Category: General

United States and Allies Set Price Cap on Russian Oil — $60 Per Barrel (Part I of IV)

The G-7, the European Union and Australia officially announced a price cap on Russian oil, which includes service and shipping restrictions on oil originating from the Russian Federation and trading above $60 per barrel.  After months of negotiations among the nations, the countries finally reached an agreement on a cap that is designed to reduce revenue to Russia in response to the ongoing war in...

DOJ Promoting Enforcement and Compliance Message

Contrary to the often-repeated narrative, the Justice Department is transparent about its enforcement plans and compliance expectations.  Since the issuance of the FCPA Guidance in 2012, DOJ has continued to provide guidance on a number of important issues.  It also telegraphs its compliance priorities by acknowledging assignment of resources and creation of specific task forces.  Of course, DOJ can provide more transparency on a range...

Kraken Coughs Up $362,158 to OFAC to Settle Iran Sanctions Violations

Cryptocurrency companies are in trouble.  Regulators are bearing down on crypto companies with the Eye of Sauron – pulling the crypto companies into their jurisdiction, prosecuting fraud cases, and aggressively prosecuting companies for sanctions and anti-money laundering violations.  One by one you can bet that crypto companies will be in the enforcement headlines.  As they fall, policy makers can point to their continuing excesses as...

Lessons Learned and the Big Picture: ABB – the Three-Time Loser – Settles Yet Another FCPA Case (Part III of III)

The ABB case, like most significant FCPA enforcement actions, sets important precedent and policy reminders. With time, and looking back, ABB gives companies with a prior criminal history a way forward to seek a fair resolution notwithstanding huge obstacles based on past performance.  If you are ABB, you dodged a significant bullet – the appointment of an independent compliance monitor, which DOJ has been regularly...

Digging into the ABB Bribery Details in South Africa (Part II of III)

The details of bribery schemes are invaluable for learning how criminals think – bribery always requires some scheme to transfer money from the organization to fund bribery payments to a government official(s).  Compliance professionals like to comb through the wreckage and turn the inquiry into a self-assessment.  The logical questions follow: All of these inquiries are important to apply to analyze your own company’s weaknesses...

ABB – A Three-Time Loser – Settles FCPA Case for Bribery in South Africa for $315 Million (Part I of III)

The Justice Department’s new Corporate Enforcement Policy and the heightened enforcement and compliance expectations were put to the test in its announcement of a $315 million settlement of bribery charges with ABB, a three-time loser in foreign bribery enforcement.  In some respects, the new policy should not apply to ABB’s case given its recent announcement but nonetheless the ABB resolution provides some important indicators of...

Join us for The Third-Party Risk Management & Oversight Virtual Summit December 7-8, 2022

Join us December 7-8 for Compliance Week’s Third Party Risk Management & Oversight Summit, the only cross-industry conference dedicated to risk management, oversight strategies, and best practices for vendor and third-party relationships. The Summit will be live-streamed virtually. Our Partner Jessica Sanderson will be joining Sandeep Bhide for a panel entitled Deep Dive into Third-Party Relationships to Identify 4th and Nth Parties on December 7 from 12:00...

State Department Announces Plans to Heighten ITAR Enforcement Over Transfers of Controlled Data

Alexander Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for a posting on State Department’s plan to increase ITAR enforcement of controlled data transfers. Alex can be reached at [email protected]. During a plenary session of the Defense Trade Advisory Group (“DTAG”)  that convened on November 9, 2022, Deputy Assistant Secretary of State Mike Miller outlined a number of initiatives undertaken by the Directorate...

Sam Finkelstein Joins Volkov Law Group

We are pleased to announce the addition of Sam Finkelstein as an Associate Attorney at The Volkov Law Group. Sam comes to Volkov Law from the Bergen County Superior Court, where he served as Judicial Law Clerk to the Hon. Frances A. McGrogan, J.S.C.  Before his clerkship, Sam worked as a Legal Analyst with The Volkov Law Group; in this capacity, Sam distinguished himself as...

DOJ’s Perspective on Clawbacks and Deferred Compensation Systems (Part III of III)

DOJ’s decision to examine corporate compensation programs as an important part of a compliance program should be welcomed.  DOJ’s initiative asks a very good question – how can incentives and disincentives be used to promote compliant behavior without unjustly punishing shareholders who bear the brunt of large corporate penalties? DOJ wisely decided to open this issue to further examination through a consultation process.  The possible...