Category: General

1 Dec, 2023

DOJ Declines Prosecution Applying Corporate Enforcement Program in Healthcare Fraud Case

The Justice Department’s Corporate Enforcement Policies and Program applies to prosecutions outside of the FCPA context. The impact of DOJ’s new approach, encouraging voluntary disclosures, applies to other federal criminal cases, such as healthcare fraud. In a recent action, DOJ declined to prosecute HealthSun Health Plans (“HealthSun”) for violations of wire fraud and healthcare fraud. From 2015 until 2020, HealthSun’s former Director of Medicare Risk...

General

29 Nov, 2023

Lessons Learned from the Tysers Insurance Brokers and H.W. Wood Limited FCPA Settlements (Part III of III)

The Tysers and Wood FCPA settlements reflect something old and something new in the FCPA enforcement world. On the old side, at the core of the FCPA violations was the critical role played by the intermediary company. Unlike most third-party FCPA cases, where a third-party may be enlisted to further a bribery scheme by funneling payments directly to a foreign official, the intermediary in the...

General

28 Nov, 2023

U.K. Reinsurance Bribery Scheme — the Critical Role Played by the Third-Party Intermediary (Part II of III)

As I always say, the factual underpinnings of every FCPA enforcement action provides important insights into bribery schemes. At the core of every scheme is the misappropriation of money from the company coffers for improper uses. To the extent a company has weak financial controls and is at risk for internal fraud, such risks may translate into anti-bribery risks depending on its specific corruption profile...

General

28 Nov, 2023

Two UK Reinsurance Brokers Settle with DOJ for FCPA Violations in Ecuador (Part I of III)

By MICHAEL VOLKOV, NOVEMBER 27, 2023 DOJ announced two recent FCPA settlements with U.K. based reinsurance brokers involving a long-running bribery scheme involving two Ecuadoran state-owned insurance companies. While DOJ has had a slow year in FCPA enforcement, DOJ is probably likely to announce additional FCPA settlements by the close of the year. In its most recent announcement, DOJ announced settlements with two U.K.-based reinsurance...

General

22 Nov, 2023

BIS and FinCEN Release Joint Notice Concerning Global Export Control Evasion

Alexander J. Cotoia currently serves as the Regulatory Compliance Manager at The Volkov Law Group, where he regularly advises the firm and its clients on the latest developments implicating trade compliance concerns. He may be reached at [email protected]. On November 6, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) released...

General

20 Nov, 2023

Justice Department Declines FCPA Prosecution Against Lifecore Biomedical Under Corporate Enforcement Policy

The Justice Department has brought three corporate FCPA enforcement actions in 2023 (if you include the Ericsson DPA breach settlement). With its recent announcement of a declination under the Corporate Enforcement Policy, DOJ has declined two FCPA cases and one healthcare fraud case in 2023. DOJ publicizes the declination letters issued in accordance with the Corporate Enforcement Policy. DOJ officials have made numerous public statements...

General

16 Nov, 2023

SEC and DOJ Charge SafeMoon Cryptocurrency and its Executives For Multi-Million Dollar Fraud

Matt Stankiewicz, Partner at The Volkov Law Group, provides a post on the latest fraud charges in the cryptocurrency industry, brought against SafeMoon. Matt can be reached at [email protected]. On November 1, 2023, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) brought charges against cryptocurrency project SafeMoon LLC and its U.S. subsidiary SafeMoon US LLC, along with its three executives,...

General

15 Nov, 2023

The EU Corporate Sustainability Reporting Directive is (Almost) Here. Is Your Company Ready?

On January 1, 2024, the long-awaited EU Corporate Sustainability Reporting Directive (“CSRD”) begins to take effect. The CSRD is intended to redefine corporate social responsibility expectations for both in-scope companies and out-of-scope third-parties with whom they transact. This regulatory overhaul concentrates enforcement efforts on global supply chains, requiring in-scope companies to take an active role in safeguarding human rights not just within their own operations,...

General

14 Nov, 2023

DOJ’s Latest Opinion Release Underscores Absence of Corrupt Intent and Lack of Business Purpose

The Justice Department has had a slow year in FCPA enforcement (another profound grasp of the obvious). The reasons for this may be a question of timing elements in the pipeline of cases. What is clear is that pushing through an enforcement action and settlement requires increased coordination with a growing number of international partners. That may be part of the explanation. In this environment,...

General

13 Nov, 2023

Gan Integrity and Control Risks Webinar: From Compliance to Sustainability

From Compliance to Sustainability December 6, 2023 10 am EST/4 pm CET SIGN UP HERE Gan Integrity and Control Risks have announced an important upcoming webinar addressing the evolving third-party risk management context — From Compliance to Sustainability. Third-party risk management has evolved at a rapid pace over the past decade. The regulatory environment has quickly followed suit. Enterprises, however, are struggling to keep up...

Category: General

DOJ Declines Prosecution Applying Corporate Enforcement Program in Healthcare Fraud Case

Lessons Learned from the Tysers Insurance Brokers and H.W. Wood Limited FCPA Settlements (Part III of III)

U.K. Reinsurance Bribery Scheme — the Critical Role Played by the Third-Party Intermediary (Part II of III)

Two UK Reinsurance Brokers Settle with DOJ for FCPA Violations in Ecuador (Part I of III)

BIS and FinCEN Release Joint Notice Concerning Global Export Control Evasion

Justice Department Declines FCPA Prosecution Against Lifecore Biomedical Under Corporate Enforcement Policy

SEC and DOJ Charge SafeMoon Cryptocurrency and its Executives For Multi-Million Dollar Fraud

The EU Corporate Sustainability Reporting Directive is (Almost) Here. Is Your Company Ready?

DOJ’s Latest Opinion Release Underscores Absence of Corrupt Intent and Lack of Business Purpose

Gan Integrity and Control Risks Webinar: From Compliance to Sustainability

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