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Money Laundering: A Changing Paradigm
When government officials speak, those regulated by them should listen carefully. Over the past several months there has been a slew of public pronouncements that should put financial institutions on edge. Enhanced enforcement of the Foreign Corrupt Practices Act (FCPA) is now migrating into the financial sector and linking up with anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance requirements.
Item: The Financial Industry Regulatory Authority (FINRA) wrote to securities industry executives last March to “highlight new and existing areas of particular significance to FINRA's examination program for 2009,” warning them to reassess their firms' compliance and supervisory programs with special attention to AML and the FCPA. The letter concludes: “We hope that by sharing these areas of potential examination focus and other developments, your Firm will be well armed to assess your compliance operations, internal controls and supervisory systems.” http://www.finra.org/web/groups/industry/@ip/@reg/@guide/documents/industry/p118113.pdf
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The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.