Sullivan & Cromwell LLP is a leader in advising clients around the world on issues arising under the U.S. Foreign Corrupt Practice Act (FCPA) and related international laws. S&C's team includes former Assistant United States Attorneys and other lawyers with extensive experience in FCPA and related matters.
Click here to see Sullivan & Cromwell's FCPA and Anti Corruption Webpage.
In this episode of S&C’s Critical Insights, Brendan Cullen and Tony Lewis provide key takeaways for building and sustaining an effective compliance program.
Brendan and Tony build on their last podcast and discuss the updated guidance from certain U.S. enforcement agencies, talk about certain changes to foreign enforcement regimes and conclude with a few best practices. They also explain the importance of compliance programs, especially in the enforcement context.
For more information about this topic, please see Brendan and Tony’s chapter in the Guide to Corporate Compliance, titled "Developing a Robust Compliance Programme in Latin America."
Please join us for a discussion on the reputational and legal risks associated with the recent investment and economic growth in Latin America. We will touch on what areas of growth we are currently seeing in the region and examine how past risks and new risks are coming into play. We will discuss how risks like expropriation or government investigations should be handled, while also addressing how to approach new risks associated with the region’s “Green” growth.
Litigation partner Brendan Cullen and Tony Lewis build on their last podcast and discuss the updated guidance from certain U.S. enforcement agencies, talk about certain changes to foreign enforcement regimes and conclude with a few best practices. They also explain the importance of compliance programs, especially in the enforcement context.
Aisling O’Shea, co-head of the Firm’s FCPA and Anti-Corruption Group, and Kamil Shields, both members of the Firm’s Criminal Defense and Investigation Group, discuss recent policy statements from the Biden administration on its fight against corruption as a core national security priority. Aisling and Kamil provide an overview of the administration’s recent National Security Study Memorandum, the formation of task forces to operate in the Northern Triangle region, and recent G7 and US/EU statements on collective action from member nations against corruption. In addition to discussing the potential implications of these developments, they also explore how companies, including financial institutions, can start preparing for these anti-corruption initiatives by enhancing their financial crime compliance frameworks in advance of likely increased enforcement by U.S. authorities.
Sergio Galvis, head of the Firm’s Latin America practice, outlines best practices for companies making cross-border acquisitions in view of updates to the FCPA Resource Guide issued by the U.S. Department of Justice and the Securities and Exchange Commission. With increased cooperation by regulators and law enforcement authorities across jurisdictions leading to more enforcement actions, acquirers should reevaluate their due diligence and compliance programs under these guidelines.
Sergio addresses topics including:
- designing and implementing an effective risk-based due diligence program for M&A,
- the benefits of voluntary disclosure to the authorities of potential corruption issues,
- the implementation of an effective compliance program, and
- the importance of integration and remediation under the guidelines.
Download S&C's Best Practices for M&A and Dealmaking under the Updated FCPA Resource Guide
Litigation partner Brendan Cullen and special counsel Tony Lewis discuss key considerations for companies in building and sustaining an effective compliance program. They provide an overview of guidance from U.S. enforcement agencies, including the DOJ and OFAC; explore issues that can arise for companies with multi-national operations; and conclude with a few best practices.
In this episode of S&C’s Critical Insights podcast series, Nic Bourtin, managing partner of S&C’s Criminal Defense and Investigations Group and a co-head of the Firm’s FCPA and Anti-Corruption Group, and Aisling O’Shea, co-head of S&C’s FCPA and Anti-Corruption Group, discuss what COVID-19 means for government investigations. As the pandemic continues to unfold, Nic and Aisling discuss the impact of the crisis on ongoing investigations, then look ahead to the future of government investigations post-COVID-19.
The CFTC’s newest enforcement advisory is an announcement that the CFTC is entering the FCPA enforcement space—but historically, this is a space that the DOJ and the SEC have enforced. What impact will the CFTC’s entry into this crowded enforcement space have? Sullivan & Cromwell partners Katy McArthur and Aisling O’Shea discuss what this shift means for corporations.
Many people expected the new administration to rein in FCPA enforcement, but did that actually happen? And what are other key FCPA enforcement trends over the past year? Armed with the latest data from the FCPA Clearinghouse, a unique and publicly available online tool created in partnership with Stanford Law School, Laura Oswell and Brendan Cullen of Sullivan & Cromwell share their perspective in the latest episode of the S&C Critical Insights podcast series.
S&C partner Nic Bourtin and special counsel Aisling O’Shea explain the DOJ’s newly announced FCPA Corporate Enforcement Policy. The new policy amplifies the incentives first set forth in 2016’s FCPA Pilot Program for companies to self-disclose, fully cooperate and remediate in FCPA cases.
The last several years has seen an ever-increasing focus on corruption in Latin America, in part due to major scandals and protests, all of which Latin American governments have had to account for in their corporate liability schemes.
Brendan Cullen, Partner in S&C's Litigation Group, and Tony Lewis, Co-Head of S&C's National Security Group, address these challenges in a chapter authored for Latin Lawyer's recently published Guide to Corporate Compliance. They provide guidance for multinational companies on how to build and maintain effective compliance programs, and summarize key risks that such corporations must address in their overall strategies.
They also discuss how the incorporation of best practices in companies' compliance programs can save them from considerable consequences later on. "It can prevent illicit conduct in the first place, it can detect it at the earliest possible stage if it does arise, and it can lessen or avoid many of the consequences that come with an enforcement action" they write · Read Article
Strong incentives exist for corporations – particularly those in highly regulated industries vulnerable to potentially debilitating collateral consequences – to avoid litigating a case brought by the government. Among other considerations, protracted and unpredictable litigation can create risks of (1) financial and reputational harm to the company, (2) weakening relationships with regulators, (3) significant legal expense, and (4) severe legal and regulatory consequences associated with an unfavorable litigation outcome. As a result, when threatened with enforcement action or indictment, corporations often seek to enter into settlement negotiations with investigating authorities. Nevertheless, a corporation entering into such negotiations must carefully weigh the various attendant burdens and collateral consequences of such agreements · Read Article
To help leaders plan for and manage a range of complex and multifaceted crisis situations, for the fourth year, Sullivan & Cromwell has collaborated with Latin Lawyer and other global organizations and law firms to produce The Guide to Corporate Crisis Management, Fourth Edition. The Guide gathers the perspectives of dozens of lawyers and other crisis management professionals and presents practical strategies for business leaders across a variety of jurisdictions, disciplines, and practices areas. As these authors explain, the types of crises that can arise in Latin America are tremendously diverse and do not lend themselves to a "one size fits all" approach · Read Article
Many corporations and financial institutions are drawn to Latin America for its significant business opportunities, but this often requires facing complex challenges from occasionally shifting political landscapes or other operational risks. Drawing on their industry-leading expertise in crisis management and Latin America, S&C partners Sergio Galvis, Robert Giuffra and Werner Ahlers authored the introduction and served as editors of the Guide · Read Guide
This article discusses the U.S. Court of Appeals for the Second Circuit decision that holds that the Government may not employ theories of conspiracy or complicity to charge foreign nationals with FCPA violations where the defendant is not otherwise covered by the statute · Read Article
This article discusses the United States District Court for the Eastern District of New York decision that dismissed as untimely a lawsuit by the SEC against two former employees of Och-Ziff Capital Management Group LLC ("Och-Ziff"). The Court Concludes That SEC Demands for Injunctions Operate as Penalties for Purposes of Applicable Statute of Limitations · Read Article
This article discusses the U.S. Supreme Court's June 5, 2017, decision in Kokesh v. SEC, no. 16-529, holding that the five-year statute of limitations applies when the SEC seeks disgorgement in enforcement actions · Read Article
This article discusses the adoption by the French Parliament of "Sapin 2" on December 10, 2016, which introduces substantial changes to the French transparency and anti-corruption laws · Read Article
This article discusses the New York Court of Appeals' November 22, 2016, decision in Al Rushaid v. Pictet & Cie, 2016 N.Y. Slip Op. 07834, which held that the defendant bank’s repeated and knowing use of New York correspondent accounts to help customers move ill-gotten money from abroad into Swiss bank accounts justified subjecting the bank to New York jurisdiction over claims related to that money · Read Article
This article discusses the United States Court of Appeals for the Eleventh Circuit's May 26, 2016 decision in SEC v. Graham, no. 4:13-cv-110011, holding that SEC claims for disgorgement in civil actions are subject to the five-year statute of limitations on suits to enforce "any civil fine, penalty, or forfeiture" under 28 U.S.C. § 2462 · Read Article
This article discusses the United States Court of Appeals for the Second Circuit's May 23, 2016 decision in United States ex rel. O’Donnell v. Countrywide Home Loans, Inc., no. 15-496-cv, holding that proof that defendants fraudulently intended to breach the representations in their sale contracts at the time the contracts were executed is required to support a violation of the federal fraud statutes · Read Article
This article discusses revisions to the United States Attorneys’ Manual to incorporate previously announced guidance addressing the accountability of individual employees in civil and criminal investigations of corporate wrongdoing · Read Article
This article discusses the Department of Justice's new guidance addressing the accountability of individual employees in civil and criminal investigations of corporate wrongdoing · Read Article
This article discusses an administrative cease-and-desist action against KBR, Inc. that alleged the company's confidentiality requirement for internal investigations contravened the whistleblower provision of the Securities Exchange Act of 1934 · Read Article
This article discusses a decision by Judge Richard J. Leon of the United States District Court for the District of Columbia rejecting as too lenient a proposed Deferred Prosecution Agreement between the Department of Justice and Fokker Services, B.V. arising from admitted violations of U.S. sanctions laws · Read Article
This article provides practical tips for minimizing FCPA risk in merger and acquisition transactions · Read Article
This article discusses ten key issues that any acquiror should consider in light of potential FCPA liability in M&A transactions and joint ventures · Read Article
This article considers the FCPA’s effects on various participants in the international transactions arena, including governments, companies subject to the FCPA and companies not subject to the FCPA, and proposes changes that could be made to the U.S. approach to combating foreign corruption · Read Article
This article examines successor liability for FCPA violations, and discusses the transactional and compliance challenges that can emerge under the doctrine · Read Article
This article discusses civil and criminal charges filed against six companies in 2010 arising principally from illicit payments made by affiliates of Panalpina World Transport (Holding) Ltd., a freight forwarder, on behalf of oil services companies in Nigeria · Read Article
Brendan Cullen and Tony Lewis Collaborate with Latin Lawyer on The Guide to Corporate Compliance, Fifth Edition · Read the Alert
Read the Alert on S&C Website
SEC's Division of Enforcement 2020 Annual Report Indicates Strong Enforcement Results Despite COVID-19 Challenges · Read the Alert
DOJ and SEC Release Second Edition of A Resource Guide to the U.S. Foreign Corrupt Practices Act · Read the Alert
OFAC Issues Compliance Commitments Framework · Read the Alert
Deputy Attorney General Rod Rosenstein Announces Revisions to Yates Memo · Read the Alert
DOJ Releases New Memorandum on Standards and Policies for Retention of Corporate Compliance Monitors –The New Memorandum Emphasizes the Need for a Careful Weighing of Costs and Benefits by Prosecutors Before Seeking the Imposition of a Monitorship in Connection with a Corporate Criminal Settlement · Read the Alert
Implementation of Financial Services Regulatory Reform Legislation –Federal Reserve Official Previews Risk-Based Regulatory Tailoring Agenda · Read the Alert
Implementation of Financial Services Regulatory Reform Legislation –Financial Regulators Discuss Implementation of the "Economic Growth, Regulatory Relief, and Consumer Protection Act" · Read the Alert
Joint Statement on BSA Resource Sharing –Federal Depository Institution Regulators and FinCEN Issue Joint Statement to Highlight Potential Benefits and Risks of Bank Secrecy Act ("BSA")-Related Collaborations · Read the Alert
Deputy Assistant Attorney General Matthew Miner Announces that FCPA Corporate Enforcement Policy Will Apply to Mergers and Acquisitions · Read the Alert
U.S. Supreme Court Forecloses Non-U.S. Corporate Liability Under the Alien Torts Statute · Read the Alert
U.S. Supreme Court Declines to Review Standing of Data Breach Plaintiffs · Read the Alert
Deputy Attorney General Rod Rosenstein Announces Revised FCPA Corporate Enforcement Policy · Read the Alert
Louis Berger Group, Inc. Sues Former Executive for Authorizing Improper Payments That Resulted in Company Paying $17.1 Million Penalty in FCPA Settlement. · Read the Alert
DOJ Launches FCPA Enforcement "Pilot Program" · Read the Alert
Olympus Corp. of the Americas and Olympus Subsidiary Agree to Pay $646 Million and Qualcomm Incorporated Agrees to Pay $7.5 Million to Resolve Allegations of FCPA Violations and Related Charges · Read the Alert
PTC Inc. and Two Chinese Subsidiaries Agree to Pay More Than $28 Million to Resolve DOJ and SEC Investigations Regarding Payments to Secure Chinese Contracts · Read the Alert
SAP SE Agrees to Pay Almost $3.9 Million to Resolve SEC Investigation Regarding Payments to Secure Panamanian Contracts · Read the Alert
SEC Uses FCPA’s Expansive Reach to Pursue Domestic Conduct in United Continental Enforcement Action · Read the Alert
Hitachi agrees to pay $19 million to settle SEC FCPA charges arising out of improper payments to South African political party to obtain power station contracts. · Read the Alert
Bank of New York Mellon Corp. agrees to pay $14.8 million to settle SEC corruption charges arising out of internships for family members of sovereign wealth fund officials. · Read the Alert
IAP Worldwide Services, Inc. agrees to pay $7.1 million to resolve DOJ investigation into conspiracy to violate FCPA by providing bribes to Kuwaiti officials. · Read the Alert
FLIR Systems agrees to pay $9.5 million to settle SEC charges of violating the FCPA by providing gifts and personal travel to Saudi Arabian officials. · Read the Alert
Goodyear agrees to pay more than $16 million to settle SEC charges of FCPA violations relating to bribes paid in Kenya and Angola.
· Read the Alert
Click here to find Sullivan & Cromwell events and speaking engagements related to the FCPA and international anti-corruption laws.