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Editor’s Note: Last month, the authors began a discussion of the legal consequences of the release of the so-called “Panama Papers,” a trove of more than 11.5 million documents a whistleblower gave to a reporter at the German newspaper Süddeutsche Zeitung (SZ) in Spring 2016. The documents detail how certain wealthy people — including foreign government leaders — hid assets in offsore entities created by Panamanian law firm Mossack Fonesca for clients allegedly seeking to avoid taxation in their home countries. Since the release of the Panama Papers, several consequences have ensued, including, as discussed last month, 1) the public disgrace and resignation of foreign public officials and 2) the commencement of tax avoidance investigations. Additionally, the U.S. Attorney for the Southern District of New York has opened an investigation into the finances of the reported 240 U.S. citizens identified in some way with the firm and its scheme. The subject of this inquiry has not been fully disclosed, but it may be that tax avoidance is just one of the subjects the government is interested in investigating. The authors conclude their analysis of the fallout accompanying the release of the Panama Papers herein.
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Common Pitfalls In Personal Device Collection
By Marjorie Peerce and Marguerite O’Brien
Both the DOJ and the SEC have made it clear that they will look at company BYOD policies when assessing how to resolve matters under their purview. To avoid pitfalls — and sanctions — counsel must take proactive steps to ensure proper preservation and collection of personal mobile data and verify that clients comply.
FCPA Compliance Guidance for Global Businesses
By Cole Callihan
The Biden administration and its Justice Department have established countering corruption as a core U.S. national security interest. Companies with any international operations should ensure they have a robust written policy and compliance program focused on anti-bribery and corruption.
Regulators Want AI Companies to Respect Antitrust and Consumer Protection Laws
By Karen Hoffman-Lent and Kenneth Schwartz
The new era of AI technology has ushered in competition concerns alongside consumer-protection fears. Accordingly, regulators and lawmakers are taking note of the AI craze and are keen on ensuring that companies involved in AI are respecting both antitrust and consumer protection laws.
Will the Corporate Transparency Act Smother the Cannabis Industry?
By Steve Schain
The CTA requires business entities to file information on their “beneficial owners” with FinCEN, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.
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