What happens to journalists who report corruption?
Richard L. Cassin
May 19, 2022
One way to understand the virulence of corruption is to look at what happens to journalists who expose it.… Continue Reading
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Posts Tagged: Ukraine
What FCPA-related investigations are we tracking in Ukraine?
Harry Cassin
April 20, 2022
When Russia began its invasion of Ukraine in February, four issuers had disclosed ongoing FCPA-related investigations that involved alleged conduct in Ukraine. Three of the companies are based in the United States and one in India.… Continue Reading
New FinCEN Advisory on public corruption and kleptocracy targets Russia
Pete Viksnins and Claudia O'Donnell
April 18, 2022
On April 14, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued advisory FIN-2022-A001 on Kleptocracy and Foreign Public Corruption urging financial institutions “to focus efforts on detecting the proceeds of foreign public corruption, a priority for the U.S.… Continue Reading
Should issuers disclose ‘employee depression’ as a new corporate risk factor?
Richard L. Cassin
April 13, 2022
During the past two years, fear of infection and death, and shutting offices and everywhere else people meet, produced what amounts to a second pandemic: depression. While risks from Covid-19-related disruptions now appear in nearly all SEC registration statements and periodic filings, companies aren’t mentioning risks they face from employee depression.… Continue Reading
Sanction this post
Harry Cassin
April 6, 2022
Sanctions are having a moment. The word has become synonymous with the war in Ukraine, and the complex legal mechanism has entered the mainstream vernacular. Compliance professionals need a nuanced understanding of international laws and regulations.… Continue Reading
Open beneficial ownership registers will scatter the criminals and their assets
Martin Kenney
April 4, 2022
Transparency International and over 100 other organizations released an open letter calling on governments to open up company and beneficial ownership registers as a matter of urgency, to assist in the implementation of sanctions against Russian oligarchs.… Continue Reading
War in Ukraine: When does a bribe become a ‘good bribe’?
Richard L. Cassin
March 28, 2022
As of March 27, the number of refugees fleeing Ukraine since the Russian invasion started reached nearly 3.9 million. Most of the refugees — mainly women and children — are now in neighboring Poland, Romania, Moldova, Belarus, Slovakia, and Hungary.… Continue Reading
Removing Russia from the OECD Working Group on Bribery would be a mistake with unintended consequences
Nicola Bonucci and Regis Bismuth
March 22, 2022
On February 25, the Committee of Ministers of the Council of Europe (CoE) launched a procedure to suspend Russia from its rights of representation in the organization. Following that, on March 15, Russia informed the Secretary General of the CoE of its withdrawal from the organization and its intention to denounce the European Convention on Human Rights.… Continue Reading
Switzerland sharpens historic Russia sanctions
James Reardon and Marcel Steinegger
March 21, 2022
We published two previous posts, the first discussing potential scenarios that Swiss individuals and entities, including foreign subsidiaries located in Switzerland, could be facing should new sanctions target certain Russian Federation individuals and entities, and the second focusing on the amendments to the Ordinance instituting measures in connection with the situation in Ukraine taking effect on February 28, 2022 (the “Original Ordinance”).… Continue Reading
Global money laundering risks rise for Fintech and Blockchain sector and beyond
Lincoln Caylor and Nathan Shaheen
March 16, 2022
Western countries have primarily responded to Russian aggression by utilizing financial tools against the Kremlin, President Putin, and Russian organizations and individuals connected to Putin. Since 9/11, economic sanctions have increasingly become a tactic of first resort against both state and non-state actors.… Continue Reading
Was political risk in Russia hiding in plain sight?
Richard L. Cassin
March 14, 2022
Western businesses have begun the painful process of tallying their losses in Russia. International banks are owed more than $121 billion by Russian entities, with European banks having at least $84 billion in exposure, according to the Bank for International Settlements.… Continue Reading
What compliance professionals need to know about two new Russian laws
Harry Cassin
March 9, 2022
On March 4, Russia enacted two new laws to combat what it describes as “fake news.” The new laws cover individuals and organizations opposing the war in Ukraine and those who support financial sanctions against Russia or its citizens and companies.… Continue Reading