A central topic to the investigation and prosecution of corruption is the criminal offense of money laundering. In the past years, the intergovernmental Financial Action Task Force or FATFA has noted that Mexico has an adequate system to tackle money laundering and terrorist financing, but should step up efforts in pursuing launderers and confiscating their assets.… Continue Reading
Legislative changes in Mexico continue to expand the tools prosecutors have to fight corruption and to effectively recover illicitly acquired assets, particularly from corrupt activities. This is all the more significant given the recent major prosecutorial actions against the former CEO of PEMEX and others in what seems to indicate Mexico’s turn toward pursuing major corruption cases.… Continue Reading
Anti-corruption law has never been thought to hold much sway in Mexican affairs. Despite a nominal prohibition of bribery and graft and an abundance of recent corruption scandals, the country’s history of minimal enforcement has fostered an expectation of impunity.… Continue Reading
In the next few weeks suppliers and contractors of PEMEX, Mexico’s state owned oil company, will be required to submit information on the existence and state of their compliance programs.
Many of the regional and local companies working with PEMEX could have difficulty meeting this new requirement and will have to undertake significant efforts to continue working with the Mexican oil giant.… Continue Reading
Houston-based Key Energy Services, Inc. agreed to disgorge $5 million to settle Foreign Corrupt Practices Act offenses caused by bribes from its Mexican subsidiary to an employee at state-owned Pemex.
The SEC Friday charged Key Energy in an internal administrative order with violating the FCPA’s internal controls and books-and-records provisions.… Continue Reading
A Russia subsidiary of Palo Alto-based Hewlett Packard Company pleaded guilty Thursday in federal court in San Francisco to conspiracy and substantive violations of the anti-bribery and accounting provisions of the Foreign Corrupt Practices Act.… Continue Reading
A federal appeals court Wednesday upheld the dismissal of a lawsuit by Mexico’s state-owned oil company that accused Siemens and SK Engineering & Construction of bribing its officials to win refinery refurbishing work.… Continue Reading
Mexican authorities issued an arrest warrant for the chief executive officer of Oceanografia SA, Amado Yanez, accusing him of participating in crimes at the oil services provider.… Continue Reading
Hewlett-Packard agreed Wednesday to pay more than $108 million to settle FCPA charges brought by the DOJ and SEC.
The Palo Alto, California technology company is paying fines of $74.2 million to resolve the DOJ’s criminal case.
It’s paying $29 million in disgorgement, including $26.47 million to the SEC and $2.53 million to satisfy an IRS forfeiture as part of the criminal matter.
The Securities and Exchange Commission is reportedly investigating Citigroup for accounting fraud and possible violation of the Foreign Corrupt Practices Act following the bank’s disclosure of fraudulent loans in its Mexican unit.… Continue Reading