- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-19T19:14:00
A package of seven legislative proposals put forward by the Biden administration would enhance the capabilities of the Department of Justice (DOJ) to bring money laundering and racketeering charges related to corruption, according to a senior agency official.
Deputy Assistant Attorney General Kevin Driscoll of the DOJ’s Criminal Division announced the proposals as part of a Dec. 12 speech. He said the rules would “strengthen anti-corruption law enforcement authorities” to better support their roles in combating instances of cross-border corruption.
“We know that international cooperation is essential to the work we do to expose cross-border grand corruption and bring cases to recover corruption proceeds and bring corrupt actors to justice,” Driscoll said. “Our collective ability to hold corrupt actors responsible, taking the profit out of these crimes, and returning stolen assets depends on sincere and dedicated cooperation formally and informally at every level of law enforcement.”
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French authorities are investigating alleged “aggravated money laundering” contained in transfers between a BNP Paribas affiliate and a Cypriot brokerage firm that might have benefitted a Russian warlord, according to media reports.
Freepoint Commodities agreed to pay nearly $99 million to settle allegations by the Department of Justice that it paid bribes to Brazilian government officials in return for business from state-owned oil company Petrobras.
The Department of Justice will increase its efforts to build relationships and foster collaboration with its global counterparts to thwart bribery and corruption under a new strategy.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
