Podcasts
Last year, the Department of Justice warned global companies of a new, aggressive strategy for enforcement of trade sanctions and export controls. Deputy Attorney General Lisa Monaco stated that sanctions and export enforcement constituted “The New FCPA.” DOJ, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) and the
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The Justice Department certainly has altered the landscape of enforcement, compliance priorities, and ultimately corporate decisions surrounding voluntary disclosure. It has become a little bit more complicated to sort out all the carrots and sticks. One thing is clear – DOJ wants more companies to voluntarily disclose misconduct. And that is
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Franks International (“Frank’s”) settled FCPA charges with the SEC for $8 million stemming from operations in Angola during the period 2008 to 2014. The Justice Department declined to prosecute Frank’s for the same events. Frank’s was a global provider of engineered tubular services, tubular fabrication, and specialty
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Companies have to demand a new focus from their CEOs, senior executives and legal compliance team in response to the new DOJ and regulatory initiatives. These steps are not just suggestions nor items that can be prioritized based on resources. Instead, these are essential and basic requirements that will inevitably
Podcasts
The Justice Department is continuing its push to encourage to encourage companies to voluntarily disclose FCPA misconduct. In its latest declination, DOJ settled with Corsa Coal for its bribery scheme in Egypt. Under the declination, Corsa Coal paid $1.2 million in disgorgement and earned a significant reduction from DOJ
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Rio Tinto, the global mining and metals company, agreed to pay the SEC $15 million to settle FCPA violations arising from an alleged bribery scheme involving a senior Guinean government official. Between 1997 and 2006, Rio Tinto was granted mining and exploration rights to four section blocks in the Simandou
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In its first enforcement action of 2023, the Justice Department charged a Connecticut man and a foreign national with FCPA bribery and money laundering charges stemming from a bribery scheme to secure contracts with Petrobras in Brazil. Glenn Oztemel was a senior oil and gas trader at two trading companies.
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Here are some basic propositions that surround FCPA compliance. It is often underplayed that the FCPA contains more than just a bribery prohibition – the FCPA contains broad provisions, requiring accurate books and records and internal controls. When it comes to bribery, wrongdoers have to find ways to “steal” or gain
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The Department of Justice announced revisions to its Corporate Enforcement Policy (“CEP”) yet again in order to promote voluntary disclosures by Companies that discover potential wrongdoing. DOJ’s latest action demonstrated its commitment to several ideas: (1) Increasing prosecution of individual wrongdoers; (2) Offering benefits to companies to encourage self-
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DOJ closed out its FCPA enforcement year in 2022 with two significant settlements, the ABB and Honeywell cases. Aside from these two big settlements, there was a flurry of other actions in the last quarter of 2022. Ericsson Monitorship Extension Ericsson Telecomm agreed to a one-year extension of its
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The Justice Department and the Securities and Exchange Commission had a strong FCPA enforcement year. However, there is certainly more to come and it is easy to predict that 2023 will be even a bigger year. It is fairly obvious that DOJ and the SEC have cases in the pipeline
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The ABB case, like most significant FCPA enforcement actions, sets important precedent and policy reminders. With time, and looking back, ABB gives companies with a prior criminal history a way forward to seek a fair resolution notwithstanding huge obstacles based on past performance. If you are ABB, you dodged a