspension of jail time and orders of deportation. GSK also issued an apology. The question is whether the
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The difference between the almost right word & the right word is really a large matter--it's the difference between the lightning bug and the lightning -- Mark Twain (1888).It is hard to understand why there are still advocates for an FCPA compliance defense. The issue is dead
Events
The Volkov Law Group has two upcoming webinars in October 2014. The details and sign up links are set forth below. Webinar recordings are maintained on Michael Volkov's You Tube Channel Here Webinar: Thursday, October 9, 2014, 12 Noon ESTTaking Third Party Due Diligence to the Next Level
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I was honored to participate in a RAND roundtable meeting on May 28, 2014, Transforming Compliance: Emerging Paradigms for Boards, Management, Compliance Officers, and Government. The meeting included three white paper submissions, one of which I authored on the changing relationship between chief compliance officers and general counsels. The report
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Compliance professionals like to emphasize that accountability is essential to create an ethical culture. There is no question that if a company does not hold anyone accountable for ethics and compliance issues a company is unlikely to foster a meaningful culture. To put it another way, if senior management is