Category: General

17 May, 2022

Adjusting Your Perspective — Identifying Your Real Third-Party Risks (Part II of V)

Compliance professionals are always looking for ways to collaborate and support internal business partners. Through the years, compliance professionals have devoted significant energy to building partnerships with the business. Compliance has and should continue to build a strong relationship with business as a meaningful value-add. This process has been accelerated by the Covid and Ukraine crises and increasing cyber risks stemming from data breaches and...

General

16 May, 2022

Renewing Your Third-Party Risk Management Vows — A Real World Perspective (Part I of V)

When you get on the mailing lists for legal and compliance products, seminars, conferences and general palabra, I usually become transfixed. Millions of marketing and promotion dollars are being spent in an attempt to distinguish or highlight the subject of third-party risk, position a product or highlight the expertise of a speaker. Sometimes I take the time to read some of the emails — to...

General

12 May, 2022

United States and EU Expand Russian Sanctions and Export Controls

In its continuing ratcheting of sanctions against Russia, the United States and the European Union have announced new sanctions and export controls to target additional industries and government officials. In a new front, the US and EU included a ban on accounting and business consulting services. The new US restrictions extend to broad export controls and sanctions focused on Russian banking executives, a weapons manufacturer...

General

11 May, 2022

Sanctions Enforcement: “The New FCPA”

Hold onto your hats – while we are on the cusp of more FCPA enforcement actions, the Justice Department and OFAC are gearing up for real and significant sanctions enforcement actions. The dye is cast, so here we go. Deputy Attorney General Lisa Monaco was recently quoted stating that sanctions enforcement is the “new FCPA.” This is not so surprising given the global crisis caused...

General

10 May, 2022

Gleaning the Inside of the Human Mind and Criminal “Intent”

Prosecuting white collar crimes is a “mind game” in more ways than one. This is another in my long series of profound grasps of the obvious. As a former federal prosecutor, the difference between a crime and compliant behavior often turns on the specific mind or intent of the actor. Unless you are a mind reader (i.e. Kreskin for you boomers), this is often a...

General

9 May, 2022

What Can We Expect in Future FCPA Enforcement Actions?

In the FCPA and white collar defense community, we have seen buckets and buckets of ink spilled on the coming wave of aggressive enforcement. Justice Department officials have made so many statements about the “new” approach to prosecuting white collar crime. The government moves slowly and implementing far-reaching changes takes time. Anyone who has worked at DOJ knows that change is never immediate but takes...

General

5 May, 2022

Administration Proposes Legislative Changes to Enhance Asset Forfeiture, Sanctions Enforcement Against Russian Government and Oligarchs

As part of the United States governments effort to support Ukraine in its war against Russia, the Biden Administration sent to Congress a number of legislative proposals in addition to a supplemental request for an additional $33 billion in funding. The legislative package addresses a number of important issues and is aimed at assets owned by the Russian government and oligarchs. The proposal includes: Revisions...

General

4 May, 2022

Diligent Sponsors Corruption Crime and Compliance

We are happy to announce that Diligent has agreed to sponsor Corruption, Crime & Compliance. We look forward to collaborating with Diligent and its incredible team of professionals and thought leaders. For over twenty years, Diligent has helped boards and c-suites to design and implement effective governance practices through its market-leading board application. Over the last few years, Diligent has expanded its available solutions to...

General

3 May, 2022

Global Logistics Company Settles OFAC Violations for $6.1 Million

You have to wonder how OFAC has the time to investigate and settle cases given its significant work implementing the Russia Sanctions Program. But OFAC continues to demonstrate its commitment to aggressive enforcement. OFAC’s latest enforcement action focused on Toll Holdings Limited, a global logistics company that engaged in U.S. dollar transactions with prohibited entities. Toll voluntarily disclosed the violations to OFAC but Toll was...

General

28 Apr, 2022

Newmont Corporation and Chisu International Settle with OFAC to Resolve Violations of Cuban Sanctions Program

Even while the Treasury Department’s Office of Foreign Asset Control (“OFAC”) has been properly focused on implementing and enforcing the Russia sanctions scheme in response to Russia’s unprovoked invasion of Ukraine, OFAC had time to issue two enforcement actions involving violations of the Cuba Sanctions Program. The two separate cases stem from four transactions involving Newmont Corporation, a global mining company, and Chisu International Corporation...