On December 19, 2018, the SEC announced settlements with two former senior executives of Panasonic Avionics Corporation.
In April 2018, Panasonic Avionics settled FCPA charges with the Justice Department and the SEC and...more
1/11/2019
/ Bribery ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Panasonic ,
Popular ,
Securities and Exchange Commission (SEC) ,
Settlement ,
White Collar Crimes
This is my favorite topic. New trends come and go in the compliance field, while effective solutions and strategies slowly but surely take hold. Eventually, an effective compliance practice or strategy becomes a “best...more
Happy New Year!
Another year is in the books for FCPA enforcement and compliance. The headline for this past year (like many other years) is/was – The more things change, the more they stay the same....more
1/3/2019
/ Bribery ,
Compliance ,
Corporate Counsel ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Panasonic ,
Petrobras ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
Technology and computer analytics are important tools in the fight against fraud. But it is not the magic and exclusive bullet. Fraud is committed by humans and investing in the human element, while difficult to measure, is...more
The battle against fraud is evolving and technology is providing new and important tools to detect and prevent fraud. Companies are using a variety of techniques and include: continuous monitoring; email monitoring; anomaly...more
The government has emphasized the dangers of a paper compliance program, meaning a compliance program that is written down but not implemented. ...more
The SEC announced last week a $5 million FCPA settlement with Vantage Drilling International (“Vantage”), a Texas-based offshore drilling company. ...more
11/30/2018
/ Bribery ,
Compliance ,
Corruption ,
Due Diligence ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Marketing ,
Offshore Drilling ,
Oil & Gas ,
Petrobras ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Third-Party Agents ,
White Collar Crimes
Compliance officers have enough challenges. Most compliance officers, if you ask them, will candidly admit they are constantly putting out fires. It is just part of the profession and comes with the territory....more
The 1Malaysia Development Berhad scandal (“1MDB scandal”) has been making headlines for the past few years. The turning point for US prosecutors was the cooperation of Malaysian law enforcement and the corruption allegations...more
11/6/2018
/ Accounting Controls ,
Bonds ,
Bribery ,
Corporate Misconduct ,
Corruption ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Goldman Sachs ,
Guilty Pleas ,
Indictments ,
Internal Controls ,
Investment Funds ,
Kickbacks ,
Money Laundering ,
Popular ,
White Collar Crimes
Chief compliance officers face a mountain of tasks – it is easy to get overwhelmed. Add to the mix the fact that CCOs are under extraordinary pressure to “prevent and detect” potential violations of the company’s code and...more
Right up front, I want to confess. I am a lawyer, and I love being a lawyer. So forgive me for this posting and perhaps my narrow-minded view but I have to take a moment to express some concerns about ethics and compliance....more
Compliance officers have a difficult job.
So why are so many people interested in joining the profession?
At bottom, compliance professionals are inspirational professionals and inspired by their mission. Compliance...more
Believe it or not, but companies are still struggling with third-party risk management systems. I know this sounds hyper-critical but many companies continue to hang onto paper due diligence systems (sometimes with or...more
Lawyers love contracts. Most business people see the value of a contract and will comply with a requirement that a deal will require a contract in order to move forward. ...more
Companies have definitely matured in the development and implementation of their ethics and compliance programs. Whether the pace has been rapid enough or is too slow, that is a debatable issue. A good litmus test for a...more
10/9/2018
/ Bribery ,
C-Suite Executives ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Internal Controls ,
Popular ,
Securities and Exchange Commission (SEC) ,
Settlement ,
White Collar Crimes
Chief financial officers are powerful players in the corporate governance landscape. CFOs play a critical role in the management and oversight of the company’s internal accounting controls. Sarbanes-Oxley lifted the...more
10/4/2018
/ CFOs ,
Chief Compliance Officers ,
Compliance ,
Corporate Governance ,
Corruption ,
Financial Reporting ,
Internal Audit Functions ,
Internal Controls ,
Risk Management ,
Sarbanes-Oxley ,
White Collar Crimes
When it comes to a poster-child for corrupt organizations, there is very little competition that can eclipse Petrobas, the Brazilian state-owned oil and gas company. ...more
10/3/2018
/ Anti-Corruption ,
Brazil ,
Bribery ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Disgorgement ,
Energy Sector ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Non-Prosecution Agreements ,
Oil & Gas ,
Petrobras ,
Policies and Procedures ,
Political Corruption ,
Remediation ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
White Collar Crimes
Stryker Corporation has suffered a second FCPA enforcement action, and will now bear the stigma of FCPA “recidivist.” In reaching a settlement with the SEC and agreeing to pay a $7.8 million civil penalty, Stryker will now...more
10/2/2018
/ Accounting Fraud ,
Books & Records ,
Compliance ,
Corporate Counsel ,
Corporate Misconduct ,
Corruption ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Hospitals ,
Internal Audit Functions ,
Internal Controls ,
Medical Devices ,
Pharmaceutical Industry ,
Recidivism ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Stryker ,
White Collar Crimes
Well, add another pharmaceutical company to the FCPA healthcare “sweep.” Frankly, the term “sweep” makes it sound like a coordinated enforcement effort – instead, it is more accurate to think of it as multiple prosecutions...more
9/18/2018
/ Books & Records ,
Bribery ,
Compliance ,
Corruption ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Health Care Providers ,
Internal Controls ,
Kickbacks ,
Pharmaceutical Industry ,
Popular ,
Reimbursements ,
Sanofi ,
Securities and Exchange Commission (SEC) ,
Settlement ,
White Collar Crimes
Several years ago (or in the recent past as some would say), pre-acquisition due diligence was a major compliance focus for global companies that grew through aggressive merger and acquisition strategies. ...more
9/13/2018
/ Acquisition Agreements ,
Anti-Corruption ,
Code of Conduct ,
Compliance ,
Due Diligence ,
Ethics ,
FCPA Guidance ,
Internal Controls ,
Popular ,
Risk Assessment ,
Successor Liability ,
White Collar Crimes
Legg Mason can finally close its books on the Gaddafi-era, Libyan bribery scandal. In June 2018, Legg Mason entered into a non-prosecution agreement with the Justice Department and agreed to pay $32 million for its role in...more
Credit Suisse has joined the ranks of other banks and companies that have settled FCPA violations involving hiring of government officials’ relatives in exchange for business benefits, including JPMorgan Chase; BNY Mellon,...more
7/11/2018
/ Banking Sector ,
Compliance ,
Corruption ,
Credit Suisse ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Failure to Comply ,
Foreign Corrupt Practices Act (FCPA) ,
Government Officials ,
Internal Controls ,
Investment Banks ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
White Collar Crimes
A chief compliance officer can only succeed with the support of other important compliance partners. Another way to put it – in the words of Blanche Dubois from A Streetcar Named Desire, “I have always depended on the...more
We live in a bizarre time — an information age where lines are blurred between truth and lies — a strange era in which our daily doses of information are dominated by scandals, corruption, and repeated claims of “fake news.” ...more
5/23/2018
/ C-Suite Executives ,
Compliance ,
Corporate Counsel ,
Corporate Misconduct ,
Corruption ,
Criminal Conspiracy ,
Criminal Prosecution ,
Ethics ,
Internal Controls ,
Tone At The Top ,
White Collar Crimes
Joint ventures pose a unique constellation of anti-corruption risks. Like third-party risks, companies that enter into joint ventures face significant anti-corruption risks, especially in those situations where a state-owned...more