The Treasury Department’s Office of Foreign Assets Control (OFAC) has amended the Cuba sanctions regulations for the second time this year. … Continue Reading
Since 2001, the World Bank has sanctioned more than 400 firms and individuals. Let’s look at how that happens.
When there’s a complaint against a firm or individual involved in a World Bank-funded project, the Bank’s Integrity Vice Presidency (INT) investigates the allegations.… Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network sets risk-based compliance obligations of U.S. financial institutions. FinCEN directs counter-measures against the countries with the highest risk and enhanced due diligence against others.… Continue Reading
Our friends at the International Anti-Corruption Academy have announced a new program call Legal Incentives for Corporate Integrity. The three-day training session happens from May 4 – 6, 2015 at the IACA campus near Vienna, Austria.… Continue Reading
Amendments to the Treasury Department’s Cuban Assets Control Regulations came into effect Friday. While the Cuba embargo remains in place, the regulatory amendments reflect the Obama Administration’s policy “to further engage and empower the Cuban people” and are continuations of amendments made in September 2009 and January 2011.… Continue Reading
Leslie Caldwell, chief of the DOJ’s criminal division, talked at last week’s Annual Ethics and Compliance Conference in Atlanta. She covered the ten hallmarks of an effective compliance program and cooperation with the DOJ in FCPA and other white-collar investigations.… Continue Reading
The United States government has imposed tough long-term trade sanctions on Iran because of its nuclear program. But our policy makers want Iranian citizens to have access to the Internet, mobile phones, chat services, and other social media.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control (OFAC) issued Directives 1 through 4 on September 12 pursuant to Executive Order 13662 (March 20, 2014), “Blocking Property of Additional Persons Contributing to the Situation in Ukraine.”… Continue Reading
BNP Paribas SA said Jean Clamon, its top compliance officer since 2008, will retire this year.
Clamon, also a former chief operating officer, will be succeeded by Eric Martin, head of internal audit.… Continue Reading
On June 30, the Justice Department and other federal and state agencies announced the long awaited settlement in the BNP case. The bank forfeited $8.8 billion and paid fines of $140 million for the “hat-trick of sanctions violations” — unlawfully offering the U.S.… Continue Reading
Weatherford International agreed Tuesday to pay $152.6 million to the DOJ and SEC for FCPA offenses in the Middle East and Africa and violation of the Iraq oil-for-food program.
The Switzerland-based company also paid $100 million for export controls violations under the International Emergency Economic Powers Act and the Trading with the Enemy Act.… Continue Reading