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Inadequate Screening Processes Result in $7.65 Million Settlement for Violations of Various U.S. Sanctions Programs

On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and PayPal, Inc. (“PayPal”) agreed to a $7.65 million settlement to settle potential civil liability for 486 apparent...more

The SEC and the Pharmaceutical Industry - Recent Commentary by the SEC's Enforcement Director Identifies Areas of SEC Focus...

Recently, the United States Securities and Exchange Commission’s (“SEC”) Enforcement Director, Andrew Ceresney (“Ceresney”), spoke to pharmaceutical compliance personnel at the CBI’s Annual Pharmaceutical Compliance Congress...more

Alert: Recovering the Proceeds of Corruption: How States Can Recover Stolen Assets

Cooley discusses the legal options open to states seeking to locate, freeze and recover the proceeds of corruption laundered to foreign states, and considers their advantages and disadvantages. Corruption cases are...more

"Department of Energy Announces Significant Changes to the US Controls on Exports of Unclassified Nuclear Technology and...

In the first comprehensive rewrite of the U.S. controls on exports of unclassified nuclear technology and assistance in nearly 30 years, the National Nuclear Security Administration of the U.S. Department of Energy (DOE) has...more

New York DFS Takes Action Against Bank for BSA/AML Compliance Deficiencies

On March 12, the New York DFS issued a consent order against a Germany-based global bank for alleged Bank Secrecy Act and other anti-money laundering (BSA/AML) compliance violations that occurred between 2002 and 2008....more

New York's Lawsky Proposes SOX-Style Personal Accountability for Anti-Money Laundering, Foreign Asset Compliance

It is, by now, common practice for financial institutions (and other businesses as well) to adopt and maintain comprehensive and costly Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) compliance...more

'Protectionism' In M&A: A Mixed Picture

When a national ‘champion’ is at stake, lively political and media debate often follows, sometimes even where the sector involved is not particularly ‘sensitive’. This is unsurprising in markets facing slow economic growth...more

The Companion and SEC Enforcement of the FCPA – Part II

I will use Agatha Christie’s short story The Companion as the introduction to today’s blog post. This story, related by one of the Tuesday story-telling group of detective aficionados, Dr. Lloyd, and is about two people who...more

SEC FCPA Enforcement Action against Goodyear and Investigation of Mondelez International Provide Valuable Lessons for U.S....

Action Item: The Securities and Exchange Commission’s enforcement action against Goodyear Tire & Rubber Company and its investigation of Mondelez International provide key lessons to U.S. companies seeking to acquire foreign...more

Trade & Manufacturing - News of Note - March 2015

Customs and Border Protection Issues Update on Enforcement of Trade Orders - U.S. Customs and Border Protection (CBP) released its second AD/CVD Update in late January. As explained in the January 2015 edition of the...more

Corporate and Financial Weekly Digest - Volume X, Issue 9

In this issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - Financial Action Task Force Publishes Updated List of Deficient Jurisdictions - CFTC to Host Roundtable on...more

UKCS: Maximising Economic Recovery and the Oil and Gas Authority

The UK's oil and gas industry is of national importance as it makes a substantial contribution to the UK's energy security, economy and employment. Some 42 billion barrels of oil equivalent (boe) have already been produced...more

SEC Settles with Global Manufacturer over FCPA Violations

On February 24, the SEC announced charges against a global manufacturer for alleged violations of the FCPA involving bribes paid by its African subsidiaries in order to make sales in Kenya and Angola. Over the course of a...more

Certain Goods and Services Now Eligible for Importation into the United States from Cuba

The U.S. Department of State published its Section 515.582 List that outlines which goods and services produced by independent Cuban entrepreneurs are eligible for importation into the United States....more

International Fraud & Asset Tracing (3rd Edition), United States

In this Guide: - Introduction - Managing the Internal Investigation - Disclosure from Third Parties - Steps to Preserve Assets/Documents - Civil Proceedings - Anti-Bribery/Anti-Corruption Legislation -...more

Goodyear Rolls Out $16 M Settlement With SEC, Putting Brakes on FCPA Charges

On February 24, 2015, the SEC announced that it had reached an agreement with Goodyear Tire & Rubber Co. (“Goodyear”) for Goodyear to disgorge more than $16 million to settle FCPA charges stemming from its Kenyan and Angolan...more

Goodyear FCPA Fine Highlights Benefits of Cooperation and Robust Compliance Controls

The Goodyear Tire & Rubber Company (“Goodyear”), one of the world’s largest tire companies, reached a significant settlement with the U.S. Securities & Exchange Commission (“SEC”) in connection with charges that two of its...more

Goodyear Pays for the Sins of its Subsidiaries in a $16 Million FCPA Settlement

Following recent trends, the U.S. Securities and Exchange Commission brought an administrative proceeding against a U.S. issuer for the corrupt activities of its foreign subsidiaries. Earlier this week, Goodyear Tire & Rubber...more

OECD Slams France for Lacklustre Bribery & Corruption Enforcement

International pressure is mounting for France to boost their anti-bribery and corruption efforts, but French organisations face the most serious risks—and have the greatest need for strong compliance programmes—today....more

FCA Investigating 67 Alternative Investment Fund Managers

A number of news outlets reported last week that, as of 26 January 2015, the Financial Conduct Authority (the “FCA”) was investigating 67 firms or managers subject to the Alternative Investment Fund Managers Directive (the...more

Growing Issues In A Miniature World: Nanomaterials Registers In The European Union

Many scientists believe that the highest growth potential for improved applications lies in nanomaterials. This technology is not without controversy and the law is only now trying to catch up with the technological...more

To Report or Not to CFIUS, That Is the Question

With the complexities inherent in many cross-border transactions – from cultural differences to the growing number of competition authorities demanding paperwork – the last thing one may want to think about is whether to...more

Canada makes Changes to its Customs Administrative Monetary Penalty System

On January 20, 2015, the Canada Border Services Agency (CBSA) issued revisions to its Administrative Monetary Penalty System (AMPS), found in Memorandum D22-1-1 Administrative Monetary Penalty System....more

FCPA Opinion Emphasizes Need for Comprehensive Due Diligence Ahead of Foreign Acquisitions

Action Item: In November 2014, the United States Department of Justice issued an Attorney General Opinion with respect to the enforcement of the Foreign Corrupt Practices Act. ...more

Judicial Oversight of Deferred Prosecution Agreements

With the increasing criticism of DOJ’s use of deferred prosecution agreements (“DPAs”), it was inevitable that the courts would assert themselves in this area....more

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