UPDATED: Tuesday, Dec. 3
Compliance officers are critical to protecting both a bank’s reputation and its bottom line. They’re essential when it comes to preventing criminal activity – and if that effort is not entirely successful, detecting and reporting such conduct.
Banks and corporations looking for compliance credit from prosecutors must have robust programs, Deputy Attorney General James Cole said today.
The law firm and the Justice Department declined to comment.
The bank may be implying that the investigation has now gone international.
Dutch bank agrees to two-year DPA with the Justice Department and $325 criminal penalty.
White & Case asserts the Saudi mogul is mistaken about a Barclays plc settlement and, incidentally, owes the law firm about $4 million.
The 74-year-old company’s alleged bribes in Africa would be a violation of the 1906 Prevention of Corruption Act, not the 2010 U.K. Bribery Act.
Facing intense criticism for the DOJ’s failure to bring criminal charges against figures central to the 2008 Wall Street collapse, Holder in August signaled a renewed push to tackle financial crime cases.
U.S. Court of Federal Claims Judge Thomas Wheeler in Washington, D.C., said the participation in “an economically meaningless tax shelter” was “reprehensible.”
A UK regulator determined that Barclays “acted recklessly” by failing to fully disclose payments it made to Middle Eastern investors in June and October 2008.
Sheikh Mohamed bin Issa al Jaber seeks to compel the law firm White & Case LLP to produce documents from a 2003 out-of-court settlement between Barclays and the Saudi government which allegedly involved bribery.
In pledging to take on more cases, SFO Director David Green floated changing the law to make it easier to prosecute companies that fail to prevent fraud or dishonesty by their employees.
“When it comes to prosecutions of corporates, the SFO’s performance is often compared unfavorably to that of U.S. prosecutors,” Green said. “The key reason for this is the much higher bar that we in the SFO face in proving corporate criminal liability.”
Judge Gleeson affirms the role of judges in approving deferred prosecution agreements, saying “a pending federal criminal case is not window dressing.”
The SFO head says a deal to share staff is in the final stages. But a resource-strained Justice Department hasn’t confirmed its commitment.
Serious Fraud Office Director David Green hasn’t been content to follow the DOJ’s lead as his agency has in years past – especially on a high-profile scandal in his own back yard.
A prominent member of the Saudi royal family is at the heart of a US criminal probe into whether Barclays made improper payments in the kingdom, with investigators scrutinising two separate incidents linked to a son of King Abdullah.
Acting Assistant Attorney General Mythili Raman said corporate settlements provide a “roadmap” to criminal conduct that helps prosecutors pursue individuals.
Simply put, a company’s cooperation – which can lead us to critical information about wrongdoing by executives and employees – can absolutely make the difference as we assess whether there is proof beyond a reasonable doubt sufficient to charge an individual.
What powers does U.S. District Judge John Gleeson have over the London-based bank’s deferred prosecution agreement anyway?
As the SEC touts its new “broad view” of the investment world, attorneys say compliance exams of newly registered advisors are a new avenue for turning up corruption risks.
Historically, enforcement of the Bank Secrecy Act has been lax, but recent developments suggest that will no longer be the case.
Allen & Overy LLP partner John Terzaken said cartel investigations of the auto-parts industry will likely remain a focus, which could help make 2013 another record year for collection of penalties.
Barclays says U.S. authorities are probing it for potential foreign bribery violations, drawing attention to relations with a Qatari investment fund that were already under scrutiny in the U.K.
Critics of deferred prosecution agreements say they don’t deter corporate crime. But businesses are increasingly looking at how they transform law enforcement into a regulatory role.
Robertson Park, a former Assistant Chief of the Justice Department’s Fraud Section, has joined the Washington, D.C. office of the financial services law firm Murphy & McGonigle PC, the firm announced.
Park was part of the Justice Department trial team which won the 2009 conviction of Frederic A. Bourke Jr. under the Foreign Corrupt Practices Act, [...]
Barclays Plc (BARC) faces a criminal probe into fees it paid in 2008 to Qatar’s sovereign wealth fund as the bank sought to raise money to avoid a government bailout.
The Serious Fraud Office, which prosecutes bribery and white-collar crime, told the London-based bank it has “commenced an investigation into payments under certain commercial agreements between [...]
Assistant Attorney General for the Criminal Division Lanny Breuer issued the following statement regarding Jennifer Shasky Calvery’s departure:
“Over the past two years, Jennifer Shasky Calvery has led the Asset Forfeiture and Money Laundering Section (AFMLS) with great distinction and helped to develop key initiatives aimed at maximizing the Criminal Division’s ability to seek forfeiture of criminal [...]
"Eric has been in enough difficult jobs at this point, including this one, where he understands that the highs and the lows of what this town thinks -- who is up and who is down -- is completely irrelevant.” -- White House Counsel Kathryn Ruemmler