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FCPA Flash Podcast – A Conversation With Laura Brookover Regarding The CFTC’s Recent Enforcement Advisory

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The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.

This FCPA Flash episode is a conversation with Laura Brookover (Covington & Burling and former lawyer in the Enforcement Division of the Commodity Futures Trading Commission – CFTC). The podcast concerns the CFTC’s recent enforcement advisory concerning “violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices” (see here for the prior post) and during the podcast Brookover discusses: the background of the CFTC and the CEA; why the CFTC may have issued the advisory; what type of conduct involving foreign corrupt practices could fall under the CEA; and various issues associated with CFTC enforcement actions.

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U.S. Secures Approximately $1.7 Billion In FCPA Settlements Largely On The Theory That Gulnara Karimova Is A “Foreign Official” – But Swedish Court Says No She Is Not!

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If I ever update my 2009 article “The Facade of FCPA Enforcement” there is going to be special mention of the facts and circumstances discussed in this post.

Over the last couple of years, the U.S. government has secured approximately $1.7 billion in net Foreign Corrupt Practices Act settlement amounts in related FCPA enforcement actions against telecommunications companies VimpelCom, Telia, and most recently MTS. The enforcement actions have largely been based on the theory that Gulnara Karimova is a “foreign official” under the FCPA’s anti-bribery provisions and have not been subjected to any meaningful judicial scrutiny.

Interesting then, that in this recent Swedish court decision (English transaction) concerning the 2017 prosecution of former Telia executives Tero Kivisaari, Olli Tuohimaa and Lars Nyberg the court acquitted the defendants because Karimova was not a “public official” under the relevant law.

In the decision, the court also cared little that Telia resolved an FCPA enforcement action based on this enforcement theory because – in the words of the court – there were “strong commercial reasons” for Telia to do this and that therefore the FCPA resolution “is without probative value or impact in this case.”

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This Week On FCPA Professor

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FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”

Set forth below are the topics discussed this week on FCPA Professor.

This post concerns enforcement developments – namely the the Commodity Futures Trading Commission’s recent enforcement advisory regarding Commodity Exchange Act violations involving foreign corrupt practices and the FBI’s announcement of a Miami International Corruption Squad.

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Friday Roundup

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Banking bar, Kokesh related, OECD shaming, quotable, downfall, and listening in. It’s all here in the FCPA roundup.

Banking Bar

The Federal Reserve recently announced “that it is prohibiting Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from the banking industry for their participation in a scheme to illegally divert billions of dollars from a Malaysian sovereign wealth fund. Leissner was also fined $1.42 million and consented to the permanent ban.”

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Jay Jorgensen’s Next Adventure

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From 2012 – 2018, Jay Jorgensen led Walmart’s Global Ethics and Compliance team. From my perspective, Jay is one of the most genuine, articulate, and experienced voices in the compliance space and he has long been a friend of the FCPA Professor website (see here for his prior guest post).

Jay recently relocated to Seoul, South Korea to become General Counsel and Chief Compliance Officer of Coupang, one of the world’s largest and fastest growing e-commerce companies. (See here for the release).

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