Corruption, Crime & Compliance

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15 May, 2018

Justice Department Charges Former Volkswagen CEO in Diesel Vehicle Emissions Cheating Scheme

We all know the saying – A fish rots from the head. Sometimes a clear and simple statement says it all. The Volkswagen diesel emissions cheating scandal is yet another example of C-Suite, even CEO, misconduct. The Justice Department recently announced the criminal indictment for former Volkswagen CEO, Martin Winterkorn, age 70, for conspiracy and wire fraud for Volkswagen’s scheme to defeat U.S. diesel vehicle...

Events

15 May, 2018

Webinar: The FCPA Guidance and DOJ’s Evaluation of Corporate Compliance Programs

Webinar: Compliance Best Practices — Combining the FCPA Guidance and DOJ’s Evaluation of Corporate Compliance Programs May 30, 2018 12 Noon EST Sign Up HERE The FCPA Guidance issued in 2012 continues to provide the most effective direction to FCPA and ethics and compliance program practitioners. Last year, this important document was supplemented by the Justice Department’s Evaluation of Corporate Compliance Programs. Both of these...

General

14 May, 2018

Update on Russia Trade Sanctions

The Trump Administration Treasury Department’s Office of Foreign Asset Control activity has been interesting to watch. On the one hand, OFAC has been implementing aggressive sanctions against Russia in reaction to Russia’s global misconduct. On the other hand, OFAC has brought — no, none, zip — enforcement actions this year. That is unprecedented and inexplicable. I doubt that all staff has been dedicated to drafting...

General

13 May, 2018

Turning Back the Clock – OFAC Plans to Reimpose Iran Sanctions Program

History does not repeat itself but it often rhymes — Mark Twain (although there is disagreement if Twain uttered these exact words (see here)). Just as businesses were growing or planning to grow into Iran, they had the proverbial rug pulled out from under them. Last week, on May 8, 2018, the administration announced its intention to withdraw from the Joint Comprehensive Plan of Action...

General / Podcasts

12 May, 2018

Episode 38 — Update on Special Counsel Mueller’s Russia Investigation and the Michael Cohen Investigation

Special Counsel Mueller’s investigation of possible connections between the Trump campaign and Russia has been dominating the country’s attention. in recent weeks, the US Attorney’s separate investigation of Michael Cohen’s activities has been gaining attention as well. These two significant investigations are moving at a rapid pace with new developments each day. Michael Volkov discusses these investigations and provides his insights as a former prosecutor...

General

9 May, 2018

Dun and Bradstreet Pays $9 Million for FCPA Violations in China

After a lengthy investigation, Dun and Bradstreet (D&B) settled an FCPA enforcement action with the Securities and Exchange Commission for $9 million. (Here). At the same time, the Justice Department issued a declination letter, representing the first written declination under its new Corporate FCPA Enforcement Policy. (Here). D&B’s FCPA violations in China represent the perfect trifecta of risks and violations facing companies in China. The...

General

8 May, 2018

Compliance Lessons Learned from Panasonic Avionics $280 Million FCPA Enforcement Action (Part II of II)

The Panasonic Avionics (PAC) FCPA enforcement settlement for $280 million with the Justice Department and the Securities and Exchange Commission contains a number of important lessons learned. The overall scope and breadth of PAC’s misconduct was significant and reflects the absence of a meaningful compliance program and commitment to a culture of ethics. Here are the important lessons learned: C-Suite Misconduct: PAC is yet another...

General

8 May, 2018

Complying with FinCEN’s CDD Rule: Beneficial Ownership Register Vendor Trulioo

May is going to be a rough month for compliance officers — on May 11, 2018, FinCEN’s new Customer Due Diligence(“CDD”) Rule for beneficial ownership becomes effective. The CDD rule will have a significant impact on the collection of information from customers and AML enforcement. See here for FinCEN guidance. Many have welcomed these rules as a step in the right direction in combating a significant problem – the ease...

General

8 May, 2018

The Volkov Law Group is Hiring: Senior Associate and Associate Positions

The Volkov Law Group is offering a great opportunity for a senior, experienced attorney and a junior, associate attorney. The Volkov Law Group is a nationally-recognized boutique law firm that offers a variety of services, including criminal defense, securities compliance and defense, and ethics and compliance services, including anti-corruption, export and sanctions compliance, anti-money laundering, due diligence and internal investigations. As a leader in anti-corruption...

General

7 May, 2018

Panasonic Avionics Pays $280 Million to Resolve FCPA Offenses in Middle East and Asia (Part I of II)

As the nattering nabobs of negativism continued to claim that FCPA enforcement was on the decline, the Justice Department and the SEC settled a major FCPA enforcement action with Panasonic Avionics (PAC), a subsidiary of Panasonic which provides in-flight entertainment systems (“IFEs”) to airlines. Panasonic Avionics agreed to pay a criminal fine of $137 million and $143 million in disgorgement. As part of the settlement,...