Tagged: FCPA

The Evolving Due Diligence Standards and Beneficial Ownership

In case you are not following all the latest scandals – Unaoil and the Panama Papers being two significant ones – we are seeing an evolution and possibly a revolution in due diligence expectations. No matter what context or what your specific concern may be, the need for every compliance department to identify the beneficial owners of joint venture partners, third party intermediaries, distributors, agents...

Private Equity and the Och-Ziff Enforcement Action

Since 2010, the Justice Department and the SEC have been “investigating” a number of private equity and hedge funds for FCPA violations. The launch of the inquiries was a big deal with lots of fanfare and focus on private equity corruption risks. In time, nothing happened. Well, that is about to change. DOJ and the SEC are getting close to announcing a large settlement with...

Creating a Real Incentive for Self-Reporting FCPA Violations (Part II of II)

Let’s start with a big “If.” I know that sounds like a real turn off but bear with me. Assuming that the Justice Department is ready to turn over a new approach to criminal enforcement and aggressively prosecute culpable individuals in white collar crime investigations, would it be a good idea to offer a pass, or leniency to the company if the company self-reports the...

The DOJ’s Self-Disclosure Program Is Not Even Half the Story

Lauren Connell, Managing Associate at The Volkov Law Group, joins us again for a posting on DOJ’s recent FCPA guidance announcement.  Lauren can be reached at lconnell@volkovlaw.com.  Her bio is here.   Lots of people are talking about the DOJ’s new self-disclosure pilot program, but it was only the last of three steps announced in the DOJ’s Fraud Section FCPA Enforcement Plan and Guidance. One...

Webinar: How to Conduct FCPA Audits

How to Conduct FCPA Audits   May 4, 2016, 12 Noon EST Sign Up Here  As companies implement anti-corruption compliance programs, the need for auditing and monitoring of their compliance programs increases. Companies have to structure an audit program to address significant risks and to identify potential weaknesses and problems. Mitigating those deficiencies can be a real challenge. Join Michael Volkov, CEO of The Volkov...

Internal Controls Enforcement: Hoisting Yourself on Your Own Petard

William Shakespeare’s Hamlet included this often used  phrase – hoist with his own petard (a small bomb). Shakespeare never knew that his eloquence would apply to today’s SEC enforcement of internal controls. The FCPA requires companies to make and keep accurate books and records and to devise and maintain an adequate system of internal accounting controls. The FCPA also prohibits individuals and businesses from knowingly...

Las Vegas Sands $9 Million SEC Settlement: An Easy Mark

The SEC continues its cutting edge FCPA enforcement program, bringing in a variety of enforcement cases and employing some new strategies. In its latest foray, the SEC settled with Las Vegas Sands, owned by Sheldon Adelson, for $9 million for deficiencies in its internal accounting controls concerning its operations in China and Macao. The SEC’s enforcement action reflects one important theme – they could not...

DOJ’s New FCPA Enforcement Plan and Guidance (Part I of II)

The Justice Department finally released its long-awaited new FCPA enforcement plan. It took DOJ a little while to come up with this and in the end, like most initiatives, there is a mixed bag for global companies, FCPA practitioners, DOJ prosecutors and law enforcement. Today’s posting analyzes the initiative on prosecution issues, and tomorrow’s post will review the compliance component of the new guidance. DOJ’s...

Doing Business in China Should Be “Scary”

Lauren Connell, Managing Associate at The Volkov Law Group, joins us again for another posting on corruption risks in China.  Her profile is here and she can be reached at lconnell@volkovlaw.com. A little fear is healthy. It will keep you vigilant and aware. At this point if corporate compliance departments are not a little fearful of doing business in China then their managers and employees...

Checking In on “The Year of Third-Party Due Diligence”

Hui Chen, the Department of Justice’s Compliance Counsel, recently stated that 2015 was the year of due diligence and third-party compliance. A recent survey conducted by Kroll and Ethisphere provided a status check on how the due diligence compliance effort is going. Many companies have heard the message about the importance of due diligence compliance and instituted due diligence systems, hopefully using automated programs. Companies...