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The UK’s Financial Services Authority has sent a warning shot to investment banks – big and small. In a blistering report, the FSA outlined a number of deficiencies in ABC compliance by investment banks. Given the close working relationship between the US and UK, the Justice Department and the SEC
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The SEC’s long and tortured Theodore Urban case finally came to an end when the Commission reversed the ALJ’s decision and dismissed the case. Since the case was brought, the SEC has made public statements to try and clarify how it intends to enforce supervisor liability. Recently, SEC
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Everyone likes to focus on how to conduct an internal investigation. In the face of the new SEC whistleblower law and regulations, companies need to design a system to assess and respond to an initial allegation of a corruption violation. Not all complaints are equal – indeed, most allegations have little
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Some industries have dodged anti-corruption industry sweeps. So far, the industry sweeps have focused on logistics, oil, pharmaceuticals and medical devices. The logistics industry has been a fertile source for other industries for obvious reasons – they deal with a variety of industries. The auto industry has escaped a sweep.
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If your company does business in China, you need to conduct an anti-corruption audit. No ifs, ands or buts -- and I am not one who would easily make this recommendation. But the picture in China is growing worse by the day. If you follow the mounting number of disclosures,
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The FCPA paparazzi is at it again -- overreacting to the recent DOJ setbacks in several high-profile FCPA prosecutions. Will these setbacks cause the Justice Department to alter its FCPA enforcement program. No way. Everyone is dreaming. Call it wishful thinking. What will the Justice Department do in reaction to
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The Justice Department and the Securities and Exchange Commission continue to focus on the gatekeepers -- in-house counsel, internal auditors and compliance officers. Underlying this strategy is the government's desire to convert these officials into government"agents" to report suspected violations of the law. The government
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Many FCPA practitioners have predicted FCPA enforcement actions in the private equity industry. This has been long-predicted and many say, long overdue. Anti-corruption enforcement against the private equity industry has to be considered in the context of the SEC’s focus on the private equity industry. The SEC
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Once in a while it is important to take a step back and look at overall trends. Too many lawyers in Washington D.C. suffer from myopia and fail to see important trends outside their particular area of expertise. The picture in Washington, D.C. is unmistakable. We are in
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The drumbeat continues for reform. The Justice Department has bought itself time but is now feeling the pressure on its upcoming guidance. Do not hold your breath when it comes to the FCPA Guidance. It will not contain any big surprises -- it may restate a lot of the law and
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I am happy to announce that I have joined a new firm, LeClair Ryan. I am very excited about the opportunity. LeClair Ryan is an innovative national firm. It has 21 offices, and I hope to work with LeClair Ryan to open a new office in San Diego. LeClair Ryan
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Sometimes people cannot see what is obvious. Sometime businesses cannot react to what is obvious. Why? Is it institutional ambivalence? It is the old adage that change is hard? Businesses are not reacting, are not risk planning, and are not asking a simple question – how should we plan to minimize