Financial Crimes Enforcement Network Pursues New Customer Due Diligence Requirements for Banks' Anti-Money Laundering Programs
In the December 2014 issue of PABanker, the magazine of the Pennsylvania Bankers Association, Internal Investigations & White Collar Defense Principal Peter D. Hardy and Associate Carolyn H. Kendall explore the obligation being added to the already significant requirements of banks' Anti-Money Laundering (AML) programs.
First Circuit Upholds $50 Million Tax Refund for Business Deduction Beyond Single Damages in False Claims Act Settlement
The First Circuit Court of Appeals has upheld a jury verdict finding that a company settling claims under the False Claims Act (â€œFCAâ€) can deduct a significant portion of the settlement payment beyond single damages where the â€œeconomic realityâ€ of the settlement payment reflects a compensatory purpose and the settlement agreement includes no tax characterization of the settlement payment.
The D.C. Circuit Court of Appeal's recent opinion in In Re Kellogg Brown & Root is a victory for corporations and their lawyers across the nation, reaffirming the application of the attorney-client privilege to documents prepared during an internal investigation conducted pursuant to a corporate compliance program.
A recent Third Circuit Court of Appeals decision could cause more whistleblowers to file False Claims Act (FCA) actions against health care providers based on limited allegations of wrongdoing.
A Grimm Reminder: Routine Employment Issues Can Lead to Serious (and Potentially Criminal) Headaches
The indictment of New York Rep. Michael Grimm on federal fraud and tax charges flowed partly from alleged wage and hour violations at his Manhattan restaurant. The case serves as an example of how an issue that might arise in a civil action can lead to criminal charges.
In the April 18 issue of Bloomberg BNA's White Collar Crime Report, Internal Investigations & White Collar Defense Principal Peter D. Hardy and Associate Mehreen Zaman examine how virtual currency, like bitcoin, may become an option for tax evaders as offshore banking has become the focus of vigorous tax enforcement by U.S. officials.
In an April 2014 article for American Lawyer Media's Business Crimes Bulletin, Principal Barbara Rowland explores recent changes in the law surrounding use and distribution of marijuana. In particular, Ms. Rowland analyzes how models and standards from other highly regulated industries may help enterprises considering entry into the legal marijuana industry, including entrepreneurs and financial institutions.
According to the Pennsylvania Attorney General's criminal complaint (click here to download), Exxon Mobil subsidiary XTO Energy was producing natural gas from two wells; the wells released toxic waste water to be stored in holding tanks; and, in November 2010, a state inspector found that the drain plugs were missing from 5 - 10 tanks which discharged about 57,000 gallons of waste water into the ground or a stream.
In an article in the May 3, 2013 issue of Pharmaceutical Compliance Monitor, Ron Levine examines the list of compliance challenges that medical device executives need to consider as they risk analyze to allocate compliance resources.