Corruption, Crime & Compliance

Featured Articles:

25 Jan, 2023

Bitzlato Cryptocurrency Exchange Founder Charged with Processing $700 Million in Illicit Funds

Matt Stankiewicz from The Volkov Law Group rejoins us for a posting on the recent Bitzlato, cryptocurrency scandal. Matt can be reached at [email protected]. On Wednesday, January 18, 2013, the U.S. Department of Justice (“DOJ”) unsealed a criminal complaint in the Eastern District of New York charging Russian-national Anatoly Legkodymov, a senior executive at Bitzlato Ltd. (“Bitzlato”), a cryptocurrency exchange registered in Hong Kong. Legkodymov—also...

General

24 Jan, 2023

DOJ & OFAC Sanctions Predictions for 2023

Trade compliance is the new hot field. Companies are catching up with trade compliance in response to the global sanctions regimes put in place to cripple Russia. The United States, its allies and partners have implemented an unprecedented and complex set of sanctions and export controls. Global businesses were tested. Trade compliance became the center of attention and risks. In recognition of this reality, the...

Podcasts

23 Jan, 2023

Episode 258 — Deep Dive in the ABB FCPA Case

The Justice Department’s new Corporate Enforcement Policy and the heightened enforcement and compliance expectations were put to the test in its announcement of a $315 million settlement of bribery charges with ABB, a three-time loser in foreign bribery enforcement. However you interpret this case, the ABB enforcement action demonstrates yet again the vitality of DOJ’s commitment to FCPA enforcement, and that the industry can expect...

General

18 Jan, 2023

OFAC’s New Year’s Eve Settlement with Danfoss for $4.3 Million for Sanctions Violations

OFAC closed out 2022 with a late-night $4.3 million settlement with Danfoss A/S, a Danish manufacturer of refrigeration and cooling products for violations of the Iran, Syria and Sudan sanctions programs. OFAC has had a productive year – implementing and enforcing Russian sanctions while continuing its aggressive sanctions enforcement program. For 2022, OFAC had 16 settlements along with $42 million in penalties. Danfoss’ violations involved...

General

18 Jan, 2023

Ethics and Compliance Trends and Predictions

I always enjoy pulling out the crystal ball and looking forward with due consideration of last year’s trends. It is a perspective that gives us all the opportunity to identify important trends and to set an agenda for the next year – 2023. The compliance profession continues to grow in overall importance in the corporate governance landscape. Corporate leaders that fail to appreciate this face...

General

16 Jan, 2023

Person of the Year: The Trade Compliance Officer

I admit I may be a little late in completing some of my 2022 retrospective postings. Nevertheless, I have to announce Corruption, Crime & Compliance’s Person of the Year Award. Although my posting is not done with as much fanfare as Hollywood award shows or other major business announcements, it is always important o take time to reflect back on a year and focus gratitude...

Podcasts

16 Jan, 2023

Episode 257: 2022 FCPA Year in Review Featuring Tom Fox

The Justice Department and the Securities and Exchange Commission bounced back in 2022 to restore their records for aggressive FCPA enforcement. At the same time, DOJ announced significant new compliance program expectations, and appeared ready to press forward with a number of FCPA resolutions. Tom Fox, the Compliance Evangelist and Leader of the Compliance Podcast Network, joins Michael Volkov for a comprehensive review of 2022...

General

12 Jan, 2023

Catching Up with FCPA News

DOJ closed out its FCPA enforcement year in 2022 with two significant settlements, the ABB and Honeywell cases. Aside from these two big settlements, there was a flurry of other actions in the last quarter of 2022. Ericsson Monitorship Extension Ericsson Telecomm agreed to a one-year extension of its corporate monitorship that was imposed as part of its $1 billion FCPA settlement with the Justice...

General

10 Jan, 2023

2022: The FCPA Year in Review

The Justice Department and the Securities and Exchange Commission bounced back in 2022 to restore their records for aggressive FCPA enforcement. At the same time, DOJ announced significant new compliance program expectations, and appeared ready to press forward with a number of FCPA resolutions. The Numbers For the year, DOJ totaled five corporate resolutions, two separate declinations under its Corporate Enforcement Policy, and approximately 24...

Podcasts

9 Jan, 2023

Episode 256 – The FTX Scandal and Cryptocurrency Risks: Featuring Matt Stankiewicz from The Volkov Law Group

The FTX scandal has sent (and is continuing to send) shockwaves through the cryptocurrency industry. FTX was one of the largest crypto exchanges in the world, and its CEO, Sam Bankman-Fried (SBF) was the darling of Silicon Valley and Wall Street. SBF touted FTX for its rapid growth as a crypto exchange and its deep connections to politicians, athletes and movie stars. It turned out...