Last year, a group of U.S. military veterans and the relatives of troops killed in Iraq filed a lawsuit against several large international pharmaceuticals, accusing them of aiding and abetting terrorism by selling products...more
8/31/2018
/ AML/CFT ,
Antiterrorism Act ,
Banking Sector ,
BSA/AML ,
Corporate Liability ,
Crime Victims ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Just Compensation ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Multinationals ,
Publicly-Traded Companies ,
Risk Mitigation ,
Technology Sector ,
Terrorist Acts ,
White Collar Crimes
On 30 September 2017, Part 3 of the UK Criminal Finances Act 2017 (the “CF Act”) came into force creating new corporate offences for failing to prevent the facilitation of UK or overseas tax evasion. Similar to the standard...more
Creating a potential new impediment for collaboration between UK and US investigators, the Court of Appeals for the Second Circuit in New York recently held that evidence derived from compelled testimony cannot be used in a...more
7/26/2017
/ Bank Fraud ,
Corporate Counsel ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Fifth Amendment ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Inadmissible Evidence ,
Libor ,
Market Manipulation ,
Rabobank ,
Regulatory Agencies ,
Self-Incrimination ,
Testimony ,
UK ,
White Collar Crimes ,
Wire Fraud
Legislation passed by the U.S. House of Representatives threatens to shake up the Securities and Exchange Commission’s enforcement program in a historic manner....more
6/12/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Dodd-Frank ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Government Investigations ,
Pending Legislation ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Wells Notice ,
White Collar Crimes
On 17 January 2017, the UK Serious Fraud Office (“SFO”),[1] the US Department of Justice (“DOJ”),[2] and the Brazilian Ministério Público Federal (“MPF”) announced an $800 million global settlement with Rolls-Royce plc and...more
1/23/2017
/ Angola ,
Anti-Corruption ,
Automotive Industry ,
Azerbaijan ,
Brazil ,
Bribery ,
Corporate Counsel ,
Corruption ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Energy Sector ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Government Officials ,
Kazakhstan ,
Oil & Gas ,
Penalties ,
Pipelines ,
Rolls-Royce ,
SFO ,
Thailand ,
UK ,
UK Bribery Act ,
White Collar Crimes
Friends and relatives of corporate insiders who knowingly receive and trade on inside information now confront greater exposure for federal securities laws violations. On December 6, 2016, the Supreme Court held in United...more
12/9/2016
/ Confidential Information ,
Dirks v SEC ,
Financial Markets ,
Illegal Tipping ,
Insider Trading ,
Non-Public Information ,
Personal Benefit ,
SCOTUS ,
Securities Violations ,
Tippees ,
Tippers ,
US v Newman ,
US v Salman ,
White Collar Crimes
In a settlement highlighting the need for public companies to implement – and adhere to – effective internal controls, United Airlines “United” recently paid a $2.4 million civil penalty to the Securities and Exchange...more
12/8/2016
/ Airlines ,
Airports ,
Anti-Corruption ,
Bribery ,
Civil Monetary Penalty ,
Corporate Counsel ,
Corruption ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Non-Prosecution Agreements ,
Personal Benefit ,
Port Authority ,
Public Officials ,
Quid Pro Quo ,
Securities and Exchange Commission (SEC) ,
Transportation Industry ,
United Airlines ,
White Collar Crimes
After a conventional presidential campaign, determining the policy priorities and direction of the incoming administration with respect to the Justice Department’s white collar law enforcement responsibilities can be a...more
11/30/2016
/ Affordable Care Act ,
Anti-Bribery ,
Bribery ,
BSA/AML ,
Corruption ,
Cybersecurity ,
Decriminalization of Marijuana ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Export Controls ,
False Claims Act (FCA) ,
FBI ,
Foreign Corrupt Practices Act (FCPA) ,
Generic Drugs ,
Healthcare ,
Healthcare Fraud ,
Medical Marijuana ,
National Security ,
Non-Prosecution Agreements ,
Office of Foreign Assets Control (OFAC) ,
Pharmaceutical Industry ,
Popular ,
Prescription Drugs ,
Regulatory Oversight ,
RICO ,
Securities and Exchange Commission (SEC) ,
Surveillance ,
White Collar Crimes
In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more
11/7/2016
/ Accountants ,
Accounting Controls ,
Accounting Fraud ,
Audit Committee ,
Auditors ,
Earnings Reports ,
Enforcement Actions ,
Ernst & Young ,
GAAP ,
PCAOB ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
White Collar Crimes
Amendments to the Rules of Practice Do Little to Address Criticism that the Deck is Stacked -
Facing pressure from industry practitioners and in the wake of constitutional challenges in multiple jurisdictions, the...more
8/8/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Consumer Protection Act ,
Dodd-Frank ,
Due Process ,
Enforcement Actions ,
Federal Rules of Civil Procedure ,
Federal Rules of Evidence ,
Hearsay ,
Rules of Practice ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Seventh Amendment ,
White Collar Crimes
On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. The final rules impose a new requirement on...more
5/16/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Offshore Funds ,
Panama Papers ,
Recordkeeping Requirements ,
Tax Evasion ,
Tax Haven ,
White Collar Crimes