The Justice Department announced today the filing of civil forfeiture complaints seeking the forfeiture and recovery of approximately $38 million in assets allegedly associated with an international conspiracy to launder funds misappropriated from 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund. Combined with civil forfeiture complaints filed in July 2016 seeking more than $1 […]
Read MoreRolls-Royce in £671m Bribery Settlement
Rolls-Royce has agreed to pay £671m to settle bribery and corruption cases with UK and US authorities. The aerospace firm is set to pay £497m plus costs to the Serious Fraud Office (SFO), which started investigating claims in 2012 of wrongdoing overseas. At the time, the SFO asked the firm for information about possible bribery […]
Read MoreDEPARTMENT OF JUSTICE PRIORITIZES PROSECUTION OF INDIVIDUALS
The US Department of Justice (“DOJ”), in a memorandum issued to all federal prosecutors on Wednesday September 9, 2015, directed prosecutors to focus on seeking accountability from culpable individuals in their investigations of corporate wrongdoing. Additionally, the memorandum emphasized that corporations would be required to provide evidence concerning the individuals responsible for wrongdoing, and would […]
Read MoreUS Justice Department seeks to seize $1 Billion in Uzbekistan Telecoms scandal
The DoJ has moved to seize around $1 Billion in assets in the Uzbekistan telecoms scandal. It is alleged that VimpelCom and MTS, based in Russia, and TeliaSonera of Sweden gave bribes to secure a 3G mobile network in Uzbekistan. The Department of Justice has asked several European countries last week to freeze about $1 […]
Read MoreFIFA RACKETEERING INDICMENT COULD CAUSE CONCERN FOR BANKS
The US Department of Justice’s (“DOJ”) FIFA indictment may require certain banks to review any of their FIFA-related transactions, as well as test their compliance policies and procedures relating to compliance with know-your-customer and anti-money laundering laws. Background a detailed review of the 161-page FIFA indictment, unsealed on May 27, 2015, names 26 banks whose […]
Read MoreForeign Banks and Bankers Face New Risks From Swiss Bank Amnesty
The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad. Since that presentation, the US Department of Justice (DOJ) has announced the first Non-Prosecution Agreement (NPA) with BSI, SA, (BSI) one of Switzerland’s largest banks, under its Swiss Bank Program. The NPA illuminates the Swiss banking community’s struggle to comply with […]
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