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Penalty Box – How Sanctions Trap Policymakers

Gibson Dunn associate Eric Lorber and Peter D.

Client Alert | June 6, 2014

China Adopts Fundamental Changes in Foreign Exchange Control

After a public consultation period of three months, the PRC State Administration of Foreign Exchange ("SAFE"), China's foreign exchange control authority, issued the Foreign Exchange Administration Rules on Cross-border Guarantees (the "New Rules") on May 19, 2014.

Client Alert | May 20, 2014

Speaking a Common Language with Latin America: Economics

The following article written by Gibson Dunn partner Jose W. Fernandez appears in the Spring 2014 issue of Americas Quarterly, the journal of the Council of the Americas.  It argues that improving U.S.-Latin American relations means deepening already strong economic and historical ties rather than pursuing dramatic new initiatives.  Mr. Fernandez joined the firm's New York office in 2013 after serving for nearly four years at the State Department, where he was appointed Assistant Secretary of State for Economic, Energy and Business Affairs in 2009.

Client Alert | May 1, 2014

2013 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements (Part 2)

Washington, D.C. partner Joseph Warin and associates Brendan Fleming and J. Matt Williams are the authors of "2013 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements (Part 2)" [PDF] published in the May 2014 issue of Westlaw Journal's White Collar Crime.Part 1 of this article was published in April 2014 (http://www.gibsondunn.com/publications/Pages/2013-Year-End-Update-on-Corporate.aspx).

Client Alert | May 1, 2014

White House, European Union Announce Additional Ukraine-Related Sanctions Designations

In the Obama Administration's latest response to the ongoing crisis in Ukraine, the Office of Foreign Assets Control ("OFAC") at the U.S.

Client Alert | April 29, 2014

The Department of Defense Issues New Regulations Regarding Security Clearances for Companies with Foreign Ownership

On April 9, 2014, the Department of Defense ("DoD") issued an interim final rule creating a new section of the Code of Federal Regulations ("CFR") covering the National Industrial Security Program ("NISP").  These new regulations are solely focused on the Defense Security Service's ("DSS") evaluation of foreign ownership, control, or influence ("FOCI").

Client Alert | April 11, 2014

2013 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements (Part 1)

Washington, D.C. partner Joseph Warin and associates Brendan Fleming and J. Matt Williams are the authors of "2013 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements (Part 1)" [PDF] published in the April 2014 issue of Westlaw Journal's White Collar Crime.

Client Alert | April 1, 2014

President Obama Signs Third Executive Order Blocking Property of Additional Persons Contributing to the Situation in Ukraine and Targeting Certain Russian Economic Sectors

On March 20, 2014, President Obama, responding to the ongoing crisis in Ukraine, signed an Executive Order "Blocking Property of Additional Persons Contributing to the Situation in Ukraine." ("Third Ukraine E.O." or "E.O.").  The text of the E.O.

Client Alert | March 25, 2014

President Obama Signs Executive Order Blocking Property of Additional Persons Contributing to the Situation in Ukraine and Designates Russian and Former Ukrainian Officials

In continued response to the ongoing crisis in Ukraine, on March 17, 2014, President Obama signed an Executive Order "Blocking Property of Additional Persons Contributing to the Situation in Ukraine." ("Second Ukraine E.O." or "E.O.").  The text of the E.O.

Client Alert | March 18, 2014

President Obama Signs Executive Order Targeting Persons Threatening Peace, Sovereignty, and Territorial Integrity of Ukraine; European Union Sanctions Former Ukrainian Leaders

In response to the ongoing crisis in Ukraine, on March 6, 2014, President Obama signed an Executive Order "Blocking Property of Certain Persons Contributing to the Situation in Ukraine" ("Ukraine E.O." or "E.O.").  The text of the E.O.

Client Alert | March 10, 2014

National Security Implications of Foreign Investment in U.S. Government Contractors Edition/II

Washington, D.C. partners Joseph West and Judith Lee, New York partner Jose Fernandez, and Washington, D.C. associates Annie Yan and Sarah Gleich are the authors of "National Security Implications of Foreign Investment in U.S.

Client Alert | March 3, 2014

Around the World: Clash of the Sanctions

Washington, D.C. partner Judith Lee, London partner Patrick Doris and London associate Mark Handley are the authors of “Around the World: Clash of the Sanctions” [PDF] published in the March 2014 issue of the LexisNexis Antitrust Report.

Client Alert | March 3, 2014

U.S. Developments in Virtual Currencies: FinCEN Administrative Rulings and New York Department of Financial Services Hearings

Last month, there were two important developments with respect to the regulation of virtual currencies like Bitcoin.  On January 30th, the Financial Crimes Enforcement Network (FinCEN) issued two administrative rulings, which provided further interpretive guidance about when virtual currency-related conduct will cause an entity to qualify as a "money services business" (MSB) subject to the requirements of the U.S.

Client Alert | February 12, 2014

2013 Year-End Sanctions Update

The year 2013 saw vigorous enforcement activity in connection with the increasingly restrictive sanctions, particularly with respect to Iran.  Enforcement of the sanctions in the United States and the European Union has been accompanied by at times very significant penalties.  The flurry of activity towards the end of the year focused on multilateral efforts to address Iran's nuclear program, leading to in questions concerning the prospects for eased Iran sanctions, the nature and duration of any relaxed sanctions, and possible legislative actions jeopardizing the efforts.This update reviews sanctions developments in the United States, European Union and the United Kingdom in 2013 and assesses what the experiences in 2013 suggest about how business practices might evolve to adapt

Client Alert | February 6, 2014

Webcast – 2013 Year-End Sanctions Update

​This 90 minute briefing provides an update on the extraordinary events of 2013 with respect to economic and trade sanctions. The content of this year's briefing has been expanded to cover sanctions in the European Union and United Kingdom, as well as United States sanctions administered by the Office of Foreign Assets Control ("OFAC"), and includes particular emphasis on recent developments and emerging issues that affect in-house counsel, compliance personnel, directors and senior executives.

Webcasts | February 4, 2014

Bitcoin arrest shows risk of virtual currency

Washington, D.C. partner Judith Lee is the author of "Bitcoin arrest shows risk of virtual currency" [PDF] published in the February 3, 2014 issue of the Los Angeles Daily Journal.

Client Alert | February 3, 2014

China’s AIC: A Familiar Face Now on the Global Anti-Corruption Map

Washington, D.C. of counsel Daniel Chung and New York associate William Han are the authors of "China's AIC: A Familiar Face Now on the Global Anti-Corruption Map" [PDF] published in the January 17, 2014 edition of Bloomberg BNA's Antitrust & Trade Regulation Report.

Article | January 17, 2014

Guidance for Financial Institutions on the Risks and Threats of Virtual Currency

On November 18, 2013, the U.S. Senate Committee on Homeland Security and Governmental Affairs held a hearing on the potential risks of virtual currencies.

Client Alert | January 16, 2014

India Eases Restrictions on Instruments with Put and Call Options as an Exit Mechanism for Foreign Investors

Pursuant to a notification dated November 12, 2013 and a subsequent circular dated January 9, 2014 ("RBI Notification"), the Reserve Bank of India ("RBI") has legalized the use of call options and put options as an exit mechanism for foreign investors.

Client Alert | January 16, 2014

Mexican Energy Reform: New Investment Opportunities Ahead

Since his inauguration in December 2012, Mexico’s President Enrique Peña Nieto has moved to liberalize and strengthen his country’s economy, with an emphasis on telecommunications, tax and financial reforms.

Client Alert | January 9, 2014

Will Africa Be Lit By “BITs”?

The South African government may well have been surprised when Italian mining companies launched legal action challenging mining legislation aimed at addressing certain historical injustices in South African society - measures that were taken to promote human rights.

Client Alert | January 8, 2014

2013 Year-End Update on Corporate Non-Prosecution Agreements (NPAs) and Deferred Prosecution Agreements (DPAs)

Since their emergence in the early 1990s, and especially in the past decade, Non-Prosecution Agreements (“NPAs”) and Deferred Prosecution Agreements (“DPAs”) (collectively, “agreements”) have become embedded in the toolbox of U.S.

Client Alert | January 7, 2014

2013 Year-End FCPA Update

2013 marked another year of vigorous international anti-corruption enforcement. Gibson Dunn provides a comprehensive look at developments and trends.

Client Alert | January 6, 2014

Iran Nuclear Agreement Reached

On November 24, 2013, the P5+1 successfully concluded negotiations with Iran on a Joint Plan of Action (hereinafter “the interim agreement”) to limit Iran’s nuclear activities and suspend certain United States and European Union sanctions on the country.  Both sides are now working towards a comprehensive agreement that would further limit Iran’s nuclear activities and significantly unwind U.S.

Client Alert | December 5, 2013

Bridge to Somewhere: Helping U.S. Companies Tap the Global Infrastructure Market

The following article written by Gibson Dunn partner Jose W.

Client Alert | November 26, 2013

Clash of the Sanctions

What should a company do when an entity on the E.U.'s sanctions lists for Iran successfully challenges its inclusion on that list, but remains on the U.S.'s OFAC List of Specially Designated Nationals and Blocked Persons (the "SDN List")?

Client Alert | September 23, 2013

Indian Government Amends Foreign Direct Investment Policy

The Government of India ("Government") has approved several amendments to India's consolidated foreign direct investment policy ("FDI Policy"). These amendments are effective as of August 22, 2013.

Client Alert | August 29, 2013

2013 Mid-Year Sanctions Update

The first part of 2013 saw continuing vigorous sanctions activity, particularly in connection with Iran.  This article reviews sanctions developments in the United States, the European Union and the United Kingdom during the first half of 2013 in regulatory and legislative matters and enforcement.OFAC SANCTIONSI.    LEGISLATION            A.    Iran Freedom and Counter-Proliferation Act of 2012 (IFCA)On January 2, 2013, President Obama signed into law the Iran Freedom and Counter-Proliferation Act of 2012 as a subtitle in the National Defense Authorization Act for Fiscal Year 2013.  As set forth below, the IFCA expands the targets for U.S.

Client Alert | August 21, 2013

2013 Mid-Year Update on Corporate Deferred Prosecution Agreements (DPAs) and Non-Prosecution Agreements (NPAs)

Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") (collectively, "agreements") continue to be a consistent vehicle for prosecutors and companies alike in resolving allegations of corporate wrongdoing.  In the two decades since their emergence as an alternative to the extremes of indictment and outright declination, DPAs and NPAs have risen in prominence, frequency, and scope.  Such agreements are now a mainstay of the U.S.

Client Alert | July 9, 2013

2013 Mid-Year FCPA Update

Significant FCPA developments continued apace during the first six months of 2013.  After a relative downtick in 2012, the first half of 2013 saw criminal enforcement of the statute return to the robust levels of recent years.  With approximately 60 devoted prosecutors and enforcement attorneys, whose efforts are frequently supplemented by their colleagues in the U.S.

Client Alert | July 8, 2013

President Obama Issues New Executive Order on Iranian Sanctions

On June 3, 2013, President Obama signed Executive Order 13645 ("E.O."), "Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions with Respect to Iran." (Available here.) Concurrently with the issuance of the E.O., the Office of Foreign Assets Control ("OFAC") published Frequently Asked Questions about the E.O.

Client Alert | June 27, 2013

SEC Issues FAQs On Conflict Minerals and Resource Extraction Rules

On May 30, 2013, the SEC’s Division of Corporation Finance issued 12 Frequently Asked Questions (“FAQs”) on its conflict minerals rules (Exchange Act Section 13(p), Rule 13p-1 and Item 1.01 of Form SD), which are detailed in our client alert available here.  The full set of FAQs is available here.  The SEC also issued nine other FAQs relating to the SEC’s resource extraction rules (Exchange Act Section 13(q), Rule 13q-1 and Item 2.01 of Form SD), which were adopted at the same time as the conflict minerals rules and require resource extraction issuers to disclose certain payments made to governments for the commercial development of oil, natural gas or minerals.  Those FAQs are available here.  Several of the FAQs will be particularly useful to co

Client Alert | June 3, 2013

Letting Iran Off the Hook

London partner Patrick Doris and associate Mark Handley are the authors of “Letting Iran Off the Hook” [PDF] published by The Lawyer on April 1, 2013.

Client Alert | April 1, 2013

2012 Year-End Sanctions Update

The year 2012 saw vigorous activity in the creation and implementation of increasingly restrictive sanctions, particularly with respect to Iran.  Enforcement of the sanctions has been accompanied by at times very significant penalties.This update reviews sanctions developments in the United States, European Union and the United Kingdom in 2012 in four areas -- legislation, Executive Orders, regulatory developments, and enforcement -- and assesses what the experiences in 2012 suggest about how business practices might evolve to adapt to current sanctions.OFAC SANCTIONSI.  LegislationDuring 2012 the United States enacted some of its most restrictive sanctions, isolating Iran with trade barriers similar to those imposed on Cuba, to devastating effect.  Augmented sanctions

Client Alert | March 13, 2013

Welcome to the United States? New York Federal Court Issues Pair of Important FCPA Rulings Regarding Foreign Business Executives

In the past two weeks, Judges Richard J. Sullivan and Shira A. Scheindlin of the United States District Court for the Southern District of New York separately issued important rulings in civil Foreign Corrupt Practices Act ("FCPA") cases against foreign executives of non-U.S.-based companies whose stock is traded on a U.S.

Client Alert | February 28, 2013

The Global Reach of American Criminal Law

Washington, D.C. partner F. Joseph Warin is co-author of “The Global Reach of American Criminal Law” [PDF] written in February 2013.

Client Alert | February 25, 2013

Section 13(r) of the Securities Exchange Act of 1934: Disclosure Guidance for Public Companies

Gibson Dunn, in conjunction with seven other law firms, has issued guidance on New Section 13(r) Disclosures: Eight Law Firm Consensus Report Gibson Dunn's lawyers are available to assist in addressing any questions you may have about these developments.

Client Alert | February 7, 2013

2012 Year-End Update on Corporate Deferred Prosecution Agreements (DPAs) and Non-Prosecution Agreements (NPAs)

"Over the last decade, DPAs [Deferred Prosecution Agreements] have become a mainstay of white collar criminal law enforcement," Lanny Breuer, the head of the U.S.

Client Alert | January 3, 2013

2012 Year-End FCPA Update

The whispers have begun. By comparison to the blistering pace set in recent years, FCPA prosecutions were down in 2012 (though still far higher than in any of the first 30 of the statute's 35-year existence).

Client Alert | January 2, 2013

What Public Companies Need to Know about Broadened Sanctions and New SEC Reporting Requirements under the Iran Threat Reduction and Syria Human Rights Act

The Iran Threat Reduction and Syria Human Rights Act (the "Threat Reduction Act"), enacted on August 10, 2012, imposes new liabilities on U.S.

Client Alert | December 19, 2012

Myanmar Adopts New Foreign Investment Law

After a period of intense political wrangling and lengthy delays, on 2 November 2012 the President of Myanmar signed into effect a new foreign investment law (the FIL) to replace the previous foreign investment law enacted in 1988.  The new FIL comes at a time of momentous political and economic change within Myanmar that has seen the country move at an unprecedented pace in rejoining the international community after decades of isolation.  Following is a summary of the key provisions of the FIL based on an unofficial translation made available to us, concluding with a brief assessment of the reception the law has received in the foreign investment community.Pertinent AuthoritiesThe FIL designates the Myanmar Investment Commission (the MIC) as the principal government organ for a

Client Alert | November 20, 2012

Decoding FCPA Enforcement: The U.S. Government Issues Comprehensive Guidance on the Foreign Corrupt Practices Act

On November 14, 2012, the U.S. Department of Justice ("DOJ") and the U.S. Securities and Exchange Commission ("SEC") jointly issued A Resource Guide to the U.S.

Client Alert | November 19, 2012

Indian Government Liberalizes the Aviation, Broadcasting and Power Sectors

The Government of India ("Indian Government") has approved a number of significant amendments to India's foreign direct investment ("FDI") policy in a variety of sectors including aviation, broadcasting, power and retail.

Client Alert | October 1, 2012

Indian Government Liberalizes Foreign Direct Investment in the Retail Sector

The Government of India ("Indian Government") has approved a number of far-reaching amendments to India's foreign direct investment ("FDI") policy in the retail sector through the issuance of Press Note 4 of 2012 and Press Note 5 of 2012, each dated September 20, 2012.

Client Alert | September 28, 2012

Conflict Minerals: Understanding the SEC’s Final Rules

At an open meeting held on August 22, 2012, the Securities and Exchange Commission (“SEC”) voted to approve final rules regarding disclosure and reporting requirements with respect to the use of “conflict minerals” to implement Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).  The final rules were adopted by a vote of 3 to 2, with Commissioners Paredes and Gallagher dissenting.  The adopting release containing the final rules is available here.

Client Alert | September 14, 2012

SEC Adopts Conflict Minerals Rules

The Securities and Exchange Commission ("SEC" or "Commission") on August 22, 2012 adopted final rules regarding disclosure and reporting requirements with respect to the use of "conflict minerals" to implement Section 1502 of the Dodd-Frank Act.  The final rules were adopted by a vote of 3 to 2, with Commissioners Paredes and Gallagher dissenting.   The 356 page adopting release containing the final rules is available here.  Gibson Dunn will issue a more extensive client alert in the near future with a more detailed discussion and analysis of the rules.  However, from the discussion at the Commission meeting and a Commission briefing paper, we note a few significant points: The final rules apply to any issuer that files repor

Client Alert | August 23, 2012

New Iran Sanctions Legislation: Tighter Restrictions on Indirect Dealings and Enhanced Reporting Obligations

On Friday, August 10, 2012, President Obama signed the Iran Threat Reduction and Syria Human Rights Act (the "Act"), greatly expanding the scope of Iran sanctions.  According to Representative Ileana Ros-Lehtinen, a principal proponent, the Act "seeks to tighten the chokehold on the regime beyond anything that has been done before."  Among its most important provisions, the Act places tighter restrictions on U.S.

Client Alert | August 14, 2012

2012 Mid-Year OFAC Update

The first half of 2012 saw the Office of Foreign Assets Control ("OFAC") within the United States Department of Treasury continue enforcement of U.S. sanctions laws and issue a flurry of new regulations and guidelines.

Client Alert | July 27, 2012

2012 Mid-Year Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") (collectively, "agreements") in recent years have become a primary tool of the U.S.

Client Alert | July 10, 2012

2012 Mid-Year FCPA Update

As the Foreign Corrupt Practices Act ("FCPA") turns 35 years old, the spike in enforcement activity that we first observed five years ago appears (at least for the moment) to be leveling off.  Nevertheless, numerous developments this year bespeak a statute that is maturing rather than falling into obscurity:  the first sustained pattern of trial activity; increasing "private attorney general" enforcement; and serious policy debates between industry, executive, and legislative interests leading up to much-anticipated statutory guidance from government regulators.  The first half of 2012 was packed with important FCPA developments.  This client update provides an overview of the FCPA and a survey of FCPA enforcement, litigation, and legislative develop

Client Alert | July 9, 2012

President Obama Signs Order Targeting “Foreign Sanctions Evaders”

On May 1, 2012, President Obama signed Executive Order 13608 "Prohibiting Certain Transactions With and Suspending Entry Into the United States of Foreign Sanctions Evaders With Respect to Iran and Syria" ("FSE E.O.").[i] The FSE E.O.

Client Alert | June 7, 2012

Mobile Remittances and Dodd-Frank: Reviewing the Effects of the CFPB Regulations

Los Angeles associate Colin C. Richard is the author of "Mobile Remittances and Dodd-Frank: Reviewing the Effects of the CFPB Regulations," published in the Pittsburgh Journal of Technology Law & Policy, April 2012.

Client Alert | April 20, 2012

European Union Announces Adoption of Stricter Sanctions vs. Iran

On January 23, 2012,[i] the Council of the European Union agreed to impose additional restrictive measures against Iran in the range of industrial sectors, inter alia: in the energy sector, including an embargo of Iranian crude oil imports to the EU; in the financial sector, including against the Central Bank of Iran; in the transport sector; additional export restrictions on gold and on sensitive dual-use goods and technology; as well as additional designations of specific persons and entities.[ii] The Decisions adopted by the Council were in response to ongoing Iranian activities relating to the suspected development of military nuclear technology, particularly its acceleration of uranium enrichment activities, in violation of six UNSC Resolutions and eleven IAEA Board Resolutions.

Client Alert | January 30, 2012

A Proposed Limitation by Bank Indonesia on Bank Ownership Looms on the Horizon

Over the past ten years, Indonesia's commercial banking sector has been an attractive destination for foreign investors.  This has been in large part due to the Indonesian government's relaxed banking policy, which until now has been geared towards fostering foreign investment in the industry.  A proposed amendment to the banking policy, however, may have significant consequences for current and potential investors.Following the 1997 Asian financial crisis, the Indonesian government enacted Government Regulation No.

Client Alert | January 19, 2012

2011 Year-End OFAC Update

The year 2011, like the year 2010, saw substantial fines and continuing focus on export enforcement at the Office of Foreign Assets Control ("OFAC") within the United States Department of the Treasury.

Client Alert | January 18, 2012

2011 Year-End Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

During the past decade, the U.S.

Client Alert | January 4, 2012

2011 Year-End FCPA Update

2011 marked yet another dynamic year for the Foreign Corrupt Practices Act ("FCPA"), including numerous significant enforcement actions, more trials than in any other year in the history of the statute, and a growing public debate about the policy ramifications of a U.S.-dominated international anti-corruption enforcement field.  Those close to the statute can feel the unmatched pace at which the 34-year-old law is now developing.  With more litigated decisions, more bills pending in Congress, and more interplay between the FCPA and other international laws prohibiting cross-border bribery, there is a growing sense of urgency amongst FCPA practitioners as to the direction the statute will take in the coming years.  Perhaps sensing these dynamics, Assistant Attorney

Client Alert | January 3, 2012

State Department Issues Proposed Rule to Amend ITAR’s Broker Registration and Licensing Requirements

On December 19, 2011, the U.S. Department of State, Directorate of Defense Trade Controls ("DDTC") issued a proposed rule to amend parts 120, 122, 126, 127, and 129 of the International Traffic in Arms Regulations ("ITAR"), which implement Section 38 of the Arms Export Control Act ("AECA").

Client Alert | December 19, 2011

United States, United Kingdom, and Canada Expand Sanctions Against Iran

In November 2011, the International Atomic Energy Agency (IAEA) reported that the Islamic Republic of Iran has violated its international obligations by conducting activities relevant to developing a nuclear explosive device.

Client Alert | December 6, 2011

The Rising Tide: Recognizing Your Criminal Prosecution Risks Abroad

San Francisco of counsel Winston Chan and Los Angeles associate Justin Liu are the authors of "The Rising Tide: Recognizing Your Criminal Prosecution Risks Abroad" [PDF] published in the December 2011 issue of Compliance Today.

Client Alert | December 1, 2011

FinCEN Issues Final Rule Implementing New CISADA Regulations to Require U.S. Banks to Seek Information from Foreign Correspondent Banks Regarding Financial Ties to Iran

On October 11, 2011, the United States Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN)" published in the Federal Register the final version of new regulations implementing section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("CISADA").

Client Alert | November 1, 2011

Office of Foreign Assets Control (“OFAC”) Compliance: Recent Developments

Two recent developments illustrate the importance of adaptable and decisive OFAC compliance programs. The first development was President Obama's August 17, 2011 Executive Order 13582, which considerably tightened U.S.

Client Alert | August 30, 2011

Office of Foreign Assets Control: The Little Agency with a Big Bite

Washington, D.C. partner Judith Lee and associate James Doody are the authors of "Office of Foreign Assets Control: The Little Agency with a Big Bite" [PDF] published in The Review of Banking & Financial Services in August 2011.

Client Alert | August 30, 2011

FCPA: Who Is a Foreign Official?

Washington, D.C. partner F. Joseph Warin, and associates John Chesley and Jeremy Joseph are the authors of "FCPA: Who Is a Foreign Official?" [PDF] published in the August 8, 2011 issue of Compliance Reporter magazine.

Client Alert | August 8, 2011

New Indonesian Law on Currency May Require Review of All Foreign Currency Denominated Contracts

The Indonesian House of Representatives on 31 May 2011 passed Law No.

Client Alert | July 15, 2011

New International Traffic in Arms Regulations (ITAR) Exemption for Dual Nationals and Third-Country Nationals Employed by End-Users

On Monday, May 16, 2011, the United States Department of State, Directorate of Defense Trade Controls ("DDTC") issued a final rule amending parts 120, 124, and 126 of the International Traffic in Arms Regulations ("ITAR").

Client Alert | July 13, 2011

2011 Mid-Year Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") are an increasingly familiar tool used by the Department of Justice ("DOJ") to resolve alleged corporate wrongdoing.  In May 2011, for the first time, the United States Securities and Exchange Commission ("SEC" or "Commission") entered into a DPA to resolve an enforcement action following its first-ever NPA in December 2010.  Through these agreements, DOJ and, now, the SEC, agree to forgo prosecution in exchange for the company's agreement not to commit further violations of the law and to undertake specific cooperation and compliance obligations.  In the DOJ context, DPAs and NPAs differ in one material respect:  DOJ typically files a crimi

Client Alert | July 12, 2011

2011 Mid-Year FCPA Update

For years now, we have been documenting the unprecedented surge of anti-corruption enforcement activity by the two regulators charged with enforcing the Foreign Corrupt Practices Act ("FCPA")--the U.S.

Client Alert | July 11, 2011

President Obama Announces U.S. Sanctions Against Syria

"The United States condemns in the strongest possible terms the use of force by the Syrian government against demonstrators. This outrageous use of violence to quell protests must come to an end now.

Client Alert | May 2, 2011

Dodd-Frank, International Remittances, and Mobile Banking: The Federal Reserve’s Role in Enabling International Economic Development

Los Angeles associate Colin C. Richard  is the author of "Dodd-Frank, International Remittances, and Mobile Banking: The Federal Reserve's Role in Enabling International Economic Development," published in the Northwestern University Law Review Colloquy, March 2011. 

Client Alert | March 31, 2011

2010: OFAC’s Big Year

Washington, D.C. partner Judith Lee and associate James Doody are the authors of "2010: OFAC's Big Year" [PDF] published by Law360 at www.law360.com on March 14, 2011.

Client Alert | March 14, 2011

Libya Situation Update

The United States, and the entire world, continues to be outraged by the appalling violence against the Libyan people. The United States is helping to lead an international effort to deter further violence, put in place unprecedented sanctions to hold the Qadhafi government accountable, and support the aspirations of the Libyan people.

Client Alert | March 7, 2011

United States and United Nations Impose Sanctions Against Libya

On Friday, February 25, 2011 President Obama issued an Executive Order blocking property and prohibiting certain transactions related to Libya.

Client Alert | February 28, 2011

2010 Year-End OFAC Update

Printable PDF The year 2010 saw increasing "power ball" fines and an increasing focus on export enforcement at the Office of Foreign Assets Control ("OFAC") within the United States Department of the Treasury.

Client Alert | February 23, 2011

U.S. Financial Crimes Enforcement Network Issues Guidance Regarding Recent Events in Tunisia

Printable PDF A popular uprising ended the 23-year old regime of former Tunisian president Zine El Abidine Ben Ali, who recently fled to Saudi Arabia.

Client Alert | January 26, 2011

United States Eases Export Controls on Certain Encryption Software

Printable PDF On January 7, 2011, the United States Commerce Department's Bureau of Industry and Security (BIS) published a final rule that eases export controls on some types of encryption software.

Client Alert | January 19, 2011

2010 Year-End Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

The United States Department of Justice ("DOJ") has long had discretion to defer or decline prosecution of a corporation, for a host of reasons.  But over the past decade, the formalization of the declination process for corporations via deferred prosecution agreements ("DPAs") and non-prosecution agreements ("NPAs") has evolved rapidly.  Indeed, these agreements are now one of two mainstays of the DOJ's efforts to combat corporate crime.

Client Alert | January 4, 2011

2010 Year-End FCPA Update

Printable PDF"FCPA enforcement is stronger than it's ever been -- and getting stronger."  So declared Assistant Attorney General Lanny A.

Client Alert | January 3, 2011

President Obama Establishes Export Enforcement Coordination Center

On November 9, 2010, President Obama issued Executive Order 13558, establishing an interagency Export Enforcement Coordination Center ("EECC") within the United States Department of Homeland Security ("DHS").

Client Alert | December 21, 2010

Do Rankings Matter? Transparency International Issues Its 2010 Corruption Perceptions Index

Transparency International (TI) recently released its annual Corruption Perceptions Index (CPI) (available here), spurring a flurry of fanfare in the press about various countries' shifts up and down in the rankings.  But it is unclear how much of this attention is warranted.  As TI repeatedly acknowledges, the CPI only measures perceptions of corruption, not corruption itself.  Further, changes in TI's perceived corruption scores can be misleading--even to the extent they mirror actual corruption--as adjustments in TI's methodology from year to year may move countries up or down the ranking despite no real change in how that country is viewed.  Yet TI's CPI remains the benchmark indicator of corruption worldwide.  Warranted or not, the rankings attain real signifi

Client Alert | November 16, 2010

European Union Adopts Comprehensive Iran Sanctions

On October 27, 2010, the European Union adopted a sanctions regime against the Islamic Republic of Iran in furtherance of diplomatic efforts to find a negotiated solution to ensure that the country's nuclear program is exclusively for peaceful purposes.

Client Alert | November 3, 2010

FinCEN Proposes Reporting of Cross-Border Electronic Transmittals of Funds

On September 30, 2010, the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published in the Federal Register its long-awaited notice of proposed rulemaking (NPRM) that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic transmittals of funds (CBETFs).

Client Alert | October 12, 2010

Iran Sanctions: U.S. Treasury Issues Iranian Financial Sanctions Regulations

On August 16, 2010, the United States Department of the Treasury issued the Iranian Financial Sanctions Regulations ("the IFSR"), 75 Fed. Reg. 49,836, to implement subsections 104(c) and 104(d) of the recent Comprehensive Iran Sanctions Accountability and Divestment Act of 2010 ("CISADA").

Client Alert | August 24, 2010

2010 Mid-Year Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

Consistent with the past several years, the first half of 2010 brought several Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs").  Although rarely used a decade ago, such agreements now are an important governmental tool in the fight against corporate crime.  DPAs and NPAs are agreements between the government and a corporation whereby the government agrees to defer or forgo criminal charges against the corporation in exchange for adherence to the terms of the agreement.  The purpose of DPAs and NPAs is to deter, punish, and reform corporate behavior without imposing collateral consequences on corporations and innocent parties such as employees, local community ties, and shareholders.  Not surprisingly, the Departmen

Client Alert | August 5, 2010

Iran Sanctions Legislation: New Controls and Penalties for U.S. Financial Institutions

On July 1, 2010, President Obama signed the Comprehensive Iran Sanctions Accountability and Divestment Act of 2010 ("CISADA"), which amends and extends sanctions imposed under the Iran Refined Petroleum Sanctions Act of 2009 and the Iran Sanctions Act of 1996 (formerly the Iran and Libya Sanctions Act of 1996).

Client Alert | July 28, 2010

2010 Mid-Year FCPA Update

On January 18, 2010, hundreds of law enforcement agents from the Federal Bureau of Investigation and City of London Police launched a coordinated, bi-continental strike, executing twenty-one search warrants and arresting twenty-two people in what Assistant Attorney General Lanny Breuer described as "the largest action ever undertaken by the Justice Department against individuals for FCPA violations."  Thus began the year in Foreign Corrupt Practices Act enforcement, a juggernaut that each annum surpasses the record heights set the year before.  This client update provides an overview of the Foreign Corrupt Practices Act ("FCPA") and a survey of FCPA enforcement activities during the first half of 2010.  It also analyzes recent enforcement trends and offer

Client Alert | July 8, 2010

New U.S. Export Control Regulation Lessens Restrictions on Products with Ancillary Cryptography and Eases Review and Reporting Requirements

The United States Department of Commerce's Bureau of Industry and Security (BIS) issued an interim final rule today that reduces restrictions on products with ancillary cryptography as well as increases the efficiency of its review and reporting process.

Client Alert | June 25, 2010

2009 Year-End Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

Although Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") were rarely used and hardly discussed a decade ago, in the last several years they have become a hot topic and common aspect of corporate prosecutions:  Congress, legal academics, and practitioners—from prosecutors to defense counsel—have weighed in on the Department of Justice's ("DOJ's") use of the agreements.  DPAs and NPAs are types of pre-trial agreements whereby the government agrees not to pursue charges against a corporation so long as the corporation abides by the terms of the agreement.  Although often similar in content, the emerging difference between a DPA and an NPA is whether a criminal information is filed in a federal court.  With

Client Alert | January 7, 2010

Export Control Update: Amendment to International Traffic in Arms Regulations Clarifies That Technical Data May Be Physically Taken Out of the Country

On November 24, 2009, the Department of State, Directorate of Defense Trade Controls, Office of Policy issued a proposed amendment to the existing exemption in Section 125.4(b)(9) of the International Traffic in Arms Regulations ("ITAR") permitting the export of technical data under the ITAR for use by U.S.

Client Alert | January 5, 2010

2009 Year-End FCPA Update

"One can say without exaggeration that this past year was probably the most dynamic single year in the more than thirty years since the FCPA was enacted."  So began Assistant Attorney General Lanny Breuer in a recent recap of 2009 Foreign Corrupt Practices Act ("FCPA") enforcement.  Indeed, for the fourth time in the last five years, the Department of Justice ("DOJ") and Securities and Exchange Commission ("SEC"), the statute's dual enforcers, set a record by bringing more FCPA prosecutions than in any prior year in the FCPA's history.  Foreign anti-corruption prosecutions also have reached unprecedented levels.  Once an erratic enforcement priority, combating international corruption has now garnered attention at the highest leve

Client Alert | January 4, 2010

New Legislation Could Expand U.S. Sanctions on Iran

In response to increased international concern regarding Iran's nuclear fuel enrichment activities, both houses of Congress have introduced legislation that could substantially expand the impact of economic and trade sanctions against Iran.

Client Alert | November 30, 2009

Changes to Cuba Embargo — More to Come from Obama Administration?

Earlier this year, the Obama administration announced a number of changes in U.S. policy toward the Republic of Cuba in four main areas: (1) family visits to Cuba; (2) remittances to family members in Cuba; (3) telecommunications services; and (4) gift parcels.

Client Alert | November 12, 2009

2009 Mid-Year Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

DPAs and NPAs, Too Much of A Good Thing?Although virtually unheard of a decade ago, Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") are a growing phenomenon in corporate prosecutions.  Essentially, DPAs and NPAs are agreements whereby the government agrees not to prosecute a corporation so long as the corporation abides by the terms of the agreement.  The key distinction between a DPA and an NPA is whether or not charges are filed against the corporation:  with a DPA the government files criminal charges with the court, while with an NPA nothing is filed with the court so long as the corporation completes the terms of the agreement--the agreement is strictly between the government and the corporation.Following the collapse

Client Alert | July 8, 2009

2009 Mid-Year FCPA Update

As the inauguration of Barack Obama in January 2009 ushered in a new U.S.

Client Alert | July 7, 2009

President Obama Signs Legislation Significantly Expanding the Scope of the False Claims Act

On May 20, 2009, President Obama signed into law significant changes to the False Claims Act, 31 U.S.C. § 3729 et seq. ("FCA").  The amendments will increase the liability exposure of every company that does business with the federal government and of every company that supplies goods or services that are reimbursed by federal government dollars.  This update provides an overview of the changes brought about by the new law, which (among other things), legislatively overturns the Supreme Court's 9-0 ruling last term in Allison Engine Co., Inc.

Client Alert | May 26, 2009

Proposed Legislation Amending False Claims Act

In January, we provided you with our 2008 Year-End False Claims Act Update in which we discussed, among other things, legislation proposed in Congress in 2007 that would significantly broaden the scope of the False claims Act (the "FCA").  As we predicted, Senator Grassley (R-IA) recently introduced legislation to amend the FCA that, given the current economic environment, Congress is likely to pass.  Congress may feel more pressure to pass these bills this session to demonstrate a commitment to protect taxpayer's dollars from fraud, waste, and abuse.  First, on February 5, 2009, Senator Grassley introduced the Fraud Enforcement and Recovery Act, S.

Client Alert | February 26, 2009

Joint Justice Department and Manhattan District Attorney Investigation Results in Record $350 Million Payment for OFAC Violations

On January 9, 2009, the U.S. Department of Justice (see press release) and the New York County District Attorney's Office  ("NYDA") (see press release) announced that Lloyds TSB Bank plc ("Lloyds") agreed to forfeit $350 million and take other actions to resolve its liability for violating the International Emergency Economic Powers Act ("IEEPA") and U.S.

Client Alert | January 20, 2009

2008 Year-End Update on Corporate Deferred Prosecution and Non-Prosecution Agreements

2008 – A Dynamic Year in Corporate Deferred Prosecution AgreementsIn the post-Enron and WorldCom era, the U.S. Department of Justice ("DOJ") often uses corporate deferred prosecution agreements ("DPAs") to resolve federal criminal investigations.

Client Alert | January 6, 2009

2008 Year-End FCPA Update

By any measure, 2008 was a monster year in Foreign Corrupt Practices Act ("FCPA") enforcement.  With thirty-three enforcement actions between the Department of Justice ("DOJ") and Securities and Exchange Commission ("SEC"), the statute's dual enforcers, 2008 was the second busiest numerical year on the books, trailing only 2007.  But beyond the numbers (after all, with the massive Siemens resolution, 2008 dwarfs all other years combined in fines and disgorgement), 2008 saw the FCPA's enforcement regime mature like never before.  There were no unimportant FCPA enforcement actions this year.  Whether the trend was increasingly aggressive enforcement against individuals, ramped up international coordination, the joining of FCPA prosecutions wi

Client Alert | January 5, 2009