One of the benefits of old(er) age is perspective and experience. (As we age, we have to find the positive reasons to tout). If there is one thing (of many) the compliance profession has demonstrated, it is that compliance...more
On October 18, 2023, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) took several steps to provide Venezuela with some limited relief from its sanctions. The relief includes General Licenses...more
10/23/2023
/ Compliance ,
Corruption ,
Economic Sanctions ,
Foreign Policy ,
Foreign Relations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Relief Measures ,
Venezuela ,
White Collar Crimes
As The Volkov Law Group previously noted in the context of a blog post authored by Michael Volkov, the U.S. Department of Justice (“DOJ”)—at the behest of Deputy Attorney General Lisa Monaco—recently updated the requirements...more
I always welcome any chance to use references to The Mandalorian series on Disney (or Ashoka for that matter) in the compliance arena. My take on the issue of electronic communications and ephemeral messaging is rooted in...more
Just to play devil’s advocate (or perhaps to push my agenda), I have conflicting views on corporate use of ephemeral messaging applications. On the one hand, I understand the importance of managing electronics communications...more
Honestly, I have been avoiding this topic since it presents a real morass of risks and potential traps for the unwary company and Chief Compliance and Chief Legal Officers....more
10/17/2023
/ Compliance ,
Corporate Misconduct ,
Criminal Investigations ,
Data Preservation ,
Data Privacy ,
Data Security ,
Data Storage ,
Department of Justice (DOJ) ,
Electronic Communications ,
Instant Messaging Apps ,
Policies and Procedures ,
Risk Management ,
Securities and Exchange Commission (SEC)
One thing you can count on — change. Not that there is anything wrong with that, but not to be too dramatic, we are at the precipice of some significant technology trends that will have a profound impact on corporate...more
10/12/2023
/ Bring Your Own Device (BYOD) ,
Commercial Litigation ,
Compliance ,
Data Preservation ,
Data Protection ,
Department of Justice (DOJ) ,
Electronic Communications ,
Electronically Stored Information ,
Google ,
Internal Investigations ,
Popular ,
Regular Business Communications
As part of its continuing effort to encourage corporate voluntary disclosures, the Department of Justice announced revised voluntary disclosure policies applicable to mergers and acquisitions. In a speech at the recent...more
The Securities and Exchange Commission continues to rack up FCPA enforcement actions. In its latest settlement, Clear Channel Outdoor Holdings agreed to pay $26.1 million for bribery violations committed by its former...more
The Albemarle FCPA enforcement action was announced at a good time. This year has been a slow year for DOJ’s FCPA enforcement program, although there are several months before the end of the year. The SEC, on the other hand,...more
10/4/2023
/ Bribery ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Government Entities ,
Oil & Gas ,
Securities and Exchange Commission (SEC) ,
Third-Party Relationships ,
White Collar Crimes
Albemarle’s bribery schemes look and sound like text-book examples of third-party agents being paid high commissions as a way to funnel bribery payments to foreign officials at state-owned oil refineries. However, as usual,...more
10/3/2023
/ Bribery ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Government Entities ,
Oil & Gas ,
Popular ,
Securities and Exchange Commission (SEC) ,
Third-Party Relationships ,
White Collar Crimes
Albemarle Corporation (Albemarle), a specialty chemicals manufacturing company located in Charlotte, North Carolina, agreed to pay more than $218 million to settle FCPA investigations with DOJ and the SEC stemming from...more
10/3/2023
/ Bribery ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
FCPA Corporate Enforcement Policy (CEP) ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
Non-Prosecution Agreements ,
Oil & Gas ,
Penalties ,
Securities and Exchange Commission (SEC) ,
Settlement ,
White Collar Crimes
On September 22, 2023, the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) issued its “Reminder to file your 2023 annual report of Blocked Property,” noting that entities or persons subject to the...more
The past few weeks have not been kind to 3M. The company recently settled with the SEC for $6.5 million to resolve alleged FCPA violations related to its Chinese subsidiary’s dealings with Chinese state-owned healthcare...more
9/28/2023
/ Compliance ,
Corruption ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Policy ,
General Licenses ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Sanction Violations ,
Securities and Exchange Commission (SEC) ,
Settlement ,
White Collar Crimes
LRN’s annual Program Effectiveness Report is chock full of important findings. Frankly, LRN’s PEI Report is a “board worthy” report (as Donna Boehme used to say — every board member should read it)....more
Call me a skeptic. Call me cynical.
I understand that the International Organization for Standardization (ISO) provides valuable standardization services and guidance. The ISO is comprised of 169 member countries....more
We all agree on the importance of corporate culture. Everyone gets it – corporate leaders mouth the words but rarely understand the nuances, and the need to attend to a company’s culture. Compliance professionals want to...more
The marriage of corporate enforcement and national security has been a defining feature of the DOJ under the Biden Administration. The Justice Department’s commitment to prosecuting corporate crimes that implicate national...more
On September 27, 2023, the United States Department of Commerce’s Office of Antiboycott Compliance, a division of the Bureau of Industry and Security (“BIS”), publicized an unanticipated and relatively rare enforcement action...more
9/13/2023
/ Antiboycott Requirements ,
Bureau of Industry and Security (BIS) ,
Compliance ,
Corruption ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Foreign Policy ,
Foreign Relations ,
Popular ,
US Trade Policies
The Justice Department has touted the upcoming wave of corporate prosecutions for criminal sanctions violation as the era of “The New FCPA.” DOJ’s reference is intended to communicate a strong message – companies are going to...more
9/12/2023
/ Compliance ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Policy ,
Foreign Relations ,
Foreign Subsidiaries ,
Goods or Services ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Iran Sanctions ,
Sanction Violations
The Ethics and Compliance Initiative (“ECI”) is a terrific organization that provides important ethics and compliance insights and leadership. Starting in 1994, ECI has conducted a longitudinal, cross-section study of...more
The Justice Department’s Opinion Release procedure has provided important guidance over the years. The library of Opinion Release letters is well-organized and accessible to the legal and compliance community....more
The SEC is having a good year in prosecuting FCPA cases. The SEC’s recent settlement with 3M Corp. for $6.5 million is its seventh corporate resolution for the year. DOJ, which has been relatively quiet so far this year,...more
8/29/2023
/ 3M Company ,
Anti-Corruption ,
China ,
Civil Monetary Penalty ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
Construction Specialties, Inc. (“CSI”), a U.S. company specializing in the sale of building materials, agreed to pay $660,594 to settle its liability for three violations of OFAC’s sanctions on Iran. CSI’s illegal conduct...more
8/24/2023
/ Compliance ,
Construction Industry ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Policy ,
Iran ,
Iran Sanctions ,
Multinationals ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Sanction Violations ,
White Collar Crimes
Corporate boards face a panoply of risks – and the nature of these risks are quickly evolving. Cybersecurity has quickly risen to the top of the list of corporate risks. Add to that the new SEC regulations on cybersecurity...more
8/22/2023
/ Artificial Intelligence ,
Board of Directors ,
Compliance ,
Compliance Management Systems ,
Cybersecurity ,
Data Breach ,
Innovative Technology ,
Machine Learning ,
Popular ,
Ransomware ,
Risk Management ,
Securities and Exchange Commission (SEC)