Category: General

22 Feb, 2021

Avnet Asia Settles Export Control Violations for Illegal Sales to China and Iran

The Justice Department recently announced a settlement with Avnet Asia for illegal shipments of sensitive U.S. commodities to China and Iran. Under the settlement, DOJ agreed to a non-prosecution agreement (NPA) in exchange for Avnet Asia’s payment of a $1.508 million monetary penalty and continued cooperation. Avnet Asia also agreed to an administrative settlement of approximately $1.72 million to settle claims that it illegally exported...

General

19 Feb, 2021

Volkov Law Group Announces New Ethics and Compliance Small Group Working Sessions

The Volkov Law Group is pleased to announce scheduling of new Ethics and Compliance Working Sessions (E&C Working Sessions) to foster small group discussions on ethics and compliance issues of interest. As we all continue to push through the pandemic and remote working arrangements, legal and compliance professionals require more than large group webinars. Perhaps you’ve grown a bit tired of passively listening to webcasts...

General

18 Feb, 2021

DOJ and OFAC Settle with Indonesian Company for $2.5 Million for Violations of the North Korea Sanctions Program

PT Bukit Muria Jaya (BMJ), a global supplier of cigarette paper based in Indonesia, agreed to pay $1,561,570 for conspiracy to commit bank fraud as part of a scheme to deceive various banks in order to collect payments for cigarette paper exports to North Korea. BMJ entered into an eighteen month deferred prosecution agreement with the Justice Department in exchange for the payment of the...

General

18 Feb, 2021

Ripple and SEC Joint Letter Indicates Sides Far Apart in Settlement Talks

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for continued updates regarding the SEC enforcement action against Ripple. Matt can be reached at [email protected]. On Monday, Ripple Labs, Inc.; Brad Garlinghouse, CEO; Christian Larsen, board chairman; and the U.S. Securities and Exchange Commission (“SEC”) filed a joint letter with Judge Analisa Torres in the Southern District of New York. While this letter...

General

17 Feb, 2021

OFAC Starts New Year with Enforcement Action against French Bank for Violations of Syrian Sanctions Program

In the new Biden Administration, companies should expect aggressive enforcement of trade sanctions. At the same time, in response to Russian aggression and the Solar Winds cyber-attack, OFAC is likely to implement new and even more restrictive sanctions against Russia. In anticipation, companies should elevate the importance of their sanctions compliance programs (SCPs) pursuant to the May 2019 OFAC Framework. Unfortunately, for many companies, sanctions...

General

16 Feb, 2021

The Rise of ESG In Response to Investor Demand

Corporate governance sometimes is the subject of “fads,” or initiatives that gain traction with dubious evidence-based justifications. Sometimes companies engage new theories or strategies because they “sound good,” or give corporate leaders a way to avoid or mollify tackling hard issues or difficult tasks. Corporations are quickly embracing Environmental, Social and Governance (ESG) issues. Whether this is “right” or the most effective use of corporate...

General

15 Feb, 2021

The Urgency of Ethics and Compliance – The Biden Administration and Enforcement

The Biden Administration has a lot on its plate – that is obvious. Tackling the COVID-19 pandemic and restoring economic growth is one of the most difficult challenges ever facing our country. Across the government, a new administration poses significant changes in priorities. The Justice Department will be tough on corporate crime and compliance. With the exception of a failure to prosecute individuals responsible for...

General

11 Feb, 2021

Tom Fox Releases The Compliance Handbook 2nd Edition

Tom Fox, the Compliance Evangelist, has announced the release of his Compliance Handbook, Second Edition. Tom is a compliance leader and his handbook is a must read for all ethics and compliance professionals. The Second Edition provides practical and helpful solutions on important ethics and compliance issues. It is comprehensive, accessible and a must-have for every ethics and compliance professional. Tom has teamed up with...

General

10 Feb, 2021

Corruption and Coronavirus – A Toxic Combination

Alex Cotoia, who recently joined The Volkov Law Group, as a Regulatory Manager and Compliance Consultant, joins us for a posting on Transparency International’s 2020 Corruption Perceptions Index. Alex can be reached at [email protected]. On January 28, 2021, Transparency International (“TI”), a non-governmental organization globally renowned for its work in combatting corruption in both the public and private sectors, released its much-awaited Corruption Perceptions Index...

General

10 Feb, 2021

CCOs Have a Target on Their Backs: The Coming Storm (Part III of III)

I have always played down the issue of CCO liability and prosecutions. I dismiss these concerns often because the reporting of CCO prosecutions are usually exaggerated and meant to instill fear in compliance professionals. In my simplistic approach, I have followed the general rule of thumb – if you do something wrong, you pay the price. In a number of cases involving compliance officer prosecutions,...