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20 May, 2024

The Same Old Song with a Different Meaning — Third-Party Risks and Sanctions Compliance (Part I of IV)

Sorry to start a four-part series with a reference to music from our long-ago past.  The Four Tops sang the “Same Old Song, with a Different Meaning” (released in 1965 — Video Here). So, how does that relate to third-party risks?  Well, bear with me here for a little. Legal and Compliance bloggers, compliance vendors, prognosticators, Compliance Podcasters, and everyone in the Paparazzi have written,...

Podcasts

19 May, 2024

Episode 321 — Review of the EU Whistleblowing Directive wih Alex Cotoia and Daniela Melendez

Directive 2019/1937 of the European Parliament and Council dated 23 October 2019 on the “protection of persons who report breaches of Union law” (the “Directive”) is currently being implemented by EU Member States. The directive has broad applicability to organizations operating in the EU internal market and applies to both public and private sector organizations alike. Whistleblowers are guaranteed legal protection to the extent: (1)...

General

16 May, 2024

Commerce Department Promulgates New Rule Adopting Medical Device License Exception for EAR99 Exports to Russia, Belarus and Ukraine

On April 29, 2024, the U.S. Department of Commerce officially published a final rule in the Federal Register that formally incorporates a medical device license exception into the Export Administration Regulations (“EAR”) for certain commodities bound for the Russian Federation, Belarus, and occupied regions of Ukraine.  New license exception MED—located at 15 C.F.R. Section 740.23—now authorizes the export, re-export, and transfer (in country) of certain EAR99...

General

15 May, 2024

EU Enacts New Directive Establishing Criminal Offenses for the Violation of Restrictive Measures

By: Daniela Melendez, Associate at The Volkov Law Group, and Alex Cotoia, Regulatory Compliance Manager. Daniela can be reached at [email protected] and Alex can be reached out at [email protected]. On April 24, 2024, the European Union (“EU”) officially adopted Directive (EU) 2024/1226 on the definition of criminal offenses and penalties for the violation of Union restrictive measures and amending Directive (EU) 2018/1673 (the “Directive”). A copy of the...

General

14 May, 2024

DOJ and OFAC Sanctions and Export Control Detection Strategies

In this new aggressive era of sanctions and export controls enforcement, companies need to understand the potential risks that DOJ and/or OFAC may identify a company for sanctions investigation. In a global economy, investigators from various countries have built coordination procedures by which they share intelligence and possible leads among each other.  This phenomena has created a complex web of investigators who can identify relevant...

General

13 May, 2024

Dancing on the Head of a Pin: Corporate Boards, Committees and Cybersecurity Risk Management

No one was surprised when compliance and risk publications cited cybersecurity as the number one risk that corporations face today.  While this is a relatively simplistic and head-line grabbing statement, the truth remains that corporate boards should have cybersecurity in their Top-3 List of corporate risks facing the organization. Like everything in life, it is one thing to identify the risk — it is quite...

Podcasts

12 May, 2024

Episode 320 — NAVEX 2024 Whistleblower Report

NAVEX continues to produce high-quality compliance reports, many of which are a must-read in the compliance industry.  Its annual Whistleblower Report is of particular note — NAVEX is the leading provider of hotline services in the world and its data is invaluable as a source of trends in this industry. This year –2024 — is no exception.  NAVEX combed through the data from 3784 organizations...

General

10 May, 2024

Checking In on Caremark Cases in Delaware

Over the last ten years, we have seen a marked shift from the Delaware Chancery Court chipping away at corporate board member liability claims.  In a number of seminal cases involving Boeing airplane crashes (In re the Boeing Co. Derivative Litig., No. 2019-0907 (Del. Ch. Sept 7, 2021)), and deadly listeria outbreaks from tainted ice cream (Marchand v. Barnhill, 212 A.3d 805 (Del. 2019)), Delaware Courts...

General

9 May, 2024

The Power and Reward of Cooperation: Binance Founder CZ Sentenced to 4 Months Imprisonment

Defendants often face a tough choice — challenge the government’s evidence and if convicted, face significant jail time.  On the flip side, defendants who plead guilty and cooperate can earn significant sentencing reductions, even avoiding any jail time. The contrast between cooperating and non-cooperating defendants can be very stark. Samuel Bankman-Fried or “SBF” was convicted after a lengthy trial.  He was convicted of a massive...

General

8 May, 2024

BIS Releases Updated Guidance for Freight Forwarders

On March 28, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) released updated guidance to freight forwarders specifically outlining their responsibilities under the aegis of the Export Administration Regulations (“EAR”). Issued in the wake of BIS’s Update Conference on Export Controls and Policy, the new guidance underscores the critical role freight forwarders play in preventing the flow of illegal exports to...

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