The Financial Crimes Enforcement Network has put up a page dedicated to their pending rulemakings: FinCEN Pending Rulemakings. Read more »
Are Sovereign Wealth Funds State-Owned Enterprises?
Steve Tyrrell, Chief of the Fraud Section in DOJ’s Criminal Division, has observed that the DOJ may treat employees of sovereign wealth funds as government officials for purposes of the FCPA Sovereign wealth funds have been playing a larger role in the domestic securities markets as companies search for increasingly scarce supplies of capital. Mr. … Read more »
Who Is a Foreign Official After the Government Bailout of Financial Instiutions?
We have all read about the bailout of US financial institutions by the US government. This is not happening in other countries. This complicates the analysis under the Foreign Corrupt Practices Act. As Joel M. Cohen, Michael P. Holland, and Adam P. Wolf of Clifford Chance examined in Under the FCPA, Who Is a Foreign … Read more »
KMPG Survey Shows Lack of FCPA Due Diligence
KPMG Forensic released aurvey of 103 U.S. executives with FCPA duties. The survey found: only one-third of respondents reported having an adequate due diligence process, and 27% said such compliance was only “minimal.” The survey also found that while 40% of companies include anti-corruption certifications in their normal business dealings, most of those companies apply … Read more »
The Dangers of Bribery
The downfall of local politician can cast a shadow of filth across your company. Here in Boston, state Senator Diane Wilkerson was arrested for public corruption. In an editorial in the Boston Globe, the newspaper noted that Wilkerson’s arrest raised suspicions about real estate developments in her district that she aggressively supported: The Grimy Side … Read more »
Blogging / Social Internet Policy
A variation of this post was originally published on my old blog: KM Space. When employees create their own blogs, comment on a blog, create a LinkedIn profile, use Facebook and/or contribute to or through any of the other online media (i.e., Wikis, blogs, chat rooms, Internet forums, electronic mailing lists, etc.) they are impacting … Read more »
Avon Fall-Out
We are starting to see some of the fall-out from the Avon FCPA investigation [Ding Dong, FCPA Calling]. The Wall Street Journal [Regulators Detained by China in Probe] and Reuters [China probe may curb foreign deals: sources] are both reporting the detention of two officials from the Commerce Ministry. The Wall Street is reporting that … Read more »
Military Whistleblowers Get Little Help
The AP released a story describing the poor performance of the Department of Defense Inspector General’s Office: Whistle-blowers get little help if punished. The inspector general’s office rejected claims of retaliation and stood by the military in more than 90 percent of nearly 3,000 cases during the past six years. More than 73 percent were … Read more »
Policy Lifecycles
Sumner Blount of CA puts together his thoughts on the lifecycles of policies:Policy Lifecycles: The Foundation for a Unified GRC Approach. As you can easily see, it’s a constant feedback loop, where policies are devised, controls are created and tested, and risks adjusted based on the success of those controls. Read more »
Top Ranked Codes of Conduct
Ethisphere ranked 50 Codes of Conduct. According to Ethisphere, here are some of the best: Cisco’s Code of Business Conduct “An attractive Code that passes with flying colors. Only areas that could be improved are the non-retaliation and reporting sections, and the 13,000 word length.” Alltel Wireless Ethics Policy “Excellent supportive learning aids and good … Read more »