Law enforcement’s ability to detect crimes is improving. FinCEN’s growing role in detecting foreign corruption and monitoring of financial transactions is a perfect example. In a recent annual report on Suspicious Activity Reports, SAR Activity Review, which focused on Foreign Corruption, Copy (Here), FinCEN demonstrated its growing role in foreign corruption enforcement. This is no surprise. FinCEN is the Treasury Department’s lead agency in fighting...
A recent New York Times article titled, As Wall St. Polices Itself, Prosecutors Use Softer Approach, (here), argued that federal prosecutors have been going “soft” against Wall Street by increased use of “deferred” or “non-prosecution” agreements. The article misses the point and reflects a simplistic view of criminal prosecutions. A criminal conviction against a corporation has significant implications. The Arthur Anderson case was the worst case scenario. After it was convicted, the company went out...
Tonight is the premiere of the new season of Curb Your Enthusiasm — the Eighth season. For those who have not watched it before, Larry David, the star of the show was the creator and producer of Seinfeld. He is hilarious and the show is extremely funny. In season eight, the characters move to New York for some more adventures. Larry David lives in a...
More countries are enacting and enforcing anti-corruption laws. While the enforcement environment is certainly changing with the enactment of new laws, and the allocation of more resources to enforce the laws, the most significant trend is the rise in international cooperation. The US has a long track record of cooperation with the UK. With the new Bribery Act in force, this will have a significant...
The UK Bribery Act is back on everyone’s radar screen – where it should be. Richard Alderman and the Serious Fraud Office (SFO) have been sending warning messages to a number of potential targets. Most recently, Alderman spoke to a meeting of private equity firms and let them know the risks they face. Of all the industries for the SFO to focus on with its new...
With the improving economy, companies are expanding their efforts to look for strategic acquisitions in emerging economies. The potential benefits from such deals are real and it is hard for companies to turn down such opportunities. The success of such a strategy may depend on proactive compliance and realistic risk assessments. Due diligence procedures are even more critical when engaging in an aggressive acquisition strategy....
We have heard enough about the FCPA, compliance and other mundane topics. It is time to switch gears to this summer’s hot topic — no, it is not the Nationals (although they are a fun team to watch at a great stadium) — the Roger Clemens criminal trial on six counts of lying to Congress, perjury, and obstruction of justice. I am not going to...
It is important to shine the light on government actions. The Justice Department’s record on FCPA enforcement is one area where sunlight is desperately needed. The FCPA applies to payments of money or any other thing of value to foreign officials with corrupt intent. The FCPA does not apply to payments of money or any other things of value to private individuals with corrupt intent. ...
U.S. companies that bridge the Atlantic Ocean to become active in Europe not only face a completely different set of business rules but most importantly — increased risk of FCPA prosecution. Gaining a presence in in the European market or fending off competitors in competition in that market requires creativity in dealing both with tenders by local authorities as well as demands of decision makers. It requires close cooperation...
Happy 4th to Everyone!! We are half way through 2011. For FCPA followers, the question is whether this year will be another year of enforcement “fireworks” or a “dud”? There are some trends which cannot be ignored. 1. The Justice Department is working on the biggest FCPA case ever!! The case will make Siemens look like a misdemeanor. 2. The Justice Department is using a wiretap to...
