Tagged: due diligence

BIS Emphasizes Need for Reinvigorated Due Diligence Efforts by Exporters

BIS Emphasizes Need for Reinvigorated Due Diligence Efforts by Exporters

Remarks given by Commerce Secretary Gina Raimondo and Undersecretary Alan Estevez during the 2024 Policy Update Conference sponsored by the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) emphasized the need for organizations to enhance their due diligence efforts to prevent the diversion of restricted commodities to U.S. adversaries, including, but not limited to, the Russian Federation and the Islamic Republic of Iran. ...

SAP’s Bribery Schemes — Systemic Corruption Around the Globe (Part II of III)

SAP’s Bribery Schemes — Systemic Corruption Around the Globe (Part II of III)

When it comes to FCPA enforcement and expectations, DOJ has moved the goalposts.  Some would argue that DOJ has been consistent all along.  The truth, like most issues, lies somewhere between the extremes.  With lots of fanfare, DOJ implemented a new Corporate Enforcement Program to udnerscore its intent to examine the criminal and civil enforcement history of corporate defendants when considering an appropriate penalty.  This...

Webinar: DOJ’s New M&A Enforcement Policy — Due Diligence and Integration

December 6, 2023 12 Noon EST SIGN UP HERE The Department of Justice recently announced revisions to its Merger and Acquisition Corporate Enforcement Policy to encourage voluntary self-disclosures. DOJ Deputy Attorney General Monaco outlined the new Mergers & Acquisitions Safe Harbor Policy. Under this new Policy, companies that promptly and voluntarily disclose criminal misconduct within the Safe Harbor period, and then cooperate with the resulting...

Lessons Learned from the Albemarle FCPA Enforcement Action: Mind Your Third Parties (Part III of III)

Lessons Learned from the Albemarle FCPA Enforcement Action: Mind Your Third Parties (Part III of III)

The Albemarle FCPA enforcement action was announced at a good time.  This year has been a slow year for DOJ’s FCPA enforcement program, although there are several months before the end of the year. The SEC, on the other hand, has been steady this year — the Albemarle and Clear Channel enforcement actions are numbers eight and nine for the year.  The Albemarle enforcement action...

Gartner Settles FCPA Case with SEC for $2.5 Million

Gartner Settles FCPA Case with SEC for $2.5 Million

The SEC has been racking up several FCPA enforcement actions.  DOJ appears to be declining many of these cases. The division of enforcement appeared to follow a pattern – on larger cases with more pervasive violations, DOJ and the SEC would each bring an enforcement action; while on relatively “smaller” cases, the SEC would bring a case and the DOJ would decline to prosecute. This...

Koninklijke Philips Pays SEC $62 Million to Resolve FCPA Violations in China

Koninklijke Philips Pays SEC $62 Million to Resolve FCPA Violations in China

After a long-running investigation, Koninklijke Philips (“Philips), a Dutch company, resolved FCPA violations in China by agreeing to pay the SEC $62 million.  Philips is a global manufacturer of medical equipment. Philips agreed to pay $15 million in civil penalties and more than $47 million in disgorgement and prejudgment interest. According to Philips, DOJ has declined to prosecute charges in the current case. Philips’ recent...

Five Practical Steps to Elevate Your Sanctions Compliance Program (Part III of III)

Five Practical Steps to Elevate Your Sanctions Compliance Program (Part III of III)

Even with the current focus on sanctions compliance, many companies have done little to assess and enhance their existing sanctions compliance program.  Instead, a number of companies have stitched together a basic sanctions compliance program that centers on a screening tool and little beyond that.  Such a limited program provides just a  false comfort of compliance.  Many companies are not even conducting the mandated basic...

A Five Step Program for Every Company to Address the New Enforcement Threats

A Five Step Program for Every Company to Address the New Enforcement Threats

Companies have to demand a new focus from their CEOs, senior executives and legal compliance team in response to the new DOJ and regulatory initiatives.  These steps are not just suggestions nor items that can be prioritized based on resources.  Instead, these are essential and basic requirements that will inevitably result in significant benefits across the company.  Step 1: Define, Embed and Monitor Corporate Culture...

Flutter Entertainment Settles SEC FCPA Case for $4 Million for Improper Payments to Russian Consultants

Flutter Entertainment Settles SEC FCPA Case for $4 Million for Improper Payments to Russian Consultants

Flutter Entertainment, the previous owner of PokerStars, agreed to pay the Securities and Exchange Commission $4 million for improper payments to Russian-based consultants, stemming from conduct committed by The Stars Group, PokerStars previous owner.  Flutter purchased PokerStars in 2020. Flutter is an Ireland-based global gaming and sports betting company. Flutter was tagged with the FCPA violations committed by the Stars Group prior to Flutter’s acquisition. ...

LRN 2023 Compliance Program Report Underscores Importance of Compliance Program Vigilance

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...