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    Dec. 18, 2024

2024 in Review: International Cooperation Continues to Drive ABAC Enforcement

Over the past decade, prosecutors in the U.K., France, Switzerland and elsewhere have taken significant strides to catch up to the efforts of the DOJ and SEC to hold both companies and individuals accountable for foreign bribery. With the U.S. once again on the precipice of significant changes at the highest levels of government, one of the biggest themes at this month's the American Conference Institute International Conference on the FCPA (ACI Conference) was the strength – and necessity – of cross-border enforcement efforts. While the future is uncertain, foreign authorities are poised to carry the torch forward with or without the U.S. This article summarizes the current state of international cooperation, through the eyes of U.S. and foreign enforcers at the conference, as well as defense counsel who spoke directly to the Anti-Corruption Report, and offers predictions of what is to come with the changing of the guard. See “Structure and Operations of the New European Public Prosecutor’s Office” (Feb. 2, 2022).

Fielding for Five Rings: Bribery and Corruption Risk in India’s Sports, Media and Entertainment Sectors

In August 2024, Indian Prime Minister Narendra Modi announced his country’s ambition to bid for the 2036 Summer Olympics. As India advances its ambitions on the global stage, the spotlight intensifies on its sports, media and entertainment industry — a sector integral to the country’s cultural fabric and its economic future. For companies intending to operate in this arena in India, understanding the current landscape of domestic and international anti-bribery and anti-corruption issues is crucial. This first installment in a two-part article series provides insights into the challenges the sports, media and entertainment industry face in India. Part Two will outline strategies to promote transparent and ethical practices to ensure a sustainable and compliant future in this field. See “‘Quid Pro Quote’ and Other Corruption Risks in the Sports, Media and Entertainment Industry” (Mar. 30, 2022).

Raytheon’s $950‑Million Settlement: Unlocking the Compliance Opportunities in Multiple Monitorships

Raytheon Company (Raytheon) and its parent company, RTX Corporation, recently entered into settlement agreements with several federal agencies with the hefty price tag of $950 million in fines and disgorgement. However, the biggest news was that the companies must retain multiple compliance monitors to ensure that they are following through on the promises they made in the settlements. Imposition of a monitor is a feared outcome for many companies subject to federal investigation as monitors are both expensive and invasive. Yet, they can provide an opportunity: a chance to refresh and elevate a corporate compliance program without much in the way of pushback from money crunchers, naysayers or other internal stakeholders. The first article in this two-part series laid out the many moving pieces that made up the whole of Raytheon’s settlement. This second part shifts focus to the monitorships and the lessons learned from the resolutions for companies in the aerospace and defense industries. See “How to Build a Sustainability Plan After Settling With the DOJ” (Nov. 6, 2024).

Telefónica Venezolana Settlement Highlights the Risks of Operating in Volatile Economies

Telefónica Venezolana C.A., the Venezuelan subsidiary of Spanish telecom group Telefónica S.A., has settled allegations from the DOJ that it paid officials to get preferential access to hard currency, a precious commodity in Venezuela, necessary to keep business operations going. A range of factors fed into the penalty sum, including the company’s remediation efforts, cooperation with investigators and a previous bribery issue with a different Latin American subsidiary. This article summarizes the bribery scheme, the company’s remediation efforts and what lessons other companies should take away. See “Venezuela Presents High Risk for Foreign Companies” (Sep. 27, 2023).

Emojis and Video Communications: The Next Frontier of SEC Scrutiny?

Three years and well over $3 billion in fines into the SEC’s sweep of off-channel communications, the financial services industry is reeling at the intensity of the regulator’s scrutiny. The SEC’s unrelenting efforts are causing heightened concerns and paranoia about the next areas likely to be targeted. This first article in a two-part series offers an overview of the SEC’s ongoing scrutiny of off-channel communications to date, and contemplates why emojis and video communications may be areas targeted by the Commission and other regulators in the future based on recent comments and legal developments. The second article will identify challenges that emojis and video communications present for advisers attempting to record, retain and monitor those forms of technology, and suggest how advisers can bolster their corresponding compliance efforts. See “Crafting Effective Mobile Device Policies to Satisfy Regulatory Expectations” (May 8, 2024).

McGuireWoods Strengthens White-Collar Practice by Adding Partner Duo in D.C.

McGuireWoods has welcomed two partners, Steven McCool and Julia Coleman, to its Washington, D.C., office in the government investigations and white collar litigation department. Both attorneys join from McCool Law and represent companies and individuals in matters related to the FCPA; export controls; money laundering; and bank, securities, government contracting, mortgage and other accounting fraud. For insights from McGuireWoods, see “As the U.K. Bribery Act Turns Seven, Experts Take Its Pulse” (Jul. 25, 2018).

International Regulatory Partner Joins Troutman Pepper’s D.C. Office

Pete Jeydel has joined Troutman Pepper as a partner to lead the firm’s sanctions and trade controls team, based in Washington, D.C. He arrives from Steptoe.

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Spotlight on Trailblazing Women

To mark International Women’s Day 2024, women editors and reporters of ION Analytics interviewed outstanding women in the industries and jurisdictions we cover. In this part, Jill Abitbol, Managing Editor of the Cybersecurity Law Report and Anti-Corruption Report, features notable women in data privacy, cybersecurity, white collar defense, compliance and anti-corruption law, including Christina Montgomery, Leslie Shanklin, Palmina Fava, Alexandra Ross and Lucinda Low. Enjoy reading their inspiring remarks here.