Author: Michael Volkov

12 Sep, 2023

BIS Signals New Enforcement Initiative for Antiboycott Compliance — Pratt and Whitney Settles Antiboycott Violations

Alex Cotoia, Regulatory Compliance Manager at The Volkov Law Group, rejoins us for an interesting posting on BIS’ recent enforcement action against Pratt & Whitney for violation of the antiboycott regulations. Alex can be reached at acotoia@volkovlaw.com. On September 27, 2023, the United States Department of Commerce’s Office of Antiboycott Compliance, a division of the Bureau of Industry and Security (“BIS”), publicized an unanticipated and...

General

11 Sep, 2023

DOJ Resolves First Corporate Sanctions Case Involving Iran Sanctions Program

Daniela Melendez, a new Associate at The Volkov Law Group, rejoins us for another blog post on DOJ’s first corporate prosecution for violations of the Iran Sanctions Program. Daniela can be reached at dmelendez@volkovlaw.com. The Justice Department has touted the upcoming wave of corporate prosecutions for criminal sanctions violation as the era of “The New FCPA.” DOJ’s reference is intended to communicate a strong message...

Podcasts

11 Sep, 2023

Episode 289: Justice, Commerce and Treasury Issue Joint Notice on Voluntary Disclosure

In another significant step notifying global businesses of the new realities – companies are about to face aggressive coordinated prosecutions for sanctions and export control violations. The last piece in launching this new effort was the announcement of a joint voluntary disclosure program to ensure alignment among the agencies for civil and criminal enforcement of such violations. The Joint Compliance Note (“JCN”) urges companies to...

General

6 Sep, 2023

ECI’s New Survey – The State of Ethics & Compliance in the Workplace

Daniela Melendez, a new Associate at The Volkov Law Group, joins us for her first blog posting. If you want to contact Daneila, she can be reached at dmelendez@volkovlaw.com. The Ethics and Compliance Initiative (“ECI”) is a terrific organization that provides important ethics and compliance insights and leadership. Starting in 1994, ECI has conducted a longitudinal, cross-section study of workplace conduct. ECI recently issued its...

Podcasts

4 Sep, 2023

Episode 288 — SEC Adopts Robust New Cybersecurity Disclosure Rules

In late July 2023, the Securities and Exchange Commission (“SEC”) adopted new rules requiring public companies to disclose cybersecurity incidents and cybersecurity governance policies and practice. The SEC largely adopted its original proposal issued in March 2022, with some modifications applicable to cybersecurity disclosure requirements. The SEC voted to adopt the new rules in a 3-2 vote. The new disclosure requirements however are effective no...

General

1 Sep, 2023

Mary Shirley Releases New Book on Compliance

Mary Shirley, a leading voice in the legal and compliance field, has just released her new book — Living Your Best Compliance Life: 65 Hacks & Cheat Codes to Level Up Your Ethics & Compliance Program. Order Mary’s New Book Here. Mary is a well-known advocate, speaker and compliance professional. She regularly speaks at Compliance events. She is mentor to the Compliance Profession. Whether you’re...

General

30 Aug, 2023

FCPA Opinion Release Provides Guidance on Payment of Travel and Other Expenses for Foreign Government Officials

The Justice Department’s Opinion Release procedure has provided important guidance over the years. The library of Opinion Release letters is well-organized and accessible to the legal and compliance community. In its most recent Opinion Release, 23-1, DOJ affirms its prior determinations and sets forth some best practices governing payment for foreign official travel and related expenses. The focus of the Opinion Release is the FCPA’s...

General

29 Aug, 2023

DOJ Settles Criminal Antitrust Charges with Teva and Glenmark for $305 Million

The Antitrust Division has been active – like any aggressive prosecution strategy, however, its results have been mixed. Its record in criminal cases has taken serious hits – a stunning set of losses in the chicken price-fixing cases and defeats in criminal labor market cases. DOJ has been quietly and steadily building cases in the generic pharmaceutical industry. DOJ’s most significant criminal case charged both...

General

28 Aug, 2023

3M Corp Pays SEC $6.5 Million to Resolve FCPA Charges

The SEC is having a good year in prosecuting FCPA cases. The SEC’s recent settlement with 3M Corp. for $6.5 million is its seventh corporate resolution for the year. DOJ, which has been relatively quiet so far this year, recently resolved the Corficocolombiana case, its first for the year. 3M’s conduct centered on payments for Chinese healthcare officials employed by state-owned enterprises to attend overseas...

Podcasts

27 Aug, 2023

Episode 287 — Board Oversight and Monitoring of AI Risks

Corporate boards face a panoply of risks – and the nature of these risks are quickly evolving. Cybersecurity has quickly risen to the top of the list of corporate risks. Add to that the new SEC regulations on cybersecurity disclosures, and board members face serious and escalating risks surrounding ransomware attacks, data breaches and other technical issues. The challenge – board members are not cyber...