Categories
Daily Compliance News

January 27, 2023 – The 4th Estate 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.

Stories we are following in today’s edition of Daily Compliance News:

  • Ukrainian journalists are leading the unmasking of gov officials’ corruption. (WaPo)
  • Hindenburg strikes again. (NYT)
  • Morgan Stanley levels internal fines for employees using ephemeral messaging. (FT)
  • Banks were told to watch out for Russian oligarch real estate deals. (WSJ)
Categories
Daily Compliance News

January 24, 2023 – The Funding Was Secured 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.

Stories we are following in today’s edition of Daily Compliance News:

·       When is it time to step down.  (Bloomberg)

·       Elon Musk now says funding was secured.  (WSJ)

·       Dual purpose test upheld by SCT for attorney/Client privilege claim.  (Reuters)

·       Ukraine President vows action against corruption. (NYT)

Categories
Daily Compliance News

January 23, 2023 – The Do As I Do, Not as I Say 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.

Stories we are following in today’s edition of Daily Compliance News:

  • Middle East corruption is pervasive. (National Review)
  • Amazon is under additional investigation. (WSJ)
  • Musk’s new defense is ‘do as I do, not as I say.’ (Reuters)
  • Ukraine MoD denies corruption. (Barron’s)
Categories
Daily Compliance News

October 22, 2022 the Managers are Not Alright Edition

In today’s edition of Daily Compliance News:

  • Avoiding corruption in Ukraine reconstruction. (Brookings Institute)
  • Middle managers are not OK. (Bloomberg)
  • Meta continues to seek debarment of FTC chief. (Reuters)
  • Senate asks DOJ to publish white-collar prosecution data. (WSJ)
Categories
Daily Compliance News

July 29, 2022 the Dan Snyder Testifies edition

In today’s edition of Daily Compliance News:

·       Dan Snyder testifies.   (Bloomberg)

·       Ukraine appoints ABC prosecutor. (Reuters)

·       DOJ is teaming up with NLRB for recalcitrant employers. (WSJ)

·       Booz Allen settles the no-poach claim. (Reuters)

Categories
Daily Compliance News

July 21, 2022 the JPMorgan Whistleblower Headed to Trial edition


In today’s edition of Daily Compliance News:

  • Banks are turning to AI more and more for compliance issues. (WSJ)
  • JPMorgan whistleblower headed to trial. (Bloomberg)
  • Corruption concerns in Ukraine rear ugly head. (NPR)
  • Gibson Dunn accuses King & Spalding. (Reuters)
Categories
Daily Compliance News

June 21, 2022 the Red Flags for Forced Labor Edition


In today’s edition of Daily Compliance News:

  • Red Flags for forced labor in China battery-making supply chain. (NYT)
  • Will corruption prevent Ukraine from joining the EU? (NYT)
  • What are Scope 4 emissions? (Bloomberg)
  • Uyghur Forced Labor Prevention Act (UFLPA) is poised to go live. (BBC)
Categories
Never the Same

Supply Chains Will Never Be the Same

After the Russian invasion of Ukraine, the world of business will never be the same again. Deputy Attorney General Lisa Monaco recently said that the world’s “geopolitical landscape is more challenging and complex than ever. The most prominent example is of course Russia’s invasion of Ukraine.” It is “nothing less than a fundamental challenge to international norms, sovereignty and the rule of law that underpins our society.” This is even more so in the current business climate. Over this five-part podcast series, I will consider how the business will never again be the same and how a confluence of events of events has changed business forever. I am joined in this exploration by Brandon Daniels, CEO of Exiger. We will explore the irrevocable changes in Supply Chain, trade and economic sanctions, anti-corruption, cyber-security and ESG. In Part 1, we begin with changes in the Supply Chain. Highlights include:

·      How the pandemic sped up changes in the Supply Chain which cumulated with the Russian invasion of Ukraine.

·      How US trade competition with China impacted the Supply Chain.

·      The ethical requirement to support democracy, democratic institutions and democratic countries has impacted the Supply Chain.

·      The national security risks and implications in the Supply Chain.

·      What is the role of compliance in addressing these new risks, challenges and opportunities?

Categories
Putin's Oil Heist

Putin’s Oil Heist Episode 3: The Theft of Yukos


“We really didn’t have much of a choice, as one of the largest oil companies in the world, other than continuing to run it and implement our strategies.” Yukos was left reeling after their CEO was arrested. Putin’s Oil Heist is an insider’s account of the Yukos Affair. In this episode, host Loren Steffy follows up on the arrest of Mikhail Khodorkovsky and the theft of Yukos with first-person accounts from Bruce Misamore, former Chief Financial Treasurer.

Learn about:

  • The incarnation of Misamore’s worst fear. In the months after the arrest, Vladimir Putin made his thoughts on foreign executives like Misamore running one of Russia’s biggest oil companies very clear. He levied large tax charges on Yukos, and despite being cleared by Russian tax authorities, they were under fire two months later from a random tax assessment that totaled some $30 billion. Khodorkovsky attempted to distance himself from Yukos after his arrest to avoid dragging the company down with him, disposing to his partners all his shares in an attempt to keep the Kremlin away from Yukos. Unfortunately, it did not work. 
  • Khodorkovsky’s threat to Putin. By 2003, Putin had viewed Khodorkovsky as a political rival. Taxes were Putin’s weapon of choice for eliminating political threats. Even before his arrest, Yukos was facing inquiries from Russian tax authorities about the state of its taxes. 
  • The fabrication of fraud. The government began assessing taxes on Yukos going back four years, and the numbers kept growing. In some of the years, the tax assessments exceeded the company’s gross revenue – it was all clearly fake. Still, trying to battle the tax claims in court proved futile, as the judges were quite literally told over the phone how to rule.
  • Misamore’s efforts to save Yukos. Thwarted at every turn, Misamore decided to go on the offensive as much as he could. He called one of Yukos’ international lawyers asking how to protect their rights in Russia, and they came up with the European Court of Human Rights. They hired a specialist attorney and filed a case against Russia in April 2004, which they ended up winning. Despite this, however, Yukos’ assets were frozen, and the company was drained of resources by the repeated tax levies and penalties. The final blow came from Rosneft,the state-controlled oil giant. Rosneft used a syndicate of lenders to force Yukos into bankruptcy using the loans that the banks had made to Yukos for oil export contracts. Misamore, though, wasn’t about to give up.

 
Resources
Loren Steffy on LinkedIn
Stoney Creek Publishing
 

Categories
Compliance Into the Weeds

Impacts on Compliance of Russian Invasion of Ukraine

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. This week, Matt and Tom take a deep dive into some of the impacts on compliance from the Russian invasion of Ukraine. Highlights include:

·      How will the invasion impact your Supply Chain?

·      What are the attributes of a compliance program that can lead your corporate response?

·      What about cyber?

·      Will all this lead to a more holistic ERM response?

Resources

Matt in Radical Compliance