Author: Michael Volkov

24 Mar, 2024

Episode 314 — A Deep Dive into DOJ’s Gunvor FCPA Enforcement Action

In a recent blockbuster FCPA settlement, DOJ announced a $661 million resolution with Gunvor, one of the world’s largest commodities trading companies. DOJ’s settlement represents a “return” to its long-standing aggressive approach to FCPA enforcement. DOJ did not permit Gunvor to enter into a deferred or non-prosecution agreement. Instead, DOJ required Gunvor to plead guilty to one count of FCPA conspiracy. Gunvor entered into a...

General

21 Mar, 2024

The SEC’s Recent Action Against Crypto Exchange ShapeShift Lacks Guidance and Draws Internal Criticism

On March 5, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a corresponding cease-and-desist order (the “Order”) with ShapeShift AG, a cryptocurrency exchange registered in Switzerland that previously operated out of Colorado. The Order notes that ShapeShift allowed its users to buy and sell certain crypto assets that are considered securities as defined in Section3(a)(10) if the Securities Exchange Act of 1934. ...

General

20 Mar, 2024

Gunvor’s Blockbuster FCPA Settlement: Lessons Learned and Trends (Part III of III)

The Department of Justice’s blockbuster FCPA settlement with Gunvor restores the credibility of DOJ’s pronouncements of DOJ’s commitment to aggressive FCPA enforcement. While I have questioned DOJ’s commitment to its corporate enforcement policy in recent high-profile settlements (ABB and SAP, in particular), DOJ’s Gunvor settlement of $661 million stands as the ninth largest FCPA settlement in history. DOJ’s settlement is proportionate to the misconduct and...

General

19 Mar, 2024

Gunvor’s Bribery Schemes — Third-Parties, Shell Companies and Evasion of Controls (Part II of III)

Gunvor’s bribery scheme is not very surprising nor ingenious. After all, a number of energy trading companies have been prosecuted for bribery over the years, including Glencore, Vitol, Freepoint. Numerous individuals have been prosecuted, convicted and some have cooperated. The global energy trading market presents numerous risk factors — large and valuable energy products (oil, gas etc.) are controlled by foreign-owned companies. All of these...

General

18 Mar, 2024

Gunvor Falls Under FCPA Axe and Agrees to Pay Criminal Penalty of $661 Million (Part I of III)

You have to give the Justice Department credit — after two slow enforcement years, DOJ is starting off 2024 with a relative “bang;” first, DOJ reached a large settlement with SAP in January, and now, DOJ has reached a blockbuster settlement with Gunvor S.A. for $661 million. Gunvor is one of the world’s largest commodities trading companies. DOJ’s settlement represents a “return” to its long-standing...

Podcasts

17 Mar, 2024

Episode 313 — The Coming Sanctions Criminal Corporate Enforcement Storm

There are some things you learn best in calm, and some in storm. Will Cather DOJ has promised an aggressive criminal corporate enforcement program against sanctions violators. The storm is coming and will arrive soon with a bang. There is no question that DOJ’s enforcement initiative is coming — it is just a question as to when. In this Episode, Michael Volkov reviews the elements...

General

13 Mar, 2024

Justice Department Focuses on Artificial Intelligence Assisted Crime

In the face of rapid technology changes, the Department of Justice usually has to play catch up. When cryptocurrency and blockchain entered the United States economy, the Justice Department played catch up. Fraudsters and other criminals innovate and embrace new technologies to prey on victims. The Justice Department usually catches up but there is often a lag as “innovative” criminals gain certain market advantages. DOJ...

General

12 Mar, 2024

The UK Modern Slavery Act: Easy Wins and Practical Compliance (Part II of II)

In Part I, we discussed the basics behind the UK Modern Slavery Act of 2015. To briefly reiterate, that Act requires any company doing business in the UK with an annual turnover of £36 million or more to publicize their efforts in combatting modern slavery in their respective supply chains through an annual statement. The Act itself established minimum requirements for these statements, but there...

General

11 Mar, 2024

Compliance With the UK Modern Slavery Act: What It Means for Companies (Part I of II)

If you follow our blog, you’ll notice lately we’ve been writing frequently on topics related to human trafficking and modern slavery. This is no accident, as new laws and regulations related to this growing area of compliance continue to spring into existence. Lately, I’ve fielded some inquiries related to the UK Modern Slavery Act of 2015. While the Act is not necessarily new, there has...

Podcasts

10 Mar, 2024

Episode 312 — Eddie Green, CEO of SnippetSentry, on Communications Preservation Risks

Companies have a vested interest in preserving internal communications for a variety of reasons — to hold actors accountable and to protect the organization from potential private and government claims or investigations that may have serious direct or collateral consequences. Companies that want to use ephemeral messaging systems can do so, but they have to understand the risks involved and tailor appropriate controls and procedures...

Author: Michael Volkov

Episode 314 — A Deep Dive into DOJ’s Gunvor FCPA Enforcement Action

The SEC’s Recent Action Against Crypto Exchange ShapeShift Lacks Guidance and Draws Internal Criticism

Gunvor’s Blockbuster FCPA Settlement: Lessons Learned and Trends (Part III of III)

Gunvor’s Bribery Schemes — Third-Parties, Shell Companies and Evasion of Controls (Part II of III)

Gunvor Falls Under FCPA Axe and Agrees to Pay Criminal Penalty of $661 Million (Part I of III)

Episode 313 — The Coming Sanctions Criminal Corporate Enforcement Storm

Justice Department Focuses on Artificial Intelligence Assisted Crime

The UK Modern Slavery Act: Easy Wins and Practical Compliance (Part II of II)

Compliance With the UK Modern Slavery Act: What It Means for Companies (Part I of II)

Episode 312 — Eddie Green, CEO of SnippetSentry, on Communications Preservation Risks

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