What Every Multinational Company Should Know About … Anti-Corruption - White Collar Crime, Anti-Corruption & Fraud - United States

[Gunnar Larson]

What about the $100M Coinbase compliance deal?

We stil are not getting any answers from NY-DFS on this and it would appear
that the Superintendent is an attorney, formerly of a firm who represents
Coinbase.

xNY.io has dreams of being a New York State digital asset exchange show
horse.

We have a whole conflicts folder and everything...

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What Areas Present Anti-Corruption Risks for My Company?

Ineffective oversight of third parties interacting with government
officials is a major driver of anti-corruption enforcement actions.
Companies that employ consultants, agents, and distributors; that rely on a
distribution or franchise model; or that maintain non-U.S. joint ventures
are at especially high risk, especially if they engage third parties to
obtain government permits, licenses, or otherwise have frequent contact
with government officials.

The presence of many State-Owned Enterprises (SOEs) in China and developing
countries raises FCPA concerns, as even SOEs operating as ordinary
commercial entities trigger FCPA requirements, as every employee is treated
as a government official under the FCPA.

In the M&A space, the DOJ and SEC have been aggressively asserting claims
against acquiring companies, often using theories of successor liability,
for pre-merger conduct of their targets that violated the FCPA.

The DOJ and SEC have emphasized the need to conduct regular anti-corruption
compliance risk assessments, particularly after events that could
significantly impact business operations such as the global COVID-19
pandemic, entrance into new markets, or a corporate acquisition. Such
events generally introduce new, expanded, or revised internal controls;
increased governmental interactions; new employees; unique jurisdictional
requirements; or new business partners and third-party relationships, each
of which may present novel or heightened anti-corruption risks.
Global cooperation and coordination between U.S. and foreign enforcement
agencies has increased appreciably, with countries often sharing
information (as well as simultaneously imposing fines and penalties).


https://www.mondaq.com/unitedstates/white-collar-crime-anti-corruption--fraud/1322846/what-every-multinational-company-should-know-about--anti-corruption
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