In a major announcement and escalation of the sanctions regime targeting President Maduro and Venezuela, on August 5, 2019, the Trump Administration issued a new Executive Order 13884 (Here) to block all property of the Venezuela Government. The aggressive action was implemented to target the Maduro regime. At the same time, OFAC issued 12 amended general licenses (Here) and 13 new general licenses (Here), and...
Most compliance officers will admit that they have more than enough responsibilities in their purview. They are usually not looking for more. I have some bad or good news on this front depending on your perspective. As companies struggle with cybersecurity and data privacy issues, companies should naturally turn to compliance to play a larger role in overall risk mitigation strategies. Up to now, it...
In yet another enforcement action, OFAC announced a $1.709 million settlement with PACCAR, Inc., for 63 apparent violations of the Iran Sanctions Program by DAF Trucks, a wholly-owned subsidiary based in Eindhoven, Netherlands. (Here). On three separate occasions, between October 2013 and February 2015, DAF sold or supplied 63 trucks to customers in Europe that it knew or had reason to know were ultimately intended...
I am proud to announce the launch of a new podcast with my friend and colleague, Tom Fox. In recognition of our mutual appreciation for the Marx Brothers and compliance, Tom and I decided to create a new podcast — Why a Duck? Into the Compliance Soup with Tom Fox and Michael Volkov. The first two episodes are available Here. In the first episode, Tom...
Global companies face significant challenges in managing their supply chain risks. Most companies incorporate a holistic supply chain risk process as part of their enterprise risk management systems. Legal risks, while not the most significant risk, is one aspect of these risks, especially in the aggressive enforcement of anti-bribery, sanctions, anti-money laundering and speciality laws surrounding conflict minerals, human trafficking and slavery. In this episode,...
When it comes to the Justice Department and reading the tea leaves, I often rely on a very obvious point – DOJ tells you in advance what it is planning and then executes its plan. This has been true in the FCPA arena, prosecution of the opioid cases, targeting health care fraud and a history of initiatives. DOJ is fairly transparent on its priorities. Recently,...
I have long predicted that corporate board members are in for a rude awakening. (See posts here and here and ebook here) Corporate boards have to improve their ability and knowledge surrounding supervision and monitoring of a company’s ethics and compliance program. Most corporate boards have little to no knowledge about what compliance is, how it works, and what their precise obligations are as part...
Matt Stankiewicz, Senior Associate, and Jessica Sanderson, Of Counsel, both at The Volkov Law Group, rejoin us for an interesting posting on a new OFAC reporting requirement. Matt can be contacted at [email protected], and Jessica can be contacted at [email protected]. On June 21, 2019, OFAC changed its requirements for reporting on blocked or rejected transactions under 31 C.F.R. §501.604. With little fanfare, the interim rule...
Compliance has come a long way over the last 10 years. But it still has a ways to go until it is firmly embedded into the corporate governance landscape. In this episode, Michael Volkov examines current issues surrounding compliance programs, including the state of the compliance profession, technology and new frameworks; government enforcement trends and predictions; and congressional mandates for compliance.
Compliance professionals are implementing their own monitoring and auditing strategies. Internal audit does not have the resources nor the time to assume responsibility for this function. If possible, internal audit may support, advise and assist in the monitoring and auditing functions. Frankly, a partnership between compliance and internal audit in this area is ideal but compliance cannot wait for internal audit to join the mission. ...
