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With bipartisan support and overriding (for the first and only time during the Trump presidency) a presidential veto, Congress passed the National Defense Authorization Act (“NDAA”) on January 1, 2021.
1 As part of the NDAA, Congress enacted the most comprehensive and substantial changes to the anti-money laundering and counter-terrorism financing laws, the Anti-Money Laundering Act of 2020 (“AMLA”), since the USA PATRIOT Act amended the Bank Secrecy Act (“BSA”) in 2001. While the AMLA expressly addresses defense and national security concerns regarding money laundering and terrorism, the wide-ranging legislation, which expands the government’s enforcement and investigative authority, as well as its access to information, has significant implications for government investigations generally.
Who is Alejandro Mayorkas, Biden s Troubling Pick to Lead DHS
5:19 pm EST
While the nation may have been keeping a keen eye on the Capitol today for the Presidential Inauguration, Washington is also abuzz with the process of confirming Joe Biden s cabinet. With many controversial picks, one of the most shocking appointments was Alejandro Mayorkas to head the Department of Homeland Security.
Given what Pres. Biden and Vice Pres. Kamala Harris repeatedly promised during their campaign and the recent news of their plan to grant amnesty and an eight-year pathway to citizenship more than 11 million illegal aliens, this incoming Secretary will almost certainly face an immigration crisis that will make the surges of 2019 look like child s play.
Provided by Dow Jones
By Joanne Chiu A former senior banker at JPMorgan Chase & Co. was acquitted of bribing a potential client by hiring his son, in a defeat for Hong Kong s antigraft agency. Deputy District Judge Emily Cheung on Monday ruled that Catherine Leung Kar-cheung, a former vice chairwoman of JPMorgan s Asia-Pacific investment banking business, wasn t guilty of two counts of bribery. Ms. Leung had been charged in May 2019 with bribing a businessman to win a mandate for an initial public offering, in a case brought by the city s Independent Commission Against Corruption. Her prosecution came after JPMorgan faced U.S. scrutiny for its so-called Sons and Daughters program, in which bankers in Asia offered internships and jobs to relatives of clients and prospective clients to win investment-banking business between 2006 and 2013. In 2016 JPMorgan admitted it had violated the Foreign Corrupt Practices Act and agreed to pay $264
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This week I have been exploring and reviewing the Beny Steinmetz guilty verdict in a Swiss court for bribery and corruption in the obtaining of mining rights in Guinea. As reported by the BBC, the corruption was engaged in by the Beny Steinmetz Group (BSRG) which paid $2m to Mamadie Touré, fourth wife of the then Guinean President, Lansana Conté, to help it secure rights to mineral deposits back in 2007. The corruption was memorialized in contracts which specified for BSRG to make payments and transfer shares in the mine to her. To monetize those rights BSRG then sold 51% of the mining rights to the Brazilian company Vale for some $2 billion. Today I want to conclude with some lessons learned for the compliance professional in this sordid tale.
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