News & Analysis as of

Corruption

Thomas Fox

What is a Conflict of Interest?

by Thomas Fox on

What does it say about a publicly traded company which allows its Chief Executive Officer (CEO) to trade company promised work and contracts with vendors for personal loans? ...more

K&L Gates LLP

K&L Gates Triage: 2018 Health Care Fraud Takedown

by K&L Gates LLP on

Recently, the U.S. Department of Justice (DOJ) and Department of Health and Human Services (HHS) announced its largest ever national health care fraud takedown, resulting in charges against 601 diverse defendants including...more

Thomas Fox

The FCPA Corporate Enforcement Policy in Action-Part II

by Thomas Fox on

How should a compliance practitioner use the information from these three Foreign Corrupt Practices Act (FCPA) enforcement actions going forward? Do the differing results in these three enforcement actions (Dun & Bradstreet...more

Michael Volkov

The Risk of Employee Misconduct

by Michael Volkov on

Companies are hyper-focused on third-party risks, especially when it comes to anti-corruption risks. And for good reason – a large percentage of FCPA enforcement actions involve illegal use of third parties to carry out...more

Weiner Brodsky Kider PC

Swiss Bank Enters $30 Million Settlement with SEC Over Corrupt Hiring Practices

by Weiner Brodsky Kider PC on

A multinational bank recently agreed to pay the U.S. Securities and Exchange Commission nearly $30 million to settle claims that the bank unlawfully hired friends and family of Asian government officials in an attempt to...more

Thomas Fox

The FCPA Corporate Enforcement Policy in Action-Part I

by Thomas Fox on

We had three major Foreign Corrupt Practices Act (FCPA) cases resolved in Q2 2018. They all reached different resolutions under the new FCPA Corporate Enforcement Policy and the new anti-piling on policy....more

Thomas Fox

Surrealism, Pulp Fiction and Compliance

by Thomas Fox on

I recently completed a series of lectures on screenwriting, from The Great Courses with Professor Angus Fletcher as the lecturer. In his section on surrealism, he pointed to the movie Pulp Fiction as a prime example and one...more

Michael Volkov

Four Current FCPA Enforcement Trends

by Michael Volkov on

There are two distinct themes in FCPA enforcement – the first is consistency, i.e., that some enforcement actions are relatively consistent across the board and, in the last five to ten years, the FCPA caseload has been...more

Thomas Fox

The Credit Suisse FCPA Enforcement Action: Part III – The Result and Going Forward

by Thomas Fox on

Last week Credit Suisse Group AG (CSAG) and Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of CSAFG, settled a Foreign Corrupt Practices Act (FCPA) enforcement action for just over $77 million for the illegal hiring...more

Michael Volkov

Beam Settles FCPA Violations with SEC for $8 Million for Pervasive Third-Party Bribery Schemes

by Michael Volkov on

After a lengthy investigation conducted by the SEC, Beam Suntory agreed to pay $8 million to settle FCPA violations in India. Beam’s settlement took over 5 years from initial disclosure to resolution – a long-time to say the...more

Thomas Fox

The Credit Suisse FCPA Enforcement Action: Part II – The (Very) Bad Facts

by Thomas Fox on

Last week Credit Suisse Group AG (CSAG) and Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of CSAFG, settled a Foreign Corrupt Practices Act (FCPA) enforcement action for just over $77 million for the illegal hiring...more

Thomas Fox

The Credit Suisse FCPA Enforcement Action: Part I – Background

by Thomas Fox on

Last week Credit Suisse Group AG (CSAG) and Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of CSAFG, settled a Foreign Corrupt Practices Act (FCPA) enforcement action for just over $77 million for the illegal hiring...more

Michael Volkov

Lessons Learned from Credit Suisse Corrupt Hiring Scheme and FCPA Settlement (Part II of II)

by Michael Volkov on

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

Michael Volkov

Credit Suisse Pays $76 Million for Sons and Daughters FCPA Violations in China (Part I of II)

by Michael Volkov on

Credit Suisse Group AG and its Hong Kong subsidiary settled FCPA charges with the Justice Department and the Securities and Exchange Commission. The Justice Department announced that Credit Suisse’s Hong Kong subsidiary...more

Hogan Lovells

“Attorney eyes only” order does not breach settled arbitral norms or natural justice

by Hogan Lovells on

The Singapore High Court has refused an application to set aside an award on the basis that there had been a breach of natural justice. The central issue in the application was whether the imposition of an “attorney eyes...more

Thomas Fox

Leadership Lessons from the Presidency of Franklin Pierce

by Thomas Fox on

I continue my short series on what leadership lessons might be learned from four Presidents immediately preceding the Civil War with the presidency of Franklin Pierce the 14thPresident, who succeeded Millard Fillmore in 1853....more

Thomson Reuters Financial & Risk

Third party risk: Are you scoring an own goal?

What are the main challenges around ensuring bribery and corruption does not impact your business through your third parties and counterparties? Also, what steps can you take to understand these hidden third party risk...more

Thomas Fox

Transparency, FCPA Enforcement and the Rule of Law

by Thomas Fox on

In a win for transparency, the rule of law and the international fight against bribery and corruption, the Department of Justice (DOJ) secured a victory in all three categories with the sentencing of Egbert Yvan Ferdinand...more

Hogan Lovells

In fraud and corruption investigations, artificial intelligence and data analytics save time and reduce client costs

by Hogan Lovells on

When a legal team needs to find the facts behind fraud and corruption allegations in a government investigation, technology can drive substantial new efficiencies. ...more

Michael Volkov

The Culture Bandwagon — SEC Chairman Joins the Club

by Michael Volkov on

Maybe I am missing something, but everyone is jumping on the culture bandwagon. Regulators like to speak about it; prosecutors like to emphasize it – everyone likes to talk about it as a way to encourage corporate leaders to...more

Michael Volkov

When Your CEO Just Does Not Get It

by Michael Volkov on

There are a lot of talented CEOs. Some remarkable leaders, innovators and eloquent spokespeople for their companies. In several recent experiences, I have been befuddled by some CEOs....more

Thomas Fox

Sherlock Holmes Week – Part III: The Priory School and Criminality

by Thomas Fox on

This week I have returned to one my favorite themes for every Chief Compliance Officer (CCO), compliance professional and compliance program: Sherlock Holmes....more

Ballard Spahr LLP

FinCEN Issues Advisory on Human Rights Abuses Enabled by Corrupt PEPs and Their Financial Facilitators

by Ballard Spahr LLP on

On June 12, 2018, FinCEN issued an “Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures and their Financial Facilitators” to highlight the connection between corrupt senior foreign political...more

Thomas Fox

Bloomsday and the Foundation of Culture

by Thomas Fox on

When companies come under investigation, the DOJ will ask two principal questions about the company’s compliance function. The first question is “what was the state of the compliance program at the time of the improper...more

Michael Volkov

Hallelujah: OFAC Announces First Enforcement Action in 2018 Against Ericsson, Inc.

by Michael Volkov on

I will admit it – I changed this posting from its original draft. I intended to write about the absence of any OFAC enforcement actions for 2018. I went to double-check the OFAC enforcement website, and lo and behold, OFAC...more

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