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FCPA Compliance Report

FCPA Compliance Report: Unlocking Financial Gains Through Proactive Compliance: Insights with Nicolas Tollet

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, Tom Fox cross post the first episode of a new podcast series from Nicolas Tollet, partner at Hughes, Hubbard and Reed

In this episode, Tollet delves into the substantial financial benefits stemming from robust compliance measures. Tollet recounts a company’s journey through two deferred prosecution agreements (DPAs) related to bribery and corruption allegations in Africa and Brazil, detailing how proactive compliance actions saved the company approximately $100 million. He emphasizes the crucial role of an independent monitor and in-depth compliance reviews in identifying and mitigating misconduct. Tollet explores the implementation of compliance policies and training programs, drawing comparisons with high-profile cases like Walmart’s FCPA settlement, to illustrate the long-term financial stability and operational integrity gained through early compliance investment.

Highlights in this Episode:

  • The First Deferred Prosecution Agreement (DPA)
  • The Second DPA and Lava Jato Investigation
  • Compliance as a Competitive Advantage
  • Detecting and Addressing Misconduct
  • Remediation and Strengthening Compliance
  • Financial Benefits of Compliance
  • Comparing with Walmart FCPA Case

 Resources:

Nicolas Tollet at Hughes Hubbard & Reed

Tom Fox

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For an audio/video version of the Compliance Kids book, Speaking Up is AWESOME, contact Tom Fox.

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All Things Investigations

All Things Investigations: Tom Lee on Invalidation of The Chevron Deference

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast All Things Investigation. In this podcast, host Tom Fox welcomes back Tom Lee to take a deep dive in the Supreme Court’s invalidation of the Chevron deference and what it means going forward.

In this episode, special counsel Tom Lee joins the podcast to discuss the Supreme Court’s recent decision in the Loper Bright case, which overruled the long-standing Chevron deference. Lee explains the implications of this ruling on how courts interpret ambiguous statutory terms and provides insights into the decision’s grounding in the Administrative Procedure Act rather than the Constitution. He also discusses the potential impact on past cases decided under Chevron, future regulatory challenges, and the strategic considerations for companies navigating the new legal landscape. Throughout, Lee offers a thorough analysis of the evolving legal environment and its consequences for administrative law.

Key Highlights

  • Overview of the Loper Case and Chevron Deference
  • Supreme Court’s Decision and Its Implications
  • Consequences of Overruling Chevron Deference
  • Future Challenges and Legal Strategies
  • Administrative Procedures Act and Its Impact

 Resources:

Hughes Hubbard & Reed website

Thomas Lee

HHR Client Alert-Litigation After the Demise of Chevron Deference

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All Things Investigations

All Things Investigations: Mike Huneke on French Election Highlights

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this podcast, host Tom Fox welcomes back Mike Huneke to discuss the recent French election and its implications. They explore the French electoral system, potential parallels with American and English elections, and the geographical and socio-economic dichotomies within France.

The conversation also delves into the impact of European enforcement policies on multinational companies, particularly in areas such as environmental governance, anti-corruption enforcement, and data privacy. They also touch on the potential influence of the upcoming Paris Olympics and new European sanctions and export control directives on future compliance and enforcement landscapes.

Key Highlights:

  • Understanding the French Electoral System
  • Comparing French and American Electoral Dynamics
  • Impact of Recent Elections on French Politics
  • France’s Role in European Enforcement and Governance
  • Challenges in Data Privacy and Compliance
  • Future Outlook

 Resources:

Hughes Hubbard & Reed website

Mike Huneke

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All Things Investigations

All Things Investigations: ‘This Can Be Done’: Mike DeBernardis on Navigating Compliance in High – Risk Jurisdictions

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this podcast, host Tom Fox welcomes back Mike DeBernardis to discuss recent corruption convictions involving individuals connected to Venezuela, as highlighted in Hughes Hubbard & Reed’s ‘Month in a Minute.’

We use these criminal matters as a starting point to discuss how companies can effectively manage compliance in high-risk areas by assessing risks, crafting risk management strategies, implementing specific controls, documenting processes, and training employees. We emphasize the importance of maintaining thorough documentation to meet regulatory requirements and auditing standards.

Key Highlights:

  • Month-in-a Minute Overview
  • Compliance in High-Risk Areas
  • Risk Management Strategies
  • Documenting and Presenting Compliance

Resources:

Hughes Hubbard & Reed website

Mike DeBernardis

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All Things Investigations

All Things Investigations: Jan Dunin-Wasowicz and Jeff Nielsen on The EU Directive on Harmonization of Criminal Sanctions

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast All Things Investigation. In this podcast, Tom Fox is joined by Jan Dunin-Wasowicz a partner at Hughes Hubbard & Reed, who is a leading figure in trade sanctions and Jeff Nielsen, International Sanctions & Export Controls Lawyer at Rambol, for a deep dive into current issues in export control and economic sanctions.

In Part 2 of a special two-part series on All Things Investigations, host Tom Fox is once again joined by Jeff Nielsen and Jan Dunin-Wasowicz to discuss trade sanctions from a global perspective. In this Part 2, Jeff and Jan provide their expertise on the EU Directive on Harmonization of Criminal Sanctions, detailing its implications and the challenges faced in its implementation across the 27 member states.

They explain the mechanics of EU sanctions, enforcement disparities among member states, and the directive’s focus on setting minimum standards for criminal offenses. The conversation also delves into future outlooks on the EU’s stance towards the Russian invasion of Ukraine and the evolving profession of trade sanctions compliance.

Key Highlights:

  • Understanding the EU Directive on Harmonization of Criminal Sanctions
  • Challenges and Implications of the Directive
  • Future of Trade Sanctions and Compliance
  • Career Advice for Aspiring Trade Sanction Experts
  • Conclusion and Final Thoughts

Resources:

Hughes Hubbard & Reed website

Jeff Nielsen on LinkedIn

Jan Dunin-Wasowicz on LinkedIn

HHR client alert on The Dawn of a New Era for EU Sanctions Enforcement? EU Adopts Directive on the Definition of Criminal Offences and Penalties for the Violation of EU Sanctions

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The Corruption Files

The Corruption Files: Lockheed and Birth of The FCPA

What is stranger than fiction? In the stories of worldwide corruption in this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard discuss some of the most audacious corruption cases in anti-corruption enforcement.

More importantly, they will discuss the lessons learned on what your organization can do to prevent running a foul of international anti-bribery laws.

In this first episode of Season 2, Tom and Mike review the Lockheed corruption scandal, which led directly to the passage of the FCPA.

The discussion covers the significant bribery and corruption charges that led to the creation of the Foreign Corrupt Practices Act (FCPA). The hosts explore the international political fallout from the scandal, its impact on various countries, including Japan, Italy, and the Netherlands, and the consequences for Lockheed.

The episode highlights how the case influenced the development of anti-bribery laws worldwide and the roles played by figures like Stanley Sporkin in shaping these regulations. The conversation also touches on the ongoing challenges in combating corruption in the aerospace industry and its global implications.

Key Highlights:

  • The Lockheed Scandal: An Overview
  • High-Level Corruption and Its Unveiling
  • International Repercussions of the Lockheed Scandal
  • The Birth of the FCPA
  • Modern Implications and Compliance

Resources:

Mike DeBernardis on LinkedIn

HughesHubbardReed

Tom Fox

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All Things Investigations

All Things Investigations: Jan Dunin-Wasowicz and Jeff Nielsen on Export Control and Economic Sanctions: Current Issues and Practice

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this podcast, Tom Fox is joined by Jan Dunin-Wasowicz and Jeff Nielson, International Sanctions & Export Controls Lawyers at Rambol, for a deep dive into current issues in export control and economic sanctions.

Jeff Nielsen, an American lawyer with expertise in US and European Union sanctions, currently works at a prominent Danish engineering firm, having transitioned from practicing law in the US to navigating the complexities of international sanctions. Jan​​​​ Dunin‑Wasowicz, a partner at Hughes Hubbard & Reed, is a leading figure in trade sanctions, operating globally out of the Paris office.

Nielsen’s perspective on trade sanctions is shaped by his direct experience with US and European Union regulations, viewing the field as dynamic, challenging, and necessitating an understanding of both legal frameworks and international relations. Similarly, Dunin-Wasowicz emphasizes the industry’s complexity, dynamism, and the importance of staying informed about global affairs to anticipate risks. His work underscores the increasing role of the private sector in dealing with sanctions, highlighting the need for a proactive and adaptable approach to risk assessment in this evolving field.

Key Highlights:

  • Private Sector Role in Evolving Trade Sanctions
  • Dynamic Compliance Strategies in Trade Regulations
  • Sanctions Enforcement Disparity: EU vs US
  • Global Landscape Risk Assessment in Trade Compliance

 Resources:

Hughes Hubbard & Reed website

Jeff Nielsen on LinkedIn

HHR client alert on The Dawn of a New Era for EU Sanctions Enforcement? EU Adopts Directive on the Definition of Criminal Offences and Penalties for the Violation of EU Sanctions

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All Things Investigations

All Things Investigations: Yi-Chin Ho on HHR’s China Law Practice

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this episode, Tom Fox is joined by Yi-Chin Ho, who is the head of the firm’s China Practice.

Yi-Chin Ho is a seasoned legal professional and co-chair of the China Practice at Hughes Hubbard Reed, with a strong foundation in cross-border legal practice.

Ho’s perspective on cross-border legal practice, deeply embedded in her varied experiences, is based on her belief in its critical role for business growth and development, even amidst political tensions between nations such as the US and China. She underlines the importance of the symbiotic relationship between countries, emphasizing their mutual dependency on each other’s goods, services, and expertise.

Ho, a trilingual, cross-cultural lawyer, believes in finding creative solutions and providing effective counsel to navigate through challenging situations in cross-border dealings. Her culturally diverse background and proficiency in Mandarin Chinese have been instrumental in bridging gaps and facilitating successful business transactions between different countries.

Key Highlights:

  • Cultural Nuances in Cross-Border Business Engagement
  •  Strategic Advisory for Cross-Border Disputes
  • Discovery Challenges in Cross-Border Investigations in China
  • Growing Preference for Chinese Arbitration Venues
  • Risk Assessment and Negotiation Strategies Guidance

Resources:

Hughes Hubbard & Reed website

Yi-Chin Ho

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All Things Investigations

All Things Investigations: Compliance Lessons from Gunvor and Trafigura Enforcement Actions

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation. In this podcast, I joined by Mike DeBernardis to mine compliance lessons from the recently announced Gunvor and Trafigura FCPA enforcement actions.

Mike DeBernardis is a seasoned professional with a comprehensive understanding of FCPA enforcement actions and compliance matters, a perspective deeply informed by his numerous client advisory roles on self-disclosure decisions related to FCPA violations and his regular participation in industry discussions.

DeBernardis believes that FCPA enforcement actions are increasingly considering past misconduct as a determinant in assigning penalties and discounts. He underscores the necessity for companies to be proactive and innovative in their remediation efforts rather than simply adhering to minimal compliance standards. He also notes a decrease in the reliance on external monitors in FCPA resolutions, potentially due to businesses taking more initiative in improving their compliance programs and directly reporting to the DOJ.

In DeBernardis’ view, the Department of Justice’s approach to FCPA enforcement is dynamic and adaptive, with companies helping shape best practices through their communication with outside counsel and the DOJ itself.

Key Highlights:

  • Impact of Self-Disclosure on FCPA Penalties
  • DOJ’s Quantifiable Self-Disclosure Benefits in FCPA
  • Cross-Regional Executives in Trafigura Bribery Scheme
  • Innovative Risk Mitigation Strategies in FCPA
  • Rewarding Compliance Efforts in Energy Trading

Resources:

Hughes Hubbard & Reed website

Mike DeBernardis

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All Things Investigations

All Things Investigations: Constitutional Challenge to Corporate Transparency Act with Thomas Lee

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this podcast, we’re joined by Hughes Hubbard Special Counsel, Thomas Lee, to discuss the recent decision declaring unconstitutional the Corporate Transparency Act (CTA) in the case of NSBA vs. Yellen.

Thomas Lee specializes in appellate law and constitutional issues. With nearly a decade of tenure at the firm and an impressive 21 years of teaching constitutional law at Fordham Law School, Lee is highly respected in his field. Lee and the Hughes Hubbard team brought the lawsuit on behalf of the National Small Business Association, arguing the CTA was a constitutional overreach as it mandated the reporting of beneficial ownership data to combat money laundering and criminal activities.

The constitutional claims included no Congressional authority for this regulation, privacy concerns, and the lack of a foreign treaty ratified by Congress requiring the law. Drawing from his extensive background in constitutional law, they successfully argued that this federal regulation challenges traditional state regulation of entity formation and exceeds governmental power.

This decision in the National Small Business Association case is a landmark case that has now been appealed to the 11th Circuit Court of Appeals and appears headed to the US Supreme Court.

Key Highlights:

  • Beneficial Ownership Reporting Requirements for Entities
  • Constitutional Challenges in Corporate Transparency Legislation
  • Court Proceedings of the Corporate Transparency Act
  • Efficient Negotiations and Potential Supreme Court Involvement

 Resources:

Hughes Hubbard & Reed website

Thomas Lee