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BitPay Agrees to Pay $507,375 to Settle OFAC Sanctions Violations

BitPay Agrees to Pay $507,375 to Settle OFAC Sanctions Violations

The Treasury Department’s Office of Foreign Asset Control continues to focus enforcement activities on digital currency companies.  This focus is likely to increase given recent comments by Janet Yellen, the head of the Treasury department, criticizing digital currencies and the utility of this rapidly growing new technology.  Last year, OFAC announced an enforcement action against BitGo, a digital wallet asset management service. In OFAC’s latest...

Export Regulation 101—A Primer on U.S. Antiboycott Laws

Export Regulation 101—A Primer on U.S. Antiboycott Laws

Alex Cotoia, Regulatory Manager and Compliance Consultant at the Volkov Law Group, re-joins us for a posting on U.S. Antiboycott Laws. Alex can be reached at [email protected]. An often overlooked, but potentially substantial risk factor in a company’s export compliance strategy is the degree to which the company is both familiar with—and adheres to—U.S. Departments of Treasury and Commerce regulations governing the participation of covered...

Avnet Asia Settles Export Control Violations for Illegal Sales to China and Iran

Avnet Asia Settles Export Control Violations for Illegal Sales to China and Iran

The Justice Department recently announced a settlement with Avnet Asia for illegal shipments of sensitive U.S. commodities to China and Iran.  Under the settlement, DOJ agreed to a non-prosecution agreement (NPA) in exchange for Avnet Asia’s payment of a $1.508 million monetary penalty and continued cooperation. Avnet Asia also agreed to an administrative settlement of approximately $1.72 million to settle claims that it illegally exported...

Episode 182 — Antitrust Division Brings First Criminal Indictments for No-Poach and Wage-Fixing Agreements

Episode 182 — Antitrust Division Brings First Criminal Indictments for No-Poach and Wage-Fixing Agreements

Four years ago, in 2016, the Antitrust Division and FTC issued guidance as to the application of antitrust laws to no-poaching and wage-fixing agreements between employers.  The guidance stated, “Going forward, the Justice Departments intends to criminally investigate naked no-poaching or wage-fixing agreements that are unrelated or unnecessary to a larger legitimate collaboration between the employers.” The Antitrust Division has not put its money where...

Volkov Law Group Announces New Ethics and Compliance Small Group Working Sessions

Volkov Law Group Announces New Ethics and Compliance Small Group Working Sessions

The Volkov Law Group is pleased to announce scheduling of new Ethics and Compliance Working Sessions (E&C Working Sessions) to foster small group discussions on ethics and compliance issues of interest.  As we all continue to push through the pandemic and remote working arrangements, legal and compliance professionals require more than large group webinars. Perhaps you’ve grown a bit tired of passively listening to webcasts...

DOJ and OFAC Settle with Indonesian Company for $2.5 Million for Violations of the North Korea Sanctions Program

DOJ and OFAC Settle with Indonesian Company for $2.5 Million for Violations of the North Korea Sanctions Program

PT Bukit Muria Jaya (BMJ), a global supplier of cigarette paper based in Indonesia, agreed to pay $1,561,570 for conspiracy to commit bank fraud as part of a scheme to deceive various banks in order to collect payments for cigarette paper exports to North Korea.  BMJ entered into an eighteen month deferred prosecution agreement with the Justice Department in exchange for the payment of the...

Ripple and SEC Joint Letter Indicates Sides Far Apart in Settlement Talks

Ripple and SEC Joint Letter Indicates Sides Far Apart in Settlement Talks

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for continued updates regarding the SEC enforcement action against Ripple. Matt can be reached at [email protected]. On Monday, Ripple Labs, Inc.; Brad Garlinghouse, CEO; Christian Larsen, board chairman; and the U.S. Securities and Exchange Commission (“SEC”) filed a joint letter with Judge Analisa Torres in the Southern District of New York.  While this letter...

OFAC Starts New Year with Enforcement Action against French Bank for Violations of Syrian Sanctions Program

OFAC Starts New Year with Enforcement Action against French Bank for Violations of Syrian Sanctions Program

In the new Biden Administration, companies should expect aggressive enforcement of trade sanctions.  At the same time, in response to Russian aggression and the Solar Winds cyber-attack, OFAC is likely to implement new and even more restrictive sanctions against Russia.  In anticipation, companies should elevate the importance of their sanctions compliance programs (SCPs) pursuant to the May 2019 OFAC Framework.  Unfortunately, for many companies, sanctions...

The Rise of ESG In Response to Investor Demand

The Rise of ESG In Response to Investor Demand

Corporate governance sometimes is the subject of “fads,” or initiatives that gain traction with dubious evidence-based justifications.  Sometimes companies engage new theories or strategies because they “sound good,” or give corporate leaders a way to avoid or mollify tackling hard issues or difficult tasks. Corporations are quickly embracing Environmental, Social and Governance (ESG) issues.  Whether this is “right” or the most effective use of corporate...

The Urgency of Ethics and Compliance – The Biden Administration and Enforcement

The Urgency of Ethics and Compliance – The Biden Administration and Enforcement

The Biden Administration has a lot on its plate – that is obvious.  Tackling the COVID-19 pandemic and restoring economic growth is one of the most difficult challenges ever facing our country.  Across the government, a new administration poses significant changes in priorities. The Justice Department will be tough on corporate crime and compliance.  With the exception of a failure to prosecute individuals responsible for...