The recent news that U.S. FinCEN records have been leaked to journalists from the ICIJ, BBC, and BuzzFeed News surprised me much more than their predecessor revelations, the Panama and Paradise Papers.… Continue Reading
The Financial Industry Regulatory Authority fined J.P. Morgan Securities, LLC $1.25 million for failing to conduct proper background checks on 8,600 new employees.
FINRA — Wall Street’s independent regulator — said the due diligence failures started in 2009 and continued until May this year.… Continue Reading
In the fall of 2013, the FCPA Blog published my series Cameo Corruption, which focused on the potential use of film roles as something “of value” that could be improperly offered to influence foreign officials.… Continue Reading
Secrets. We all have them. It’s human nature to keep them. But given recent enforcement actions initiated by whistleblowers, one thing is clear: a good secret has a high price tag.… Continue Reading
We at the FCPA Blog are long overdue in recognizing the new resource that is the Global Anticorruption Blog. With my colleague in the legal academy, Harvard Law professor Matthew Stephenson, at the helm, GAB analyzes corruption law issues with uncommon intellectual rigor.… Continue Reading
After introducing the princeling problem in Part I, developing a two-prong test in Part II, and showing the difficulty in applying that test to JP Morgan in Part III, we’re here considering the possibility that the government is contemplating a reversal of its prior guidance.… Continue Reading
In the prior post we distilled a two-prong rule for hiring the relatives of officials, based on the Guidance, opinion releases, and prior cases. That rule is:
Hiring the relative of a foreign official can violate the FCPA where the official’s duties relate to the hiring company’s interests, and something of value passes through the relative to the official.… Continue Reading
The first post in this series mined DOJ Opinion Releases from the early 1980s concerning hiring family relatives. We discovered a bright-line rule: hiring the relative of a foreign official does not violate the FCPA if nothing of value passes through the relative to the official.… Continue Reading
The former head of investment banking in China at JP Morgan Chase has been arrested by Hong Kong’s anti-corruption agency, according to reports.
JP Morgan’s controversial “Sons and Daughters” hiring program is still under the microscope, most recently in a New York Times article that said the practice was an open secret among employees.… Continue Reading
JP Morgan Chase reached a tentative deal with the DOJ this weekend to settle a slew of past transgressions for $13 billion.
At the beginning of this year, China’s president Xi Jinping promised to fight both “tigers” and “flies” — high-ranking and low-ranking corrupt officials — in his crackdown on corruption. Since then, the anti-graft campaign has led to the conviction of Bo Xilai and to the front-page investigations of foreign companies in the pharmaceutical and oil and gas sectors, among others.… Continue Reading