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Compliance Into the Weeds

Compliance into the Weeds: 3M FCPA Enforcement Action

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent FCPA enforcement action involving the Chinese business unit of 3M.

The importance of post-event documentation and monitoring in preventing fraud and corruption cannot be overstated, as highlighted by the recent FCPA incident involving 3M China. Tom believes that while training and control environment adjustments are crucial, they may not be enough to prevent misconduct if individuals are determined to commit such acts. He emphasizes the need for hard evidence, such as post-event documentation, and recommends looking to the heavily regulated pharmaceutical sector for guidance.

Matt stresses the importance of rigorous post-event documentation to ensure the legitimacy of business activities. Both Fox and Kelly gained these insights from their extensive experience in the field of compliance and their analysis of various fraud cases. To learn more about their unique perspectives on post-event documentation and monitoring, join them on this episode of the Compliance into the Weeds podcast. 

Key Highlights

·      Background facts

·      GTE in FCPA enforcement actions

·      What happens when conduct is done secretly

·      Concerns over the use of messaging apps

·      Lessons Learned

 Resources

Matt in LinkedIn

Tom –blog post on the FCPA Compliance and Ethics Blog

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Daily Compliance News

Daily Compliance News: August 30, 2023 – The Matt Levine Explains NFTs Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

  • Is Shein using forced labor? (Reuters)
  • A convicted agent sues Adidas. (Yahoo Sports)
  • Are NFTs securities? Matt Levin explains it all. (Bloomberg)
  • Start the day like Jamie Dimon. (FT)
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The Hill Country Podcast

The Hill Country Podcast – Loren Steffy on the 88th Texas Legislative Session

Welcome to award-winning The Hill Country Podcast. The Texas Hill Country is one of the most beautiful places on earth. In this podcast, Hill Country resident Tom Fox visits with the people and organizations that make this the most unique areas of Texas. Join Tom as he explores the people, places and their activities of the Texas Hill Country.

The 88th Texas Legislature recently concluded its biennial session and two special sessions, focusing on property tax relief, water infrastructure, and the electricity grid. The proposed property tax relief was a welcome move, and Patrick was on the right track with his proposal to ensure homeowners don’t lose their homes due to high tax rates. The legislature ultimately came up with a dual approach, which is a compromise, and homeowners will be glad to see some relief from the property taxes.

Sadly, the impeachment of Ken Paxton took the air out of all other legislative work. Paxton has been under indictment for a long time, and nobody on the Republican side seemed to care until he asked for state funds to pay for his legal settlement. It took a long time for state leaders to take action, and it shouldn’t have taken this much effort. The impeachment trial will be held in the Senate later this summer.

Tom Fox and Loren Steffy discussed the importance of access to education and public services in remote areas. Tom Fox’s junior high school history teacher posited that the American high school created the American middle class. The founding fathers of America wanted to get away from the class system and believed that with access to education, anyone can be anything. The founding fathers of the Republic of Texas, Mirabeau Lamar and Anson Jones, set aside land in every township for K-12 education. The disagreement between the governor and lieutenant governor of Texas was over how to reform property taxes or give people a break. The governor wanted to subsidize school property taxes, while the lieutenant governor wanted to raise the homestead exemption. The governor also wanted to take public funds to fund private education, but he did not get what he wanted.

The transfer of wealth from taxpayers to private companies running schools with less accountability than public schools was a major concern. Rural Republican and urban Democratic voters united in opposition to school vouchers. There was an argument that private schools would take away access to best athletes for rural football teams. There was also an analogy to rural hospitals closing due to lack of cost effectiveness. There was a potential for the education system to become exclusive and elite, and it would also lead to the draining of healthcare facilities in rural areas.

Tom Fox and Loren Steffy also discussed Tom’s book, The Big Empty. Steffy is starting a series called Podcasts in Print. The first Podcasts in Print will be the discussion between Tom and Loren about The Big Empty. It will be released in early August, and Loren is looking forward to its release.

This episode provided an insightful look into the issues facing Texas and the importance of access to education and public services in remote areas. The legislature’s efforts to provide property tax relief and the impeachment of Ken Paxton are two major issues that will have an impact on the state. Podcasts in Print series will be a great way to explore these topics further.

 Key Highlights

·       Assessment of the 88th Legislature

·       Property Tax relief

·      School Vouchers

·      Rural Texas

·      Ken Paxton impeachment by Texas House

 Resources

Loren Steffy

Stoney Creek Publishing

Tom Fox

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