Corruption, Crime & Compliance

Featured Articles:

15 Feb, 2023

DOJ Begins Implementation of Compliance Compensation Requirements

The Justice Department has taken steps to implement its new compliance compensation requirement announced in its Corporate Enforcement Policy revisions. With little fanfare, the Danske Bank $2 billion settlement with the Justice Department include an additional provision in its settlement papers outlining the new requirement. DOJ’s settlement papers include standard provisions that have grown through the years. Schedule C has set forth DOJ requirements for...

General

14 Feb, 2023

LRN 2023 Compliance Program Report Underscores Importance of Compliance Program Vigilance

LRN continues to provide important insights and trends on the importance of ethics and compliance programs. LRN’s annual report is an important resource and needs to be reviewed by the board, senior management and all compliance-related functions. LRN’s 2023 report emphasizes the importance of commitment, investment and promotion of corporate ethics and compliance, particularly during these difficult economic and geopolitical disturbances. LRN’s report is based...

General

13 Feb, 2023

Delaware Court Extends Caremark Duty of Oversight to Senior Officers

In a far-reaching decision with significant implications, the Delaware Chancery Court recently issued a decision confirming that Caremark duty of oversight obligations extends to senior officers. This will have an immediate impact on shareholder derivative risks and litigation. Companies now will face duty of oversight breach claims that include or even just focus on senior officers who have breached their fiduciary duty of oversight. Vice...

Podcasts

13 Feb, 2023

Episode 261 — 2023 Ethics Compliance Predictions and Trends

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

8 Feb, 2023

Contract to Invoice to Payment (“Tinkers to Evers to Chance”) (Part II of II)

The SEC knows that it has powerful enforcement tools. The FCPA imposes two important requirements on issuers – keep accurate books and records and maintain internal controls to ensure that management’s accounting controls operate effectively to ensure proper use of corporate assets. The SEC knows these are broad requirements. One critical area of focus has been the SEC’s focus on contract-invoice-payment process. For compliance professionals,...

General

7 Feb, 2023

The Importance of Accounting and Internal Controls (Part I of II)

Here are some basic propositions that surround FCPA compliance. It is often underplayed that the FCPA contains more than just a bribery prohibition – the FCPA contains broad provisions, requiring accurate books and records and internal controls. When it comes to bribery, wrongdoers have to find ways to “steal” or gain unauthorized access to money often by circumventing internal controls. Thus, bribery conduct often goes...

General

6 Feb, 2023

DOJ Charges Russian and British Businessmen for Facilitating Sanctions Evasion of Russian Oligarch’s $90 Million Yacht

DOJ is poised for a big year in the enforcement of Russian Sanctions and seizure of assets connected to Russian Oligarchs. It has been nearly a year since the U.S., its allies and partners have unleashed robust sanctions against Russia in response to Russia’s invasion of Ukraine. DOJ’s commitment to sanctions enforcement has been steady and will only increase. In a recent case, DOJ announced...

General

6 Feb, 2023

The Volkov Law Group Celebrates Ten-Year Anniversary

The Volkov Law Group is honored to celebrate its ten-year anniversary. When we started in February 2013, we had no idea on the path our journey would take. We look back with gratitude and forward with passion and optimism. We appreciate our clients with whom we have had the privilege to collaborate. In addition, we value our families, friends and colleagues with whom we have...

Podcasts

6 Feb, 2023

Episode 260 — The Person of the Year: The Trade Compliance Officer Featuring Alex Cotoia from The Volkov Law Group

As we start the New Year, every compliance professional (and senior executive) should take a moment to acknowledge the amazing efforts made in 2022 by trade compliance professionals to ensure overall compliance with a maze of complex economic sanctions and export controls implemented in response to Russia’s unprovoked invasion of Ukraine. Starting in February 2022, and almost on a daily basis, the U.S. government, along...

General

3 Feb, 2023

Department of State Updates ITAR U.S. Persons Abroad (“USPAB”) Guidance

Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for a posting on recent ITAR Guidance on U.S. Persons Abroad. Alex can be reached at [email protected]. On January 5, 2023, the U.S. Department of State’s Directorate of Defense Trade Controls (“DDTC”) published updated guidance concerning authorizations issued to U.S. Persons Abroad (“USPABs”) as defined in 22 C.F.R. Section 120.62. Current regulations require all...