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Last week Dick Cassin reported on the FCPA Blog yet another guilty plea in the ever ongoing PDVSA corruption scandal. As Cassin noted, “Jose Manuel Gonzalez Testino (Gonzalez), 49, of Miami, Florida, pleaded guilty in federal court in Houston to one count of conspiracy to violate the Foreign Corrupt Practices Act, one count of violating the FCPA, and one count of failing to report foreign bank accounts.”
Around 90 percent of all FCPA enforcement actions involve third-party intermediaries. So it’s no wonder the DOJ’s updated guidance for evaluating corporate compliance programs devotes an entire section to “Third-Party Management.”
An executive who controlled several U.S.-based companies pleaded guilty Wednesday to bribing officials at subsidiaries of Venezuela’s state energy company.
The World Bank Wednesday debarred two subsidiaries of Paris-based Veolia Water Technologies for “fraudulent and collusive practices” involving a project in Colombia.
Once again, AML failures are shaking up the headlines. If the Danske Bank scandal wasn’t enough, at the beginning of March, the Organized Crime and Corruption Reporting Project showed how a series of offshore shell companies were used to move billions of dollars of private wealth from Russia to the West. Named the Troika Laundromat, after the Russian investment bank it was allegedly operated by, the scandal rocked the banking world.
SCOTUS News: Limits on immunity for Multilateral Development Banks should spur increased anti-corruption efforts
Earlier this year, the U.S. Supreme Court held that the protections in the International Organizations Immunities Act of 1945 (IOIA) against civil lawsuits in U.S. courts were not absolute. Instead, the immunity provided to international organizations — including Multilateral Development Banks (MDBs) — was no greater than the immunity enjoyed by foreign governments under the Foreign Sovereign Immunities Act.
Former U.S. Attorney for the Southern District of New York Preet Bharara (Image from YouTube)Preet Bharara gave the morning keynote at the second day of Compliance Week 2019. It was interesting because rather than a speech he did so with a one-hour Q&A format with Allen & Overy partner Gene Ingoglia facilitating the session through the role of the questioner.