The FCPA Report

The definitive source of actionable intelligence covering the Foreign Corrupt Practices Act

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By Topic: OFAC

  • From Vol. 6 No.3 (Feb. 15, 2017)

    How Anti-Corruption Compliance Can Springboard Sanctions Compliance

    As economic sanctions regimes move from broad embargoes to more focused measures, it is critical for businesses to determine whether a particular person or entity is subject to sanctions. Because there is often considerable overlap between FCPA and sanctions risks, anti-corruption compliance measures can often be leveraged for sanctions compliance. During a program at SCCE’s Annual Compliance and Ethics Institute, Ryan P. Fayhee, a partner at Baker & McKenzie, Catherine L. Razzano, assistant general counsel and director of General Dynamics Corporation (speaking on her own and not the company’s behalf) and Anne-Marie Zell, a manager at TRACE International, Inc., discussed the current U.S. sanctions regime and provided advice on how to leverage FCPA compliance programs to facilitate sanctions compliance. Razzano also discussed how General Dynamics handled the imposition of Russian sanctions in 2014. See “Five Ways a Company Can Leverage Its Anti-Bribery Compliance Program to Facilitate Sanctions Compliance” (Sep. 14, 2016).

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  • From Vol. 5 No.18 (Sep. 14, 2016)

    Five Ways a Company Can Leverage Its Anti-Bribery Compliance Program to Facilitate Sanctions Compliance

    While often treated separately by companies, anti-bribery and sanctions compliance risks frequently intersect. Companies can ensure effective compliance with both types of regulations more efficiently, effectively and economically by combining certain knowledge and resources to jointly address these areas. In a guest article, Baker & McKenzie partner Ryan Fayhee and his associates Geoff Martin and Alexandre Lamy review how the jurisdictional reach and risks presented by anti-bribery and sanctions regulations tend to converge and suggest concrete ways that companies can leverage their anti-bribery compliance programs to facilitate sanctions compliance. Fayhee will also be sharing his thoughts on the topic at the upcoming SCCE Compliance and Ethics Institute in Chicago. See “Finding Synergies in OFAC and FCPA Compliance” (Nov. 19, 2014). 

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  • From Vol. 4 No.6 (Mar. 18, 2015)

    Taking Third Party Diligence Beyond the FCPA and the U.K. Bribery Act

    An active third-party due diligence program protects a company from a host of dangers, including anti-corruption violations, sanctions issues and forming relationships with destructive business partners.  A recent program presented by the Society of Corporate Compliance and Ethics highlighted the continued importance of third-party due diligence for anti-corruption compliance and the impact of economic sanctions regimes on that due diligence.  The program featured Candice D. Tal, founder and Chief Executive Officer of security and risk management consulting firm Infortal Worldwide Inc.; and Cordery Compliance Limited’s principal adviser André Bywater and partner Jonathan P. Armstrong.  See also “Risk-Based Solutions to Complying with Anti-Money Laundering, Export Controls, Economic Sanctions and the FCPA,” The FCPA Report, Vol. 3, No. 2 (Jan. 22, 2014).

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  • From Vol. 4 No.1 (Jan. 7, 2015)

    Navigating U.S. and Canadian Economic Sanction Landmines

    Anti-corruption and economic sanctions regimes frequently overlap -- both anti-corruption laws and government sanctions are key consideratons when doing business overseas.   A recent program presented by the Momentum Events Group as part of its AML & Economic Sanctions Compliance Assembly discussed: important elements of the U.S. and Canadian economic sanctions regimes; the current status of sanctions against Iran, Russia and Ukraine; and compliance tips for assuring that businesses do not run afoul of existing sanctions.  The program featured Daniel Chapman, Chief Compliance Officer and Counsel at Parker Drilling Company; Vincent DeRose, a partner at Borden Ladner Gervais; and J. Scott Maberry, a partner at Sheppard Mullin Richter & Hampton.  For a comprehensive look at U.S. sanctions enforcement and effective compliance programs, see “FCPA and OFAC Compliance Essentials,” The FCPA Report, Vol. 3, No. 20 (Oct. 8, 2014). 

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  • From Vol. 3 No.23 (Nov. 19, 2014)

    Finding Synergies in OFAC and FCPA Compliance

    Given the increasing enforcement of various regulations that affect companies operating globally, creating efficiencies in compliance programs, and getting buy-in from management, is crucial for compliance officers.  At a recent event hosted by The FCPA Report and Alston & Bird, experts discussed two pressing regulatory areas: the FCPA and trade sanctions.  We compile the insight given by panel members Jim Finnerty, Senior Vice President and Associate Deputy Global Anti-Money Laundering Officer-United States of TD Bank; Edward Kang and Jason Waite, partners at Alston & Bird; and Justin Shur, a partner at MoloLamken.  See also “FCPA and OFAC Compliance Essentials,” The FCPA Report, Vol. 3, No. 20 (Oct. 8, 2014). 

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  • From Vol. 3 No.21 (Oct. 22, 2014)

    Join The FCPA Report and Alston & Bird for "Hot Button Issues in FCPA and OFAC Enforcement and Compliance"

    The DOJ, SEC and OFAC continue to put resources into enforcement of trade regulations and the FCPA, pursuing new investigative techniques and legal theories in both areas across industries.  On October 28, 2014 in New York, Alston & Bird and The FCPA Report will present a complimentary program, “Hot Button Issues in FCPA and OFAC Enforcement and Compliance: What Your Company Needs to Know,” to help companies understand the trends and enhance their compliance programs to mitigate the risk from both corruption and trade laws.  Panelists will include inhouse compliance experts Jim Finnerty of TD Bank and Louis Ramos of Pfizer, Inc.; Edward T. Kang and Jason M. Waite, partners at Alston & Bird; and Justin V. Shur, a partner at MoloLamken.  Rebecca Hughes Parker, Editor-in-Chief of The FCPA Report will moderate and Craig Carpenito, a partner at Alston & Bird, will give opening remarks.  One hour of CLE credit is available. The full invitation is here.  To RSVP, please email rsvp@fcpareport.com.

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  • From Vol. 3 No.20 (Oct. 8, 2014)

    FCPA and OFAC Compliance Essentials

    The DOJ, SEC and OFAC continue to put resources into enforcement of trade regulations and the FCPA, pursuing new investigative techniques and legal theories in both areas across industries.  On October 28, 2014, Alston & Bird and The FCPA Report will present a program, “Hot Button Issues in FCPA and OFAC Enforcement and Compliance: What Your Company Needs to Know,” to help companies understand the trends and enhance their compliance programs to mitigate the risk from both corruption and trade laws.  Panelists will include inhouse compliance experts Jim Finnerty of TD Bank and Louis Ramos of Pfizer, Inc.; Edward T. Kang and Jason M. Waite, partners at Alston & Bird; and Justin V. Shur, a partner at MoloLamken.  Rebecca Hughes Parker, Editor-in-Chief of The FCPA Report, will moderate and Craig Carpenito, a partner at Alston & Bird, will give opening remarks.  The full invitation is here.  To RSVP, please email rsvp@fcpareport.com.  In advance of the program, Edward T. Kang, Jason Waite and Jim Finnerty shared their views on OFAC and FCPA compliance with The FCPA Report.

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  • From Vol. 3 No.15 (Jul. 23, 2014)

    Anti-Corruption and Trade Regulations: Identifying Common Elements and Streamlining Compliance Programs (Part Two of Two)

    The $9 billion dollar fine of French bank BNP Paribas, which pled guilty in late June 2014 to transferring billions of dollars on behalf of Iran, Sudan and Cuba, is a sharp reminder of the government’s continued focus on trade sanctions.  Understanding how and when the FCPA and trade regulations intersect can help companies affected by both laws structure their compliance programs effectively and efficiently.  In a recent webinar hosted by Securities Docket, FCPA and trade regulations experts from KPMG and McGuire Woods came together to explain the details of the Office of Foreign Assets Control (OFAC) regulations and how they compare and contrast to the FCPA.  In part two of our article series, the panelists discuss six common elements of FCPA and trade sanctions enforcement, detail potential anti-corruption and trade regulation synergies and provide four steps for developing a synergistic compliance program.  In part one of this article series, the panelists detailed various OFAC penalties, discussed how OFAC calculates penalties and outlined three issues for companies to consider when negotiating with OFAC.  See also “How Can Anti-Money Laundering Laws Affect an FCPA Compliance Program? An Interview with Former FinCEN Director James H. Freis, Jr. (Part Two of Two),” The FCPA Report, Vol. 2, No. 4 (Feb. 20, 2013).

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  • From Vol. 3 No.14 (Jul. 9, 2014)

    Anti-Corruption and Trade Regulations: Identifying Common Elements and Streamlining Compliance Programs (Part One of Two)

    The repercussions of violating trade sanctions, and the government’s focus on the issue, were recently highlighted with the $9 billion dollar fine of French bank BNP Paribas, which pled guilty in late June 2014 to transferring billions of dollars on behalf of Iran, Sudan and Cuba.  That case may be followed by others as the government investigates similar behavior by other companies.  Understanding how and when the FCPA and trade regulations intersect can help companies affected by both laws structure their compliance programs effectively and efficiently.  In a recent webinar hosted by Securities Docket, FCPA and trade regulations experts from KPMG and McGuire Woods came together to explain the details of the Office of Foreign Assets Control (OFAC) regulations and how they compare and contrast to the FCPA. In part one of this article series, KPMG Managing Director Charlie Steele details various OFAC penalties, discusses how OFAC calculates penalties and outlines three issues for companies to consider when negotiating with OFAC.  In part two, the panelists discuss the commonalities of FCPA and trade sanctions enforcement, detail potential anti-corruption and trade regulation synergies and provide four steps for developing a synergistic compliance program.

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