On October 23, 2020, the Board of Governors of the Federal Reserve System (the ‘‘Board’’) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “Agencies”) issued a joint Notice of Proposed Rulemaking (“NPRM”) soliciting public comment on questions relating to potential amendments to Bank Secrecy Act (“BSA”) regulations. The proposed … Continue Reading
On May 19, 2020, in response to the COVID-19 pandemic, President Trump signed Executive Order 13924, to provide regulatory relief for entities economically impacted by the pandemic. Section 6 of the Executive Order directed agencies to revise their procedures and practices in administrative investigations and enforcement in light of certain enumerated principles of fairness. It … Continue Reading
Ask the bank that just paid the SEC more than $ 6 million for failing to adequately train its Asia Pacific Region (APAC) personnel on antibribery with respect to hiring practices. The bank had policies against hiring personnel in exchange for business, but, according to the SEC’s order, the company “failed to effectively train APAC … Continue Reading
In late April, the U.S. Securities and Exchange Commission (SEC) hit Yahoo with a $35 million dollar fine for failing to properly assess and disclose a 2014 data breach that affected more than 500 million user accounts. The case marks the first time the SEC has charged a public company with cybersecurity-related disclosure violations and … Continue Reading
Mexico’s anticorruption legislation requires a strong corporate compliance program. In the third of his posts about the Mexican National Anticorruption System, Jose Martin explains effects of the law on compliance. Read the full post here.… Continue Reading
U.S. Deputy Attorney General Rod Rosenstein pledged an enforcement environment in which businesses can thrive. In keynote remarks at the U.S. Chamber Institute for Legal Reform, he emphasized the Department of Justice’s (DOJ) commitment to “avoiding unnecessary interference in law-abiding enterprises.” Rosenstein also promoted the benefits of corporate compliance and self-reporting. Although allegedly offering “no breaking news” about DOJ policies, … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on November 4, 2016 that Zhuang Yao (“Zhuang”), the former Chairman of Guangdong Materials Group Co., Ltd. (“GMGC”), a state-owned … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on October 14, 2016 that Li Jie (“Li”), the former Deputy Mayor of Haikou City, Hainan Province, was sentenced to … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) On September 2, 2016, Wei Xinhong (“Wei”), the former Party Secretary of Qinyang Municipal, Henan Province, was sentenced by the Intermediate People’s Court … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) On August 2, 2016, Hu Xuefan (“Hu”), the former Director of Tourism Bureau of Anhui Province, was sentenced by the Intermediate People’s Court … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: (1) On July 17, 2016, the Central Commission for Discipline Inspection issued the Accountability Regulations of the Communist Party of China (the “Regulations”). The Regulations specify the intra-Party accountability mechanism for the serious consequences caused by … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) In early June, Zhang Longjun (“Zhang”), the former Dean of Shangyu Traditional Chinese Medicine Hospital (the “Hospital”), together with Chen An (“Chen”) and … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on May 6, 2016 that Wang Tianchao (“Wang”), the former President of Yunnan First People’s Hospital, was prosecuted by Pu’er … Continue Reading
1. New laws or regulations State level: (1) On April 18, 2016, the Supreme People’s Court and Supreme People’s Procuratorate promulgated Interpretations of the Supreme People’s Court and the Supreme People’s Procuratorate on Certain Issues Concerning the Application of Law in Handling Criminal Cases Involving Embezzlement and Bribery (the “Interpretations”). Key highlights of the Interpretations … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on March 4, 2016 that Haikou Intermediate People’s Court had affirmed the sentence of Liao Yongyu (“Liao”), the former Office … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) On February 17, 2016, Zhou Peifang (“Zhou”), the former Director of Beijing Haidian District Municipal Garden Service Center and Haidian District Municipal Commission … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: (1) On January 1, 2016, the Guidelines of Integrity and Self-discipline of the Communist Party of China and the Regulations of the Disciplinary Sanctions of the Communist Party of China (the “Regulations”) promulgated by Central Committee … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) On December 3, 2015, Sheng Peiping (“Shen”), the former Deputy Governor of Yunnan Province, was sentenced to 12 years’ imprisonment by the Beijing … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) On November 3, 2015, Li Chongxi (“Li”), the former Chairman of Sichuan Provincial Committee of Chinese People’s Political Consultative Conference (“CPPCC”), was sentenced … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on October 6, 2015 that Wang Xizhong (“Wang”), the former Deputy General Secretary of the People’s Government of Luoyang City, … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on September 2, 2015 that Li Zhen (“Li”), the former Chairman and General Manager of Anhui Kangyuan Electric Group Co., … Continue Reading
1. New laws or regulations State level: (1) On August 29, 2015, the Ninth Amendment to PRC Criminal Law (the “Ninth Amendment”) was officially promulgated by National People’s Congress Standing Committee. The changes will become effective as of November 1, 2015. The Ninth Amendment proposes several updates, revisions, and addition to the current PRC Criminal … Continue Reading
1. New laws or regulations State level: No developments. Local level (Beijing & Shanghai): No developments. Communist Party Rules: No developments. 2. Upcoming laws or regulations No developments. 3. Government Action (1) It was reported on June 5, 2015 that Li Jiezhi (“Li”), the former Deputy General Manager of Anhui Highway Holding Group Co., Ltd. … Continue Reading
Written by Anthony Van der Hauwaert (Partner) and Thibault Viaene (Associate), Squire Patton Boggs, Brussels. On 20 May 2015, the European Parliament increased the hunt for tax evaders, money launderers and terror financiers by adopting the fourth instalment of the Anti-Money Laundering Directive (“AMLD”). The main novelty of the new directive is the introduction of a … Continue Reading
