Lindsay Gerdes’ Post

Latest example of voluntary self-fisclosure and how it can save businesses from prosecution related to fraud.

A twist on the Blue Varsity scandal, this "fake varsity" fraud scheme resulted in the first #Declination under the National Security Division's voluntary disclosure program. There are some lessons here on #KnowYourCustomer and #EndUser. Here is how the company stepped up. 🗓️Timing - self-disclosed a week after hiring outside counsel and without knowing the full extent of the misconduct. 📂Cooperation - was "exceptional and proactive." 🏗️Remediation - termination of employee and improved internal controls. 🚓Victim - the corporation was the victim of the crime. 💰Gains - no gains = no disgorgement. Links to Declination Letter and other documents in the #DOJ press release. #Ethics #Compliance #EthicalLeadership

The Truth Will Come Out: U.S. Government Issues New Tri-Seal Compliance Note on Sanctions/Export Control Voluntary Disclosures and Whistleblower Bounties Read our latest client briefing for more information. Our team is here for your questions! #CCAMERICAS #DOJ #VSD

The White Collar team at Benesch Law loves to keep up with the latest crime trends from DOJ. Bianca Smith, J.D., M.S. outlines the scope of a new international anti-bribery statue. Check out our article!

Reposting for my network, as I know that the reporting and updating on Companies House is a subject that has interested us all in the last few years.

Department of Justice #DOJ National Security Division #NSD Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy - Hopefully good news for me : 👉 https://lnkd.in/evJgkkiX (Yates Memo 2015) #DOJ 👉 https://lnkd.in/eBUmq4ih 🇨🇭 Friendly Fire | 127.12 #VSD 👉 https://lnkd.in/eMevdJ3J (Monaco Memo 2022) #DOJ 👉 https://lnkd.in/eDYEnZ-k 🇺🇸 Case No. 21-0000707 With this in mind, and against the backdrop of personal responsibility (Yates Memorandum of 2015 and Monaco Memorandum of 2O22), it is of the utmost importance that you inform by your employer whether any breaches identified have been correctly reported (FAR) - It's called duty of care. US Export Controls - Understanding the system : 👉 https://lnkd.in/e_fx_bD6 🎯 Types and features of US Export Controls 👉 #ITAR 👉 #EAR 👉 Re-transfers and Re-exports 👉 Deemed Exports 👉 Incorporation & Derivation Rules 👉 End User Documentation

New joint compliance note from DOJ, BIS, and OFAC highlighting the agencies’ existing policies on voluntary self-disclosure. Per DOJ: “If a company discovers a potential violation, whether it is an administrative or criminal violation, that company must promptly disclose and remediate.” That doesn’t sound “voluntary”, exactly. DOJ in particular has been pushing the purported benefits of voluntary disclosure for awhile. Does the reiteration and re-reiteration suggest that the private sector remains unconvinced? Can the government do anything to convince companies otherwise? https://lnkd.in/g2ijVwJb

According to the FBI, the annual cost to the U.S. economy of counterfeit goods, pirated software, and theft of trade secrets is between $225 billion and $600 billion. Of all the foreign actors that engage in intellectual property (IP) theft, China is the world’s principal infringer of intellectual property. The country leverages its laws and regulations to put foreign companies at a disadvantage and its own companies at an advantage. #indopacific #China #informationsecurity #intellectualproperty #opsec

New guidance on Voluntary Self-Disclosure for sanctioned transactions: "Moving forward, where a company voluntarily self-discloses potentially criminal violations, fully cooperates, and timely and appropriately remediates the violations, NSD generally will not seek a guilty plea, and there will be a presumption that the company will receive a non-prosecution agreement and will not pay a fine." https://lnkd.in/gfSA8yn4

The Biden administration closed the loop on its anti-corruption initiative by signing the Foreign Extortion Prevention Act ("FEPA") into law. FEPA provides steep consequences to foreign officials soliciting or demanding bribes in exchange for U.S. companies conducting business in international markets. FEPA compliments and reinforces the covenants of FCPA which is aimed at U.S. companies that offer bribes in exchange for an advantage in foreign countries. Follow the link for additional information on how to prepare your team for FEPA enforcement.