A civil society group, Socio-Economic Rights and Accountability Project (SERAP), has sent an open letter to U.S. President Donald J. Trump urging his “Administration to attach and release to Nigeria some $500 million worth of U.S.-based proceeds of corruption traced to former Nigerian dictator General Sani Abacha.”
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The ethics & compliance community already knows we’re going to hear lots of chatter in coming months about easing the burden of compliance with the Foreign Corrupt Practices Act.
In written answers made public Thursday, Senator Jeff Sessions of Alabama told members of the Senate Judiciary Committee that if he's confirmed as U.S. attorney general, he'll enforce the Foreign Corrupt Practices Act.
So the Trump Administration has nominated a new SEC chairman in the form of Jay Clayton, dealmaker and securities lawyer at Sullivan & Cromwell. The compliance community’s reaction seems to be vague concern, based on a paper (pdf) Clayton co-authored in 2011 criticizing FCPA enforcement.
Much has already been written about the November election and FCPA enforcement and compliance. My perspective comes from a five-year experience cooperating with the DOJ, and which spanned two administrations, including a complete change of leadership at the Justice Department after President Obama’s first electoral victory.
Since the FCPA Blog started tracking the ten biggest FCPA enforcement actions more than six years ago, most companies appearing on the list have been from outside the United States.
Fears of an economic slowdown and the future of Europe are the main issues keeping global compliance professionals awake at night. Those are the findings of research that we conducted across the industry in late October.
How will President Trump and the new administration view compliance officers and their work? Are compliance officers friend or foe?
Those who believe in the fundamental value of anti-corruption law do not now know what the future holds. And that is exactly the point. The theme of this election has been unpredictability, and nowhere is that more true than in FCPA enforcement.
The Financial Crimes Enforcement Network (FinCEN) fined the Trump Taj Mahal Casino Resort $10 million Friday for willful and repeated violations of the Bank Secrecy Act.