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FCPA Blog Daily News

Entries in Saudi Arabia (86)

Friday
Dec142018

Former Embraer sales exec avoids prison in Aramco bribes case

Colin Steven blew the whistle on himselfA former sales executive of Embraer SA was sentenced Wednesday to time served and fined $25,000 for paying a bribe to help sell jets to the giant oil company, Saudi Aramco.

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Thursday
Nov152018

OFAC adds 17 Saudis to Magnitsky sanctions list

Murdered Saudi journalist Jamal KhashoggiThe U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Saudi officials and 14 members of a hit team for their role in murdering Washington Post contributing columnist Jamal Khashoggi.

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Thursday
Oct252018

Spanish defense contractor investigated for Saudi bribes

A special court in Spain is investigating executives at a state-owned defense company that allegedly paid millions in bribes to win weapons contracts with Saudi Arabia spanning two decades. 

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Thursday
Sep272018

Saudi Arabia removes statute of limitations for corruption investigations

Crown Prince Mohammed bin SalmanSaudi Arabia changed its law this week to remove the statute of limitations for anti-corruption investigations into current and former ministers of the world's largest petroleum exporter. 

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Wednesday
Feb212018

Bill Steinman: Managing mandatory subcontracts on offset deals

Your company has just won a major contract with a foreign government, and before you can even break out the champagne, your customer instructs you to engage a specific local subcontractor. Don’t worry -- it might not be ideal that your customer is telling you who to work with, but it’s not always a show stopper. 

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Tuesday
Nov142017

Selva Ozelli: Sharia compliant blockchain advances across Middle East

It’s ironic that Saudi Prince Al-Waleed bin Talal, the richest tech investor in the Middle East, criticized block chain technology and Bitcoin by calling it a "fraud."

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Tuesday
Oct242017

Susan Hawley: Is Airbus a repeat of the BAE-Al Yamamah fiasco?

The UK Serious Fraud Office has been investigating corruption allegations against Airbus subsidiary GPT on a Saudi contract overseen by the UK Military of Defense. The case has alarming similarities with the BAE-Al Yamamah case from a decade ago.

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Monday
Jun122017

Arms dealer who helped inspire FCPA dies in London

Adnan Khashoggi, the Saudi arms dealer in the middle of the giant 1970s bribery scandal that led to enactment of the Foreign Corrupt Practices Act, has died in London at 81.

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Friday
Mar172017

French authorities join Airbus bribery probe

Airbus Group SE said Thursday that French investigators have opened a preliminary investigation into allegations of fraud, bribery, and corruption in the company's civil aviation business.

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Friday
Oct282016

Saudi Aramco: Our employee took bribe from Embraer

Saudi Aramco reportedly confirmed Friday that one of its employees took a bribe for arranging a deal with aircraft maker Embraer SA. 

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Monday
Oct242016

Embraer pays $205 million to settle FCPA charges

Brazilian aircraft manufacturer Embraer SA is paying more than $205 million to the DOJ and SEC to resolve violations of the Foreign Corrupt Practices Act.

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Tuesday
Feb092016

AML watch: The Egmont Group steps up enforcement against terrorist financing

The Egmont Group -- Financial Intelligence Units from 151 jurisdictions, with 19 other observer organizations -- issued its latest Communiqué from its meeting in Monaco last week, targeting terrorist financing.

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