Hungarian national Tamas Morvai was the least willing of all three defendants to be deposed in the U.S. in July.
A red sky at morning is the traditional harbinger of ill weather. From our vantage point in Brussels, we’ve scanned the horizon for signs of the future of anti-bribery enforcement activity in Europe. We’ve identified four factors that are starting small, but may build into heavy seas.
In particular, there are signs that companies that sell to governments in Europe may be well advised to shore up compliance procedures so they can remain dry if a wave of anti-corruption sentiment breaks over the public procurement sector.
The Department of Justice is investigating TeliaSonera for its business dealings in Uzbekistan.
The SEC’s case now hinges solely on $6.6 million in alleged bribes paid to Macedonian officials.
A U.S. District Court judge tossed out Pemex’s racketeering civil lawsuit last year on territoriality grounds.
The $963 million settlement OFAC recently reached with French banking giant BNP Paribas SA (BNP) was both the largest OFAC settlement to date and represents only a small fraction of the nearly $9 billion in total fines imposed on the bank by state and federal agencies. With figures this high and the additional imposition of a one-year ban that will prevent certain BNP units from clearing transaction in U.S. dollars, it’s obvious why this is big news in the world of international trade and finance. But for SME exporters (and internationally-oriented businesses of all sizes for that matter), the story should simply serve as a front page reminder that taking the necessary steps to ensure your company’s actions do not violate OFAC’s sanctions should be a no-brainer. Implementing a sanctions compliance program is relatively straightforward while the peace of mind you’ll enjoy knowing your company is protected against potentially crippling government fines is priceless.
We will start by saying we are proud Francophiles. We love many things about French culture; from the just-right draw of their espresso (sorry, Italy, that ristretto is just too short and bitter) to the sacrosanct treatment of time for leisure and family. Indeed, most attempts by the country to preserve la vie Française are idealistic efforts to protect what we see as a beautiful way of life (perhaps excluding some of the Académie Française’s more laughable efforts to provide French alternatives to borrowed English words). And some of the country’s biggest companies represent not only the economic engines of France but also embody national pride in global market power.
However, as news breaks on the unprecedented sanctions penalty currently under discussion for BNP Paribas, there is a risk that the reaction from the country and the company may set a tone that will be counterproductive for French business. French politicians have scrambled to defend the bank, threatening to scrap TTIP negotiations with the United States. French headlines and many conversations we ad in Paris last week ring with indignation. BNP Paribas is the national team of the French economy. Justifiable national pride in the company has clearly been injured by U.S. enforcement actions.
The Hungarian defendants have tried for months to delay their depositions until after the statute of limitations runs on their alleged conduct in Macedonia.
The Massachusetts-based medical imaging company self-reported potential violations to United States and Danish authorities.
As lawyers and companies alike have realised, the CJEU decision has very wide implications compounded by the new Data Protection Regulation with the spectre of fines of up to 5% of the global turnover of the company. The definition of a data controller is now perceptibly very wide indeed. As many commentators have proclaimed, overreaching and overbearing data protection laws are in danger of inhibiting free speech, and there is a particular risk in the area of the exposing of corruption.
Deposition testimony will be put under seal, but it must be given by July and in the United States, U.S. District Judge Richard J. Sullivan ruled Thursday, handing a victory to the SEC in its foreign bribery case.
The British company, which is already facing allegations of bribery in several countries, said it would “co-operate fully” with the SFO.
The former Magyar Telekom executives have refused to testify until they are no longer at risk of criminal prosecution.
But U.S. District Court Judge Richard J. Sullivan also said he would try to accommodate both sides after the former Magyar Telekom executives said DOJ declination letters don’t rule out their prosecution on foreign bribery allegations.
The SEC has claimed the former Magyar Telekom’s employees are abusing the fifth amendment.
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HAS FCPA GONE TOO FAR? WSJ MODERATOR ASKS."Why trivialize foreign corruption when no one would trivialize domestic corruption?" Criminal Division Fraud Section Chief Jeff Knox parried at a Wall Street Journal business conference in Washington, D.C.