While DOJ had its biggest year in FCPA enforcement, OFAC quietly had a record year in enforcement. OFAC collected approximately $1.28 billion (yes, with a B) in 26 separate enforcement actions. That is quite an increase over 2018 when OFAC collected $71 million in 7 separate enforcement actions. OFAC enforcement is maturing, and its relationship with DOJ is coordinated in much the same way that...
The path of the compliance profession has been remarkable. Recently, I have seen a number of tweets and postings from compliance thought leaders touting the accomplishments of compliance and the transformation of the profession (e.g. Donna Boehme and Roy Snell). In particular, compliance thought leaders cite the increase of CCOs who report directly to the CEO and no longer report to the chief legal officer. ...
As a passionate supporter of the compliance function, I continue to advocate for compliance officers and the importance of compliance to overall governance. Good compliance means good business – we all know that. Compliance always depends on interpersonal skills. A CCO is only as good as his/her ability to persuade and enlist commitments from senior management and related functions. Often I hear about problems CCOs...
As everyone knows, I am an eternal optimist. Being a cynic always leads to negative energy and results. As a former federal prosecutor, I am deeply committed to the idea of doing the right thing. There is no meaningful alternative and I am mystified by individuals who can avoid or convince themselves that engaging in wrongdoing is somehow acceptable. With that background and foundation in...
2019 was a big year for ethics and compliance. In fact, it is easy to argue that since the adoption of the compliance provisions in the US Sentencing Guidelines in 1991, compliance had its biggest year. The federal government issued three important documents in 2019 – DOJ issued the Evaluation of Corporate Compliance Programs from the Criminal Division (here) and from the Antitrust Division (here),...
Corporate leaders often talk to the talk when it comes to a Speak Up culture. In theory, many business leaders can articulate their commitment to a Speak Up culture by emphasizing the importance of employees raising concerns. It all sounds great and is usually reflected on paper in the form of positive statements in the code of conduct and other communications. All too often, however,...
It is time to break out the crystal ball for FCPA 2020 Predictions. In preparing for this, I always rely on my past admiration of Carnac the Magnificent (see here and here for a couple of examples). There are some trends that are becoming more reliable to “predict” or just observe. DOJ is steadily adhering to the principles outlined in its FCPA Corporate Enforcement Policy. ...
In a record year, there are bound to be numerous interesting enforcement actions and principles. I picked out a few to highlight. It is surprising to say the least that DOJ continues to return large enforcement actions against a number of global companies. You would think after the last ten years of aggressive enforcement companies would refrain from bribery schemes or dedicate resources to cleaning...
Happy New Year!! In the FCPA arena, 2019 was a record year – in enforcement and compliance. Many continuing trends are becoming more than trends – meaning they are turning into established practices. Enforcement First, let’s start with the numbers. DOJ settled 7 enforcement actions and issued declinations in two cases. The seven cases involved MTS Telesystems, Fresenius, Walmart, Technip/FMC, Microsoft, Samsung and Ericsson. The...
The Volkov Law Group is pleased to announce that Elizabeth (“Liz”) Slim has joined the firm as a Senior Consultant. Liz can be reached at [email protected]. Liz has been a Certified Anti-Money Laundering Specialist (“CAMS”) for 15 years; she has over thirty-five (35) years specializing in bank operations, compliance, risk management and regulatory training at various community to mid-size financial institutions. For the last fifteen...
