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Additional Issues To Consider From The Goldman Enforcement Action

By on October 29, 2020 in Financial Services Industry, Goldman Sachs, Gray Cloud, Monitor
Issues

This prior post highlighted the net $1.66 billion Foreign Corrupt Practices Act enforcement action against Goldman Sachs and a related entity.

This prior post posed the question, based on the government’s allegations, what should happen when compliance is decent (and often good), but not great? The prior post also highlighted how the Goldman enforcement action was much different than certain other top ten FCPA enforcement actions.

This prior post discussed various developments related to the Goldman FCPA enforcement action.

This post continues the analysis by highlighting additional issues to consider from the enforcement action.

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Regarding Monitors …

By on September 11, 2020 in Monitor
Monitoring

Some things written about the Foreign Corrupt Practices Act and related topics in recent years are nothing short of bewildering. In certain instances, there seems to be little understanding of context and little regard for actual facts.

As highlighted below, a recent example is this recent Forbes article by Robert Anello (a lawyer at Morvillo Abramowitz Grand Iason & Anello) titled “Who Watches the Store? Drastic Decline of Corporate Monitors Under Trump.”

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Potpourri

By on August 13, 2020 in Biomet, Books and Records, FCPA Inc., FCPA Sentences, Internal Controls, KBR, Media Reporting, Media Reporting About the FCPA, Monitor, Zwi Skornicki
Potpourri

Deficient FCPA Reporting

In this New York Times article, journalists once again demonstrate their deficient FCPA knowledge. In reference to Microsoft’s possible purchase of TikTok and the potential of the U.S. Treasury receiving a portion of the sale, the article states: “In essence, the president is promising to orchestrate the kind of pay-to-play bounty that the United States prohibits companies from making to governments of other countries under the Foreign Corrupt Practices Act.”

However, the FCPA does not prohibit business organizations from providing things of value to foreign governments – just foreign officials. As stated in the U.S. government FCPA Guidance “”The FCPA prohibits payments to foreign officials, not to foreign governments.”

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Friday Roundup

By on April 17, 2020 in Andres Truppel, COVID-19, Eberhard Reichert, ENI, FCPA Sentences, Larry Puckett, Monitor
Roundup

30 minute sentence, scrutiny alert, monitors, and silly. It’s all here in the Friday roundup.

30 Minute Sentence

As highlighted here, Larry Puckett, one of several individuals associated with Alstom who was criminally charged in connection with an Indonesian bribery scheme, was recently sentenced. Puckett pleaded guilty, cooperated with the DOJ for many years, and testified for the government at the 2019 Hoskins trial.

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Friday Roundup

By on April 10, 2020 in CHS, CHS Inc., Embraer, FCPA Appeals, Foreign Official, Foreign Officials, Joseph Baptiste, Monitor, Roger Boncy
Roundup

Not true, DOJ appeal, scrutiny alert, and monitor extended. It’s all here in the Friday roundup.

Not True

In this recent Trace International sponsored podcast about the 2014 Esquenazi decision, Bill Steinmen (Senior Editor at the FCPA Blog) asserts that the FCPA’s “legislative history doesn’t really shed any light” on the meaning of “instrumentality” in the FCPA.

Not true.

There is much information in the FCPA’s legislative history relevant to the issue of whether Congress intended the phrase “instrumentality” in the “foreign official” definition to cover state-owned or state-controlled enterprises (“SOEs”).

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