The United States Justice Department (DoJ) reports that it has filed civil forfeiture complaints aimed at the “recovery of approximately $96 million in assets allegedly associated with an international conspiracy to launder funds misappropriated from 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund.” Those assets include “luxury real estate in Paris, artwork by Claude… Read More >>
DoJ Returns $300M in Fraud Proceeds to Malaysia
The U.S. Department of Justice has returned approximately $300 million to Malaysia, money that was misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and laundered through financial institutions in America and several other states, including Switzerland, Singapore and Luxembourg. One person at the center of the money-laundering scandal was Low Taek Jho, aka… Read More >>
Despite FCPA, Corruption Remains ‘Endemic’: SEC’s Clayton
Despite vigorous American enforcement of the Foreign Corrupt Practices Act, or FCPA, which has resulted in “nearly 80 FCPA cases in the past five years alone, involving alleged misconduct in more than 60 countries,” corruption remains “endemic” in some countries where “business opportunities are attractive” and bribery may be required to capitalize on them. So… Read More >>
Deutsche Bank Settles FCPA Case for $16 Million
Deutsche Bank has reached a $16 million settlement with the SEC over a Foreign Corrupt Practices Act (FCPA) case in which the firm was charged with hiring relatives of foreign government officials as a way to gain influence in landing investment banking business. SEC officials alleged that Deutsche Bank employees “hired relatives at the request… Read More >>
BNY Mellon to Pay $15M for Intern-Hiring Violations
The SEC reports that BNY Mellon, the investments company founded by Alexander Hamilton in 1784, has “agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.” Not surprisingly,… Read More >>
