Financial institutions often encounter suspicious transactions that warrant the filing of a suspicious activity report (“SAR”). When this occurs, the Bank Secrecy Act (“BSA”) and federal regulations specifically prohibit the unauthorized disclosure of the SAR, or any information that may reveal the existence of the SAR. This confidentiality requirement may place certain employees, especially those
A Question of Ethics: Keep Working While Furloughed?
Roll Call October 15, 2013
Q. I am a staffer for a member of the House. The government shutdown has caused most members’ offices to furlough staffers, and I am one of them. Unfortunately, there are a number of things I was working on before the shutdown, and I’d like to be able to make
Self-Reporting Leads to SEC Entering its First Non-Prosecution Agreement Regarding FCPA Violations
On April 22, 2013, the SEC announced that it had entered into a non-prosecution agreement (NPA) with Ralph Lauren Corporation (RLC), allowing RLC to avoid prosecution for violations of the Foreign Corrupt Practices Act (FCPA). This is the first NPA the SEC has entered involving FCPA violations.
From 2005 to 2009, RLC’s Argentine subsidiary paid
Defamation Claims Increase Costs of Cooperation with Government Investigations
Disclosing the results of a company’s internal investigation to government investigators is always fraught with potential problems. The most obvious is the danger of waiving attorney-client privilege and work product protections that would otherwise shield the internal investigation from discovery in parallel litigation. But another less-heralded danger is the risk of defamation claims by employees identified
DEFERRED PROSECUTION AGREEMENTS PROSECUTION GUIDANCE
Crime and Courts Act 2013. The Schedule contains a requirement that the DPP and the Director of the SFO jointly issue a Code giving guidance for prosecutors on a number of matters, including the general principles to be applied in determining whether a DPA is likely to be appropriate in a given case.
Deferred Prosecution Agreements: Crime and Courts Act 2013
A Parliamentary Bill which, amongst other things, makes provision to introduce Deferred Prosecution Agreements into the UK received the Royal Assent last week. The subject of Deferred Prosecution Agreements (“DPAs”) is covered in section 45 and Schedule 17 of the Crime and Courts Act 2013. The salient provisions contained in the Schedule are as follows:
The SFO reinforces its stance on Facilitation Payments Enforcement
This would appear to be a clear message, both to commercial organisations and to the OECD, that the SFO regards facilitation payments as being an important item on its current agenda.
The DOJ’s Guiding Principles of Enforcement
The clear articulation of these matters in the Resource Guide provides a useful template for use by those corporates which might be exposed to the UK Bribery Act.
SDNY Finds No Duty to Disclose Wells Notices
Public companies being investigated by the SEC often face difficult decisions about whether, when, and to what extent they should disclose the government inquiry. This is especially true in deciding whether to disclose the receipt of “Wells Notices,” which notify recipients that the Enforcement Staff may recommend that the Commission pursue formal charges against the
RICO suit being pursued in the US, relating to the charges brought against Victor Dahdaleh by the Serious Fraud Office
The RICO suit….reinforces our view that…when defendants become involved in allegations of corruption they may have to face multiple sets of criminal proceedings around the world as well as civil suits and the threat of public procurement debarment in the United States and the European Union. Winning contracts by illegal means can lead to the