In today’s edition of Daily Compliance News:
· More Austrian corruption unfolding. (FT)
· Cybersecurity tops CIO agendas. (WSJ)
· Holcim pleads guilty to making payments to terrorists. (Bloomberg)
· Meta forced to sell Giphy. (NYT)
Tag: corruption
There’s no such thing as low risk or no risk.
Crafting a web of bribery with a corrupt law firm, a Nigerian fixer, and Panalpina’s hand landed Parker Drilling in hot waters. Tune in as Tom Fox and Michael DeBernardis explore the facts of the Parker Drilling case, why overestimating risk is always for the better, how proper conduct impacts sentencing, and why having the right people can impact outcomes.
▶️ Parker’s Offshore Oil Drilling with Tom Fox and Michael DeBernardis
Key points discussed in the episode:
✔️ Tom Fox lays out the basics of the Parker bribery case.
✔️Michael DeBernardis explains the points on the Nigerian agent’s efforts, bribery for unfair business advantage, the lack of due diligence, and fake invoices.
✔️ Tom Fox points out Sarbanes-Oxley as the main driver of compliance, the power of internal controls, the blurry calculations of discounts on the final sentencing, and the impact of Dan Chapman.
✔️ Michael DeBernardis highlights how the FCPA system maintains sentencing consistency but still has room for tightening and the nuances of every bribery case.
✔️Tom Fox underscores the importance of good conduct for the credit and an unanswered question. Michael DeBernardis reaffirms why having the right people in place is beneficial.
✔️ Tom Fox and Michael DeBernardis leave their final thoughts on the case: Have a second set of eyes on dubious wire transfers. Rethink how risk analysis is done. Focus on what you’re doing every step of the way.
—————————————————————————-
Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.
In today’s edition of Daily Compliance News:
- Brothers plead guilty in trial for the death of Maltese anti-corruption reporter. (Al Jazeera)
- Nikola’s founder was found guilty of fraud. (Reuters)
- DFS wants to lead crypto and climate change regulation. (WSJ)
- Another Fed President discloses trading. (NYT)
Now the award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject. In this episode, we look at a burgeoning scandal from north of the border in Hockey Canada. Highlights include:
- What happens when your sport is also your national religion?
- How can you affect a change across an entire sports culture?
- Who are your stakeholders, and are you protecting them?
- The Wide World of Sports misconduct.
- When (and if and how) will management start to listen?
Resources
Matt in Radical Compliance
In this episode, I take on a solo pod to discuss and consider the Oracle FCPA enforcement action brought by the Securities and Exchange Commission.
Key areas we discuss on this podcast are:
- Background facts.
- Same facts in same country?
- Failure of a paper program.
- The need for data analytics.
- Where is the DOJ?
- What are the lesson learned going forward?
Resources
For a White Paper on the Oracle FCPE enforcement action, email tfox@tfoxlaw.com
In today’s edition of Daily Compliance News:
-
- Cohen says only corrupt would take up Trump’s case. (BusinessInsider)
- Blackrock to take on TX anti-woke investment law. (Reuters)
- US Grandmaster cheated over 100 times. (WSJ)
- DOT lays the groundwork for Registry ownership. (WSJ)
The Biden Administration promised a new, aggressive approach to corporate crime. Well, the Justice Department just delivered a new, comprehensive policy that raises a number of issues, some of which are likely to be controversial. The new policy incorporates reforms announced last October that largely centered on prior corporate criminal and civil records, the appointment of independent compliance monitors, and expanding the review of responsible persons in an internal investigation. The Justice Department’s new Corporate Enforcement Policy (“CEP”), however, expands on earlier policy changes but includes some new and far-reaching reforms intended to increase individual accountability and promote corporate culture through financial incentives and deterrence policies. This last idea is a significant expansion of DOJ’s CEP and is sure to reverberate through the business and compliance community. Chief compliance officers face a new requirement for their companies — creating an effective system of carrots and sticks to punish misconduct and increase rewards for ethical behavior.DOJ’s new CEP also lays the groundwork for further consideration of corporate responsibility for preserving electronic messaging, ephemeral services, and other electronic data. DOJ’s discussion in this area reflects DOJ’s frustration with a corporate internal investigation that omits access to electronic data, especially in those situations where employees use personal devices for business-related communications. The revised CEP provides guidance to prosecutors and the business community to ensure individual and corporate accountability through the evaluation of various factors, including (1) Corporate History of Misconduct; (2) Self-Disclosure and Cooperation; (3) the Strength of a Company’s Compliance Program; (4) the Use and Monitoring of Corporate Monitors (including their selection and scope of a monitor’s work).