News & Analysis as of

This Week in FCPA-Episode 27, the Walla Walla Edition [Video]

Show Notes for Episode 27, week ending October 21, 2016-the Walla Walla Edition 1. Lennox Industries self-reports a $425 bribe; 2. Another guilty plea in FIFA corruption scanda; 3. Public Citizen letter to DOJ/SEC re:...more

FCPA Chief Touts Record High Enforcement Actions - Links Avoiding a Monitor to Early Remediation of FCPA Issues

Appearing before the annual Securities Docket Conference in Washington, DC on October 13, Kara Novaco Brockmeyer, the Chief of the Securities and Exchange Commission’s FCPA Unit, laid out the Commission’s FCPA enforcement...more

DOJ and SEC Raising the Stakes on Third Party Risk Management

If you review the last ten years of FCPA enforcement, the unmistakable pattern is rising expectations with regard to corporate compliance programs, particularly with regard to third party due diligence and risk management....more

Landmark SEC Decision Cites Compliance, Diligence in Decision Not to Prosecute FCPA Violations

In a remarkable affirmation of the value of robust compliance and due-diligence programs, the Securities and Exchange Commission last month announced that it would not prosecute a U.S. company for potential violations of the...more

Och-Ziff: Accountability and Internal Controls (Part IV)

There are a number of important lessons from the Och-Ziff enforcement action, some of which are related to the private equity and hedge fund industry and some of which apply across all businesses....more

When are 'adequate procedures' adequate enough?

The Bribery Act has put anti-corruption compliance on the boardroom agenda like nothing has done before, but the full force of the legislation is yet to be seen....more

FCPA Enforcement Ramping Up Against Private Equity and Hedge Funds (Part III)

The Och-Ziff settlement has now set the stage for the Justice Department and the SEC to focus its enforcement eye on the private equity and hedge fund industry. The Och-Ziff action was initiated in response to the SEC’s...more

John Fogarty Rocks-Nu Skin Informs Oversight

I recently saw John Fogerty in concert. For those you are not aware, he was a founding member and the driving force behind Creedence Clearwater Revival (CCR), one of the very top American groups from the 1960s and early...more

Och-Ziff Failures in Due Diligence and Transaction Compliance (Part II)

The Och-Ziff enforcement action is replete with examples of failures in due diligence and transaction monitoring compliance. Och-Ziff’s bribery schemes were elaborate and intricate and involved complex transactions,...more

Major FCPA Enforcement Action Against Nation’s Largest Publicly Traded Hedge Fund

In one of the largest FCPA settlements in history, hedge fund Och-Ziff Capital Management Group LLC (“Och-Ziff”) recently resolved a long-running government inquiry by agreeing to $413 million in financial penalties and a...more

The Bribery Act: The changing face of corporate liability – International Hurdles

The Serious Fraud Office (SFO) can investigate companies operating both in the UK and overseas, prosecuting bribery wherever the offence takes place, but its efforts are frustrated by international obstacles to investigations...more

DOJ and SEC Deliver Body Blow to Private Equity and Hedge Funds: Och-Ziff Settles FCPA Violations for $412 Million (Part I)

The Justice Department and the Securities Exchange Commission delivered a powerful FCPA enforcement message to private equity and hedge funds. Och-Ziff settled with the DOJ and SEC for total penalties of $412 million....more

Bribery and the beautiful game: A typology

It will have saddened many people to read further allegations of wrongdoing in English football. The story, based on classic secret recording methods, was broken by The Daily Telegraph and has been picked up by the entire...more

What does the future hold? UK prosecutor sees Bribery Act offence as a template for fighting other forms of financial crime.

UK prosecutor sees Bribery Act offence as a template for fighting other forms of financial crime. The Serious Fraud Office (SFO) would like to extend the strict liability "failure to prevent bribery" offence that is...more

Lessons Learned from the FCPA Pilot Program's First Six Months

The guidance issued by the DOJ in connection with the Pilot Program and recent declinations state that disclosure, remediation and cooperation are essential to any favorable resolution with the government. Six months...more

GSK Settles SEC FCPA Case for $20 Million

The SEC finished with the last nail in GSK China’s coffin by announcing a $20 FCPA million settlement for GSK’s violations in China. The Justice Department declined to prosecute this case. In 2014, a Chinese court...more

SEC Cracks Down on Charitable Contributions under the FCPA - Best Practices In Light of Recent SEC Enforcement

For the first time, the Securities and Exchange Commission has brought an FCPA enforcement action premised entirely on a one-time charitable contribution. On September 20, 2016, the SEC announced a settled FCPA...more

Double Play, Double Declinations: DOJ Pushes FCPA Pilot Program Benefits

DOJ’s FCPA Pilot Program was panned when it was announced in April 2016. Critics contended that the incentive for voluntary disclosure of FCPA violations to DOJ was inadequate....more

The Oscar Meyer Wiener Theme and Revisiting GSK in China

Last week a true American original died when Richard Trentlage passed away. If you do not know his name you certainly know signature contribution to American culture, the Oscar Meyer Weiner Song. Rather amazingly Trentlage...more

Lessons Learned from Nu Skin

The enforcement action against manufacturer Nu Skin Enterprises highlights the risks of making charitable donations in high-risk countries without conducting meaningful anticorruption due diligence....more

5 Key Takeaways from AB InBev SEC FCPA Settlement

The Justice Department and the SEC have been busy over the last 2 weeks in the FCPA arena. For those who have raised doubts about DOJ and the SEC’s continuing commitment to FCPA enforcement, you should forever hold your...more

The Fall of Big Sam

Last week, the Football Association (FA) dispensed with the services of its shortest-serving England manager after just 67 days in the role and following only one game in charge. Sam Allardyce (Allardyce) was removed from his...more

Key Takeaways: Government Enforcement Investigations – Trends and Perspectives from the UK, US and China

On September 20, 2016, Skadden presented a seminar titled “Government Enforcement Investigations – Trends and Perspectives from the UK, US and China” in London. The UK Financial Conduct Authority (FCA) Director of Enforcement...more

Declinations and Profits Disgorgement – It Was There All Along

Last week there were two declinations issued by Department of Justice (DOJ) for Foreign Corrupt Practices Act (FCPA) matters. The matters involved two Texas based, privately held companies. The first was HMT LLC (HMT) which...more

Donations and Grants in China: Compliance Controls Beyond T&E

While travel and entertainment expenses have presented significant compliance challenges for life sciences companies operating in China, donations and grants can also pose notable compliance risks. China’s escalated...more

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