Anti-corruption

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Webinar: The REPO Act – Political and Legal Impacts for International Businesses

Congress recently passed the Rebuilding Prosperity and Opportunity for Ukrainians (“REPO”) Act, bipartisan legislation authorizing the Administration to seize billions of dollars in Russian sovereign assets to fund Ukraine reconstruction and aid. The legislation raises issues that could have political and legal consequences – for companies and individuals. Join members of the firm’s Policy and … Continue Reading

DOJ Promises Whistleblower Rewards Pilot Program and Adds AI Risk to Its Evaluation of Corporation Compliance Programs

On March 7, 2024, US Deputy Attorney General, Lisa O. Monaco announced the development of a new “DOJ-run whistleblower rewards program” during her speech at the American Bar Association’s 39th National Institute on White Collar Crime.[1]  The announcement signals “a 90-day sprint to develop and implement a pilot program, with a formal start date later this … Continue Reading

The UAE Exits FATF’s Grey List

The authors wish to thank Molly McKenna for her contributions to this post. On February 23, 2024, the Financial Action Task Force (“FATF”) removed the United Arab Emirates (“UAE”) from its list of jurisdictions under increased monitoring (the “Grey List”).  As noted in our previous article (see here), FATF had intimated at its October 2023 … Continue Reading

The SDNY Whistleblower Pilot Program Within the Framework of Corporate Criminal Enforcement

The United States Attorney’s Office for the Southern District of New York recently announced a policy—called the “SDNY Whistleblower Pilot Program”—that seeks to encourage individuals to voluntarily disclose financial crimes in which they themselves participated. First unveiled in January 2024 and then revised this month, the policy sets forth the circumstances under which SDNY says … Continue Reading

Webinar: The New Foreign Extortion Prevention Act – What It Means for US Companies

Please join us on Tuesday, January 30 for a discussion about “the most consequential anti-foreign-bribery law passed in almost 50 years”: the Foreign Extortion Prevention Act (FEPA). FEPA allows the DOJ to prosecute foreign officials who demand or accept a bribe from a U.S. citizen or company. Our seasoned team of three former Department of … Continue Reading

Recent Changes to FATF’s “Grey List”; Could the UAE be Next Off the List?

Between October 25 and October 27, 2023, the Financial Action Task Force (“FATF”), an international policy-making and standard-setting body dedicated to combating money laundering and terrorist financing, held its third plenary meeting of the year (the “October Plenary”), at which it made important updates to its list of jurisdictions under increased monitoring, often externally referred … Continue Reading

FEPA: the New Tool in the DOJ’s Fight Against Corruption

On December 22, 2023, President Biden signed into law the Foreign Extortion Prevention Act (hereinafter “FEPA” or the “Act”) which was passed by the US Congress as part of the Fiscal Year 2024 National Defense Authorization Act.  The Act aligns with the current administration’s national security agenda in that it broadens the scope and reach … Continue Reading

U.S. Sanctions Review: A Recap of OFAC’s Recent Enforcement Actions (Second Half 2023)

The second half of 2023 saw eight enforcement actions from the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”).  These actions reflect a range of penalties, industries, sanctions programs, conduct, and lessons learned.  Below are some highlights from OFAC’s enforcement releases and settlement agreements. Penalties OFAC imposed a total of $984,851,289.90 in penalties … Continue Reading

Noteworthy Trends in French White Collar Crime

France’s Sapin II Law was created in 2016 to address corporate corruption and implement antibribery measures. The legislation took effect in 2017, marking a significant shift in the country’s regulatory compliance landscape. The law, which tracks closely with similar laws in the US, UK, and other EU countries, requires large companies [1] to implement a … Continue Reading

Federal Courts Continue to Grapple with Causation in Anti-Kickback-Based False Claims Act Cases

Courts around the country continue to disagree on the causation standard to be applied in False Claims Act cases based on alleged Anti-Kickback Statute violations.  Two recent federal district court decisions out of the District of Massachusetts add to differing conclusions on what the causation standard should be, i.e., “but-for,” “exposure,” or some other, less … Continue Reading

FinCEN Penalizes Puerto Rican Bank for BSA Violations in First Enforcement Action Involving the “Gap Rule”

On September 15, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced a $15 million civil money penalty against a Puerto Rican International Banking Entity (“IBE”), Bancrédito International Bank and Trust Corporation (“Bancrédito” or “the Bank”).  The public consent order details the Bank’s multiple violations of the Bank Secrecy Act (“BSA”), … Continue Reading

VARA’s Strict Application of its Virtual Assets and Related Activities Regulations 2023

The United Arab Emirates (“UAE”) has long been at the forefront of embracing technological and financial innovation.  For example, Dubai has emerged as a global hub for virtual assets (“VAs”) and cryptocurrencies.  Earlier this year, the Dubai Virtual Assets Regulatory Authority (“VARA”) adopted its first Virtual Assets and Related Activities Regulations 2023 (the “Regulations”), along … Continue Reading

Can a Private Person Defraud the Public of Honest Services?

Last month in Percoco v. United States (U.S. May 11, 2023), the Supreme Court reversed the petitioner’s judgment of conviction for conspiracy to commit honest-services wire fraud for allegedly accepting $70,000 from a developer in return for asking a state agency to drop its labor peace agreement requirement. Joseph Percoco had previously served as Executive … Continue Reading

DOJ FCPA Unit Officials’ Take on 2022

In an onstage interview at the American Conference Institute’s 39th International Conference on the Foreign Corrupt Practices Act David Last, Chief of the FCPA Unit of Department of Justice, Criminal Division, Fraud Section, and David Fuhr, the Unit’s Assistant Chief, reflected on the year’s most pressing enforcement issues. Acknowledging that 2022 had been difficult for DOJ’s … Continue Reading

Welcome to Global Investigations & Compliance Review

This year has brought remarkable change around the globe – including new administrations, changing regulatory approaches, conflicts, and rapidly evolving global sanctions. Staying on top of how these changes impact businesses, individuals and sovereign entities is a challenge that Squire Patton Boggs’ Government Investigations & White Collar team is dedicated to helping our clients manage. … Continue Reading

Illicit Financing Risks in the Digital Assets Space: Department of the Treasury Releases Three Reports on Digital Assets and Invites Comment

On September 16, 2022, the U.S. Department of the Treasury (“Treasury”) published three reports in response to a March 2022 Executive Order concerning the development of digital assets.  The reports address the future of money and payments; implications for consumers, investors, and businesses; and the illicit financing risks of digital assets.  Secretary Yellen described the … Continue Reading

Account Freezing and Forfeiture Orders: is the FCA waking up to its investigative powers?   

The author and editors would like to thank Eben Kurtz for his contributions to this post. On 21 April 2022, the U.K.’s Financial Conduct Authority (“FCA”) secured its first Account Forfeiture Order (“AFO”), a tool used for asset recovery under Part 5 of Proceeds of Crime Act 2002 (”POCA”), for a sum of £2,000,000 against … Continue Reading

The UAE Continues to Combat Bribery and Corruption

The United Arab Emirates (the “UAE”) continues to lead the Arab world in terms of its anti-bribery and corruption (“ABC”) endeavors. The UAE offers a business-friendly environment with an effective and efficient public administration; it criminalizes active and passive bribery, embezzlement, abuse of functions, and facilitation payments, it enforces its domestic ABC legislation and it … Continue Reading

Law Commission Proposes Reforms to Corporate Criminal Liability in the UK

The proposal outlines 10 possible ways to bolster UK corporate criminal liability. The UK Law Commission, has published their proposals (the Options Paper) to overhaul criminal law as it applies to companies in the UK. The Law Commission is an independent commission created by Parliament to keep UK law under review and to recommend reforms. … Continue Reading

What Price Privacy? UK Drive For Foreign Owners’ Transparency

I wanted to take a moment to thank WealthBriefing.com for featuring my recent article “What Price Privacy?  UK Drive for Foreign Owners’ Transparency”. As the geopolitical landscape evolves and global financial sanctions take hold,  the Economic Crime (Transparency and Enforcement) Bill introduced into UK law this month is worth reviewing.  Will the new legislation prevent … Continue Reading

Anti-Money Laundering Act Update: One Year In

The National Defense Authorization Act for Fiscal Year 2021 became law early in 2021, after a congressional override of then-President Trump’s veto.  Division F of the NDAA consists of the Anti-Money Laundering Act of 2020 (“AMLA”).  The AMLA expands numerous Bank Secrecy Act (“BSA”) requirements, and FinCEN has continued to issue guidance, reports, and proposed … Continue Reading

The Biden Administration Announces Strategy to Combat Global Corruption

On December 6, 2021, the White House (the “WH”) released the first United States Strategy on Countering Corruption (the “Strategy”) that sets the Biden-Harris Administration’s goals to tackle international corruption. Much of the Strategy remains currently aspirational and requires additional legislative and regulatory action to implement. Still, it signals the direction the Administration is looking … Continue Reading

OFAC Releases Sanctions Compliance Guidance for the Virtual Currency Industry

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury recently published sanctions compliance guidance for the virtual currency industry (the Guidance).  The move was long anticipated, given the rapid industry growth and limited regulator guidance in this space.  The Guidance provides an overview of OFAC sanctions requirements and procedures, including … Continue Reading
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