4 Nov 2014
Last week the SEC settled charges against Layne Christensen for various violations of the FCPA. While a relatively unremarkable case at first glance, the SEC’s charges against Layne Christensen reflect a troubling approach by enforcement agencies to disregard the “business nexus element” of the FCPA’s anti-bribery provisions. These recent practices appear to contradict the Fifth Circuit’s opinion in United States v. Kay and create greater uncertainty as to the scope of the statute.
20 Oct 2014
The third quarter of 2014 was marked by the issuance and then significant expansion of U.S. and E.U. sanctions targeting specific sectors of the Russian economy. These sectoral sanctions complement ongoing efforts by both jurisdictions to identify and designate persons contributing to the ongoing instability in eastern Ukraine.
25 Aug 2014
New sanctions targeting Russia have been implemented in the US, EU and Japan. Although the consequences of breaching the sanctions are severe, navigating the rules is not straightforward. Transactions and business lines will need to be reconsidered in light of the complex rules to which they may be subject. This client publication highlights the key issues and differences in the US, EU and Japanese rules that companies should understand.
21 Jul 2014
Shearman & Sterling’s bi-annual Trends and Patterns report provides insightful analysis of recent enforcement trends and patterns in the US, the UK, and elsewhere as well as helpful guidance on emerging best practices in FCPA and global anti-corruption compliance programs. While the first half of 2014 brought relatively fewer corporate enforcement actions, higher than average penalties, increased individual prosecutions, and several developments in ongoing cases have provided insights into evolving enforcement trends.
9 Jul 2014
The headline for the second quarter is, of course, the United States’ enforcement action against Bank BNP Paribas and its breathtaking penalty of $8.9 billion, tied to the allegedly intentional evasion of the US sanctions programs for Sudan and, to a lesser extent, Iran and Cuba. This settlement capped off a series of enforcement actions by US authorities against a variety of actors stemming from violations of all sizes.
2 Jun 2014
Earlier today, the Comptroller’s Office in Brazil, Controladoria-Geral da União (“CGU”), issued a sweeping directive barring government officials from accepting offers to attend or participate in the upcoming 2014 FIFA World Cup events set to begin in Brazil on June 12, 2014.
25 Apr 2014
The US Treasury’s Office of Foreign Assets Control (OFAC) and Carlson Wagonlit Travel (i.e., CWT B.V.), a Netherlands-based company, have agreed to settle violations of the Cuban Assets Control Regulations (CACRs) dating back to as early as August 2006.
3 Apr 2014
The first quarter of 2014 opened with a continued focus on Iran, as US authorities somewhat contradictorily took steps both to ease certain Iranian sanctions, as agreed under the Joint Plan of Action, and to target a number of additional Iranian persons under existing sanctions.
1 Apr 2014
Both the United States and the European Union have issued calibrated Ukraine-related sanctions as a direct response to the recent political upheaval in Ukraine.
7 Jan 2014
As 2013 drew to a close, a potentially groundbreaking agreement was reached with Iran regarding its nuclear program, leading to much speculation about how certain sanctions might be suspended, and under what conditions.