Category: Podcasts

Episode 228 — Update on Russia Sanctions and Export Controls

The continuing crisis in Ukraine has resulted in additional sanctions and export controls. It is hard to keep up with new developments each day. In recent steps, the United States has adopted a comprehensive set of export controls and implemented a ban on import of Russian oil, gas and coal. In this Episode, Michael Volkov reviews the recent changes to the Russia sanctions and export...

Episode 227 — A Review of the Russia Sanctions and Export Controls

In an unprecedented and sweeping set of actions, the United States in coordination with its Allies and partners has implemented a robust set of sanctions and export controls against Russia designed to cripple Russia’s economy. The unprecedented actions against Russia are intended to deter Russia from continuing its violent invasion of Ukraine and attacks against the Ukrainian people. The Department of Treasury Office of Foreign...

Episode 226 — A Deep Dive into KT Corp’s SEC Settlement for FCPA Violations

The SEC announced the first FCPA enforcement action in 2022. South Korean telecommunications company, KT Corporation, agreed to pay $6.3 million to settle FCPA violations. As part of the settlement, KT Corp. agreed to pay $3.5 million in civil penalties and $2.8 million in disgorgement. KT Corp. is South Korea’s largest telecommunications company.  KT Corp. violated the FCPA’s books and records and internal accounting controls provisions...

Episode 225 — Interview of Susan Divers, LRN Senior Advisor, on LRN’s 2022 Ethics and Compliance Program Effectiveness Report

Susan Divers, LRN Senior Advisor, reviews LRN’s 2022 Ethics and Compliance Program Effectiveness Report. LRN conducts an annual Ethics and Compliance Program Effectiveness Report (“LRN Report”) that is a must-read for business leaders, managers, investors, compliance professionals and other stakeholders. LRN’s annual report has addressed key issues surrounding the impact of the COVID-19 pandemic on companies and ethics and compliance programs. 

Episode 224 — 2022 Ethics and Compliance Predictions

Ethics and compliance professionals believe in their mission – if they did not, they would not be in the field. E&C professionals believe in the power of positive thinking, ethical conduct, and in the overall ability of an organization to operate as an “ethical” company. They work for their mission and it is a positive mission.  The New Year is a great time for E&C professionals...

Episode 223 — DOJ Issues FCPA Opinion Letter Drawing Lines on “Corrupt Intent” and “Business Purpose” Test

Even with the absence of any major DOJ FCPA enforcement actions, DOJ issued an interesting FCPA Opinion Letter last week addressing application of the FCPA in circumstances where organizations face imminent serious bodily harm.  While the situation may appear to be unique, it is a factual scenario that occurs more often than DOJ recognizes. In October 2021, a Requestor submitted an Opinion Letter application that...

Episode 222 — Managing Third-Party Sanctions Risks

Economic sanctions enforcement is a fast-rising risk for global companies. For many years, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) focused primarily on financial institutions. Over the last ten years, OFAC has stretched its enforcement eyes towards software, manufacturing, telecommunications and technology companies. With this growth in sanctions enforcement, OFAC has embraced an aggressive view of third-party risks. Like the FCPA, under OFAC’s regime, third parties...

Episode 221 — The “Person” of the Year: Environmental Social and Governance Programs

One of my favorite New Year’s reviews is under the title of “Person” of the Year. In the past, I have singled out Chief Compliance Officers, Chief Ethics Officers, Prosecutors, and Whistleblowers. For 2021, the choice is obvious – the most important trend is the rise of Environmental, Social and Governance (“ESG”) programs. In second place, I would choose Supply Chain Management and Risks, given the...

Episode 220 — DOJ NatWest Markets Fraud Spoofing Enforcement Action

The Department of Justice secured a guilty plea from NatWest Markets, the newly-named Royal Bank of Scotland, for trade manipulation, referred to as “spoofing,” in U.S. Treasury markets. The NatWest resolution reflected new changes in DOJ’s white collar enforcement policies, including acknowledgement and consideration of NatWest’s prior misconduct (criminal and civil) and appointment of an independent compliance monitor. NatWest was not offered a deferred or non-prosecution...

Episode 219 — Antitrust Division Indicts Six Aerospace Executives for Criminal Conspiracy in Labor Markets

In a major development, the Antitrust Division returned an indictment against six executives from aerospace engineering firms for an illegal conspiracy to restrict competition in the labor market for aerospace engineers. After warning U.S. businesses, DOJ started bringing criminal cases against businesses that restrict competition for labor through illegal price-fixing or no-poach agreements. The Connecticut criminal case represents a major step in the Justice Department’s...