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Money Laundering Charges Against Former Insurance Corp. of Barbados Executives Unsealed

innestasker

As highlighted in this prior post, in August 2018 the DOJ quietly released a so-called declination with disgorgement letter concerning Insurance Corporation of Barbados Ltd. (ICBL).

Pursuant to the agreement, ICBL agreed to pay approximately $94,000 for alleged bribes to a Barbadian government official in exchange for insurance contracts. As noted in the prior post, Donville Inniss (the “foreign official”) was charged with money laundering offenses.

In an August 2018 superseding indictment recently unsealed by the DOJ, Ingrid Innes (a Canadian citizen, resident of Barbados and former CEO of ICBL) and Alex Tasker (a citizen and resident of Barbados and former senior VP of ICBL) were also charged – not with FCPA anti-bribery violations – but with money laundering offenses. (For media coverage see here, for the DOJ’s release see here).

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DOJ Quietly Releases “Declination With Disgorgement” Letter Agreement Concerning Insurance Corp. Of Barbados Ltd.

icbl

Yesterday, the DOJ quitely posted to its FCPA website this “declination with disgorgement” letter concerning Insurance Corporation of Barbados Limited (ICBL).

Pursuant to the agreement, ICBL agreed to pay approximately $94,000 to the U.S. for alleged bribes to a Barbadian government official in exchange for insurance contracts.

The full text of the DOJ’s letter to ICBL’s counsel (Adam Siegel – Freshfields Bruckhaus Deringer) is as follows.

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Friday Roundup

Roundup

Scrutiny alerts and updates, charged, it needs to stop, and my answer. It’s all here in the Friday roundup.

Scrutiny Alerts and Updates

Plantronics/Polycom

In March 2018, Plantronics (an audio communications company) announced that it entered into a definitive agreement by which it would acquire Polycom in a cash and stock transaction valued at $2.0 billion. The transaction closed in early July and recently Plantronics disclosed:

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