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The U.S. Justice Department’s investigation into international commodities trading companies has resulted in 20 convictions of individuals, total fines, forfeitures, and penalties of more than $1.7 billion, and six corporate resolutions.The long-running , which began in 2017, was into international commodities trading companies that paid millions of dollars in bribes to win business with state-owned and state-controlled oil companies in Latin America and Africa. The bribes to corrupt government officials secured billions of dollars in business with state-owned enterprises. Read more...

The US Securities and Exchange Commission is asking publicly traded tech companies about their relationships with distributors and other business partners outside the US in a push to root out possible corruption, according to people familiar with the matter. The SEC started sending letters to the firms earlier this year under its mandate to enforce the Foreign Corrupt Practices Act, which makes it a crime to offer anything of value to non-US officials in an effort to win business.

The agency’s FCPA unit is asking whether the companies did business with a list of dozens of intermediaries — some of which have been implicated in other investigations — across various regions, including Asia, Latin America and Africa, said one of the people. Read more...

Over the last few weeks, there have been contributions from a range of organisations on an important topic. The rules that govern the appointment of directors to the boards of private sector companies, and whether or not it is appropriate for former government officials to move into such private sector positions following the completion of their tenure. This is an important discussion, and it should be looked at carefully, without hype, insinuation or premature conclusions. It is a discussion that is not just relevant in Nigeria, but globally, where it is common practice for transitions to take place between the public and private sectors. Read more...

Over the last few weeks, there have been contributions from a range of organisations on an important topic. The rules that govern the appointment of directors to the boards of private sector companies, and whether or not it is appropriate for former government officials to move into such private sector positions following the completion of their tenure. This is an important discussion, and it should be looked at carefully, without hype, insinuation or premature conclusions. It is a discussion that is not just relevant in Nigeria, but globally, where it is common practice for transitions to take place between the public and private sectors. Read more...

The U.S. Treasury’s Financial Crimes enforcement network (FinCEN) proposed the Corporate Transparency Act (CTA) in 2021 as part of the National Defense Authorization Act, aimed to combat money laundering and corporate fraud by mandating that companies report information on their beneficial owners. Effective January 1, 2024, the law requires most corporations, limited liability companies, and other entities registered to do business in the Unites States report information about their beneficial owners or those who control or own the company to FinCEN. The rule was created to increase transparency in the U.S. financial system and heighten scrutiny on anonymous shell companies. Read more...

On the heels of the Gunvor FCPA settlement for $661 million, DOJ announced its settlement with Trafigura, the latest commodities trading company to fall under DOJ’s FCPA Sweep against the industry. Trafigura joined the list of international commodity trading companies to suffer FCPA enforcement actions — Vitol, Sargeant Marine, Glencore, Freepoint, and Gunvor. DOJ’s corporate resolutions are connected to individual prosecutions and guilty pleas of 19 individuals, including six government officials, eight corrupt intermediaries and five trading companies.

Trafigura Beheer B.V. (“Trafigura”), based in Switzerland, plead guilty and agreed to pay $126 million as part of a plea agreement to resolve FCPA violations in Brazil. 

Read more...

On December 22, 2023, President Biden signed the Foreign Extortion Prevention Act (FEPA) into law as part of the fiscal year 2024 National Defense Authorization Act. Although bribery always requires a giver and a receiver, US anti-corruption efforts have traditionally focused almost exclusively on those who pay bribes because of the way the Foreign Corrupt Practices Act (FCPA) is written. The FCPA criminalizes the act of giving bribes to foreign government officials, but until now, the US has not had a statute that criminalized the receipt of bribes by foreign government officials. The FEPA will now complement the FCPA by criminalizing demand-side bribery by foreign officials.

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Contact: Mr.Nikolai Triffet 

Email: nikolai@icib.org

Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

Control Quote

If you want to know who controls you, look at who you are not allowed to criticize. — Voltaire