Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

The FCPA and AML Statutes

By Betty Santangelo and Eric Brin

Although criminal prosecutions under the Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. ” 78dd-1, et seq. (FCPA) and the U.S. anti-money laundering (AML) laws have developed differently over the years, a review of recent enforcement actions reveals that prosecutions under these criminal schemes have started to converge. It is no secret that the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have placed increased emphasis on prosecutions for FCPA and AML violations. What is new, however, is that the DOJ has started to use the statutes in tandem to ensure the success of its criminal prosecutions. Some of the more recent cases over the past 12 to 18 months demonstrate that the dual use of these statutes has been successful in meeting this goal.

In proclaiming the DOJ's firm commitment to investigating and prosecuting foreign bribery, Assistant Attorney General Lanny A. Breuer declared, at the 24th National FCPA Conference, that “FCPA enforcement is stronger than it's ever been ' [and] we are in a new era of FCPA enforcement.” Consistent with that approach, 2010 witnessed an 85% increase in FCPA enforcement actions over 2009, which was itself a record year. The DOJ brought 48 enforcement actions in 2010, compared with 26 actions in 2009. See FINRA Annual Conference, FCPA Compliance, May 24, 2011. The same is true for AML enforcement. In 2010, the number of federal banking fines for AML violations in the United States, according to MoneyLaundering.com, rose by nearly fourfold, while the total dollar amount of the monetary penalties rose to over $660 million. Moreover, the DOJ's combined focus on FCPA and AML is exemplified by its 2010 Kleptocracy Asset Recovery Initiative, which targets the proceeds of foreign official corruption that have been laundered into or through the United States.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs Image

A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.

Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.

Coverage Issues Stemming from Dry Cleaner Contamination Suits Image

In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.