MAKE $$$ WHILE YOU CONTRIBUTE TO YOUR PROFESSION

ICI provides world-class programs and its intellectual property to affiliates free of charge and shares all program revenue with them. If your organization is interested in partnering with ICI to earn revenue while you contribute to the development of the internal control profession worldwide don't hesitate to get in touch with Dr. Michael Pregmon, Jr., Chief Operations Officer, by email at:

mpregmon@internalcontrolinstitute.org or by phone at 727-538-4113 in the USA.

The ICI "Certification Series" has been completely updated and is available online to everyone around the world! Course content prepares individuals to design and/or assess internal control and to assist management in installing internal control processes. In addition, the series prepares candidates for the Certified Internal Control Specialist (CICS) Examination. To review the course catalog click

ICI Course Catalog

To register for one or all of the online training programs click here:

The Internal Control Institute Store

Online course pricing has been reduced by over 70%



Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past month, with links to primary resources. This month we ask: Why did two federal courts refuse to throw out Foreign Corrupt Practices Act (FCPA) charges against two different commodities traders? What revisions did Congress make to the Foreign Extortion Prevention Act (FEPA)? How has China increased its anti-corruption scrutiny of the financial services sector? The answers to these questions and more are here in our July 2024 Top 10.

See the Top Ten

As the world continues to confront many social, economic and environmental issues, this has increased shareholder expectations on long-term value and the impact corporates have on the triple bottom line of people, planet, and profit. This sentiment has also underscored the key role of governance in fostering economic growth, social inclusion and environmental stewardship. Strengthening corporate governance (CG) is vital to building an environment of trust, transparency and accountability crucial to a more sustainable business. Good governance rests on the principles of fairness, accountability, and integrity. As a cornerstone of the Environmental, Social, and Governance (ESG) framework and often referred to as the economic pillar, good governance reflects how boards of directors and management match the interests of shareholders, especially minority shareholders, the company’s customers, value chains, and the community.

Read The Article

The Corporate Transparency Act (“CTA”) was enacted by The U.S. Congress in January 2021 as a way to protect the United States financial system from being used for money laundering and other illicit activities. The CTA requires certain entities, referred to as “reporting companies”, to file a beneficial ownership information (“BOI”) report with the Department of Treasury’s Financial Crimes Enforcement Network, better known as FinCEN. The BOI report includes information about the company, company applicants (if formed in 2024 or later), and beneficial owners who substantially control or own the company.

Read The Article

Roger Alejandro Piñate Martinez, co-founder and president of Smartmatic, along with two other executives from the voting technology firm, has recently been indicted for their alleged involvement in bribery and money laundering schemes tied to the 2016 elections in the Philippines. The indictment was announced by the U.S. Justice Department and stems from claims of corrupt practices dating back to between 2015 and 2018, when the company allegedly paid fraudulent bribes totaling at least $1 million to gain contracts for their voting services. According to the indictment filed in the Southern District of Florida, Piñate, Jorge Miguel Vasquez, and Elie Moreno allegedly conspired with Juan Andres Donato Bautista, the former chair of the Commission on Elections of the Philippines, to secure contracts through illegal means. The indictment emphasizes the use of inflated billing practices to create what prosecutors call "slush funds," which were then used to facilitate bribes disguised as legitimate business expenses. This practice is not only unethical but illegal under the Foreign Corrupt Practices Act (FCPA), which prohibits bribery of foreign officials.

Read The Article

On June 27, 2024, the Supreme Court issued its opinion in Securities Exchange Commission v. Jarkesy. The Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud, because these cases replicate common law fraud claims. S.E.C. v. Jarkesy, No. 22-859, slip op. at 6 (U.S. 2024). Therefore, these types of claims must be heard by an Article III court. One impact of this ruling is that the SEC’s administrative proceeding (“AP”) enforcement mechanism is no longer available for matters where the SEC brings a fraud claim and seeks civil penalties, and otherwise fails to reach a negotiated settlement with the defendant prior to filing. However, even though Jarkesy did not address the Foreign Corrupt Practices Act (“FCPA”) directly, the case will potentially have some impact on FCPA enforcement because the SEC will likely be unable to use the AP process for contested FCPA matters where a penalty is sought, and instead will be required to file these matters in federal district court. This will pose additional risk and resource calculations for the SEC.

Read The Article

The first state capture conviction for bribery and corruption at South African Airways (SAA) eight years ago has been secured – but not in SA – in a US court. The US Department of Justice (DoJ) convicted US citizen Julian Aires of bribing SAA procurement officials and SAA director Yakhe Kwinana. In this, he was assisted by joint venture partners in SA who channelled the bribes. Aires has implicated two large international firms: the aviation parts business, AAR Corp and the SA subsidiary of Swissport, a Swiss-based aviation services company. The ‘statement of offence’ does not name the people or companies, but, it is possible to identify many from their descriptions and evidence from the Zondo Commission. Aires pleaded guilty to the charges in a plea bargain with the DOJ in June, according to the Stanford Law Foreign Corrupt Practices Act (FCPA) Clearing House, which monitors corruption involving US firms. The sanction against him has not been decided.

Read The Article

While the relatively quiet second quarter of 2024 may add to perceptions that Foreign Corrupt Practices Act (FCPA) enforcement is declining, other data do not necessarily support such a conclusion. For example, there are numerous investigations disclosed over the last few years that have not yet been resolved. One example is RTX Corporation (which includes Raytheon, Pratt & Whitney, and Collins Aerospace), which announced a provision on July 25, 2024, for expected resolutions with the Department of Justice (DOJ) and Securities and Exchange Commission (SEC). RTX expects that in the second half of the year there will be "a deferred prosecution agreement with the [DOJ] and … an administrative order with the SEC to resolve the previously disclosed… investigations into improper payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems, in connection with certain Middle East contracts since 2012." RTX also expects resolutions with the DOJ and Department of State for other issues, with a combined total provision greater than $1.2 billion for all resolutions. 

Read The Article

A UBS unit must provide back pay to a former analyst who said he was fired for blowing the whistle on illegal pressure to change research reports, the U.S. Supreme Court said in a unanimous decision Thursday that will make it easier for whistleblowers to win retaliation lawsuits. Whistleblowers don’t have to prove they were terminated because of “retaliatory intent,” the Supreme Court said in its decision, reinstating a win at trial for analyst Trevor Murray.

The ruling means UBS must pay Murray about $900,000 in back pay and other damages. The decision also lowers the bar for whistleblowers who want to sue their employers under the Sarbanes-Oxley Act and possibly under other similar statutes.Under Sarbanes-Oxley, employers aren’t allowed to fire or otherwise retaliate against employees because of their whistleblowing activities.

Read The Article  

Contact: Mr.Nikolai Triffet 

Email: nikolai@icib.org

Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

Contact: ICI Asean

Email: ici-asean@hotmail.com

Control Quote

The extent to which YOU take responsibility over something is the extent to which YOU take control over it. — Adam Khoo