It was a breakout year for compliance officers and compliance professionals, making them the big story of 2018. As I said mid-year, they’re rock stars now, famous and wanted.
Some stories about them from the FCPA Blog during 2018:
Alstom appointed a compliance officer, Sylvie Kandé de Beaupuy of Airbus, to its board of directors.… Continue Reading
The chief financial officer of China’s Huawei Technologies was arrested in Canada last weekend and now faces extradition to the United States.
Meng Wanzhou was detained in Vancouver on December 1, the Canadian Justice Department said Wednesday.… Continue Reading
Growing up in the People’s Republic of China, I often heard the proverb, “water that is too clean has no fish.” Sadly, the adage is a rationalization for corruption. It claims that ethical business doesn’t yield profits.… Continue Reading
Only yesterday they were pimply FCPA nerds. But a strange thing happened. They morphed into the cool kids.
Today’s compliance officers are famous and wanted.
Here’s some evidence.
At the federal level in the United States, cryptocurrencies have a lot of regulators — FinCEN, OFAC, the IRS, the Commodity Futures Trading Commission (CFTC), and the SEC among them.
These regulators characterize cryptocurrencies respectively as money, property, commodities, and a security. … Continue Reading
As reported on the FCPA Blog on June 7, in the Commerce Department’s announcement of its settlement with ZTE Corporation, it referred to a requirement for ZTE to “retain a team of special compliance coordinators selected by and answerable to” the Commerce Department for ten years.… Continue Reading
Secretary of Commerce Wilbur Ross said Thursday that China’s ZTE will pay $1 billion in penalties, put $400 million in escrow, and accept a U.S.-appointed compliance department.
According to a Commerce Department statement, the new agreement requires ZTE “to retain a team of special compliance coordinators selected by and answerable to” the Commerce Department for ten years.… Continue Reading
ZTE replaced its chief compliance officer after it admitted to the U.S. government in March that it made false statements about meeting the requirements of a settlement agreement.
The South China Morning Post said Wednesday that ZTE removed Cheng Gang, a senior vice-president, from his roles as chief compliance officer and chief legal officer, “according to an internal human resources notice dated March 8.”… Continue Reading
The U.S. Department of Commerce Monday imposed a denial of export privileges against ZTE and a related company for seven years for failing to comply with settlement terms in an earlier sanctions case.… Continue Reading
China’s ZTE Corporation agreed Tuesday with the DOJ and two other agencies to pay $892 million for knowingly shipping dual-use telecoms equipment to Iran for six years and lying to cover up the trade offenses.… Continue Reading