And now we return to a familiar theme with some important updates – I always start with the simple proposition: ethical companies perform better over the long run; that does not mean that ethical companies will always be profitable, but it does mean that ethical companies will perform better than they would otherwise perform. Some call this the ethical advantage or the ethical premium. I...
Webinar: Top 3 Areas for Anti-Corruption Compliance April 11, 2019, 2 PM EST SIGN UP HERE As corruption risks increase, are you aware of the top 3 focus areas for compliance? Thomson Reuters is pleased to offer a webinar conducted by Julie DiMauro, Regulatory Intelligence Expert, and Michael Volkov, CEO at The Volkov Group focused on the top-3 issues for anti-corruption compliance. Global anti-corruption risks...
There is nothing training cannot do. Nothing is above its reach. It can turn bad morals to good; it can destroy bad principles and recreate good ones; it can lift men to ‘angel ship. – Mark Twain I am always struck by how much is written about tone-at-the-top, board commitment to compliance and specific benchmarking of chief compliance officer access and reporting to a corporate...
In a shocking announcement, federal prosecutors announced the arrest and charges against numerous individuals in connection with a nationwide criminal investigation focusing on college entrance exam cheating and admission of students to elite universities as fake athletic recruits. Athletic coaches from Yale, Stanford, USC, Wake Forest and Georgetown, as well as parents and exam administrators have been implicated. At the center of the scam was...
We spend a lot of time discussing foreign bribery. The United States has its own bribery problems, depending on the states in which a business operates and the extent to which it relies on government business. Sometimes our myopic approach ignores significant domestic bribery risks. The FBI has long been at the forefront of the fight against federal and state bribery in the United States. ...
Matt Stankiewicz, Senior Counsel at The Volkov Law Group, rejoins us for an interesting posting on 2019 cryptocurrency trends and regulations. Matt can be contacted at mstankiewicz@volkovlaw.com. You’ve heard this before, but it still holds true – cryptocurrency regulations are coming. Everyone knows they’re inevitable, and there has been some trepidation amongst investors that regulations will disrupt innovation and just generally cause a mess within...
The MTS FCPA enforcement action stands as one of several significant prosecutions in FCPA history. The breadth and depth of MTS’ corruption scheme stands as another example of systemic bribery cultures. The details of the enforcement action underscore several important trends and enforcement policies. Let’s review some of the more significant lessons learned and trends. Application of FCPA Corporate Enforcement Policy: MTS was not able...
The MTS bribery scandal in Uzbekistan represents the culmination of several significant FCPA violations involving VimpelCom, Telia Sonera, MTS, and Gulnara Karimova, the notoriously corrupt daughter of the former Uzbek President. Karimova is perhaps one of the most notorious corrupt offenders in the world. She has been under house arrest in Uzbekistan since 2014. (Indictment Here). According to MTS’ admissions, MTS and its subsidiaries, Uzdunrobita...
In another blockbuster FCPA prosecution, the Justice Department and the SEC announced an $850 million settlement with Mobile Telesystems (“MTS”), Russia’s largest mobile carrier. At the same time, the Justice Department announced criminal indictments against an MTS executive and the notorious corrupt Uzbek official, Gulnara Karimova, on criminal charges. MTS is the largest mobile telecommunications company in Russia, and has stock that is publicly-traded in...
The Justice Department’s sprawling and successful prosecution of bribery and money laundering surrounding PDVSA, Venezuela’s state-owned energy company, shows no signs of letting up. DOJ’s prosecutions began in 2015, and with the recent announcement of two new defendants, DOJ’s scorecard has reached a total of 21 defendants, 15 of whom have pleaded guilty. Given PDVSA’s reputation for corruption, which is well earned (or as I...
