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FCPA Blog Daily News

Entries in Sanctions (38)

Tuesday
Sep162014

Russia sanctions update: Treasury targets financial, energy, and defense sectors

The Treasury Department’s Office of Foreign Assets Control (OFAC) issued Directives 1 through 4 on September 12 pursuant to Executive Order 13662 (March 20, 2014), “Blocking Property of Additional Persons Contributing to the Situation in Ukraine.”

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Tuesday
Aug262014

After $9 billion sanctions fine, BNP replaces chief compliance officer

BNP Paribas SA said Jean Clamon, its top compliance officer since 2008, will retire this year.

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Tuesday
Jul082014

Who should pay for BNP's crimes?

On June 30, the Justice Department and other federal and state agencies announced the long awaited settlement in the BNP case. The bank forfeited $8.8 billion and paid fines of $140 million for the “hat-trick of sanctions violations” -- unlawfully offering the U.S. financial markets to three sanctioned countries: Sudan, Iran and Cuba.

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Tuesday
Nov262013

Weatherford pays $152.6 million for FCPA violations, $100 million for trade sanctions

Weatherford International agreed Tuesday to pay $152.6 million to the DOJ and SEC for FCPA offenses in the Middle East and Africa and violation of the Iraq oil-for-food program.

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Tuesday
Nov052013

Weatherford expects $250 million settlement

Oil field services company Weatherford International said Monday it hopes to finalize a settlement with the U.S. government of FCPA and oil-for-food violations and trading with sanctioned countries for about $250 million.

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Wednesday
Sep182013

The World Bank fights back on corruption

For contractors that receive any funds from World Bank financing, the risk of getting caught in the Bank’s enforcement net has never been greater. And the effects are more severe. There are three key enforcement issues to note this year.

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Tuesday
Sep102013

DOJ launches Magnitsky forfeiture action against NYC property

U.S. Attorney Preet Bharara said Tuesday the United States has filed a civil forfeiture action against the assets of nine companies that own real estate in Manhattan. The complaint targets four luxury residential units and two high-end commercial spaces.

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Monday
Aug122013

Review of World Bank Sanctions System: A Good Start but Additional Transparency Needed

The World Bank Group is currently undertaking an evaluation and review of its Sanctions System. That Sanctions System is an integral part of the Bank’s Anti-Corruption policy in that it provides a framework for punishing corrupt contractors, thereby creating a deterrent to corruption. A well-functioning Sanctions System is also important in helping to ensure that the development goals of Bank-financed lending projects are not undercut by fraud or corruption and that World Bank loans produce the greatest possible development impact vis-à-vis the money disbursed.

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Wednesday
Jul102013

World Bank Group: External Consultations on Review of Sanctions System

The World Bank Group recently announced that it is launching a global multi-stakeholder consultation on its sanctions system. This consultation is part of a stock-taking exercise, intended to help the World Bank Group to evaluate the implementation of the system thus far and its various reforms to date, with a view to identifying possible entry points for making improvements. The Legal Vice Presidency of the World Bank Group (LEG) is conducting consultations with external stakeholders to solicit feedback on the system.

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Friday
Dec212012

Putin pushes adoption ban following passage of Magnitsky Act

Russian President Vladimir Putin (Photo courtesy of Wikipedia)Reacting against the Magnitsky Act signed into law by President Obama last week, Russian President Vladimir Putin said the Kremlin should ban adoption of Russian babies by Americans.

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Monday
Nov192012

U.S. House adopts Magnitsky bill

Sergei Magnitsky (1972 - 2009)A bill to isolate and punish officials and others responsible for the death of a Russian anti-corruption lawyer was passed Friday by the U.S. House of Representatives.

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Monday
Oct152012

An integrative approach to suspension and debarment? No, not yet

Last Tuesday, October 9th, the World Bank hosted a colloquium on “Suspension and Debarment,” featuring four panels of experts from around the world.

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