Weekly Compliance News - Around the World

GCSG's Weekly Compliance News feature is a compilation of some of the previous weeks interesting trade compliance, anti-bribery and corruption, fraud, and due diligence news bites, from around the world.

Wells Fargo Manager Pleads Guilty to $14 Million Fraud Scheme | NBC

“A former Wells Fargo bank manager pleaded guilty Monday for his part in a money laundering, tax fraud and identity theft scheme that led to $14 million in bogus tax refunds, federal prosecutors said.” (Click here for the article) - USA

PACCAR Settles $1.7 Million of OFAC Penalty for DAF Misstep | Freightwaves

“The Treasury Department’s Office of Foreign Assets Control on Aug. 6 announced a $1.7 million settlement agreement with Bellevue, Wash.-based PACCAR to settle allegations that the truck maker’s European subsidiary illegally engaged in the sale of 63 trucks from Europe to Iran between October 2013 and February 2015.” (Click here for the article) - USA, Netherlands, Germany, Bulgaria

FBI Targets Johnson & Johnson, Siemens, GE, in Brazil Graft Cases | CNBC

“The FBI is investigating corporate giants Johnson & Johnson, Siemens, General Electric, and Philips for allegedly paying kickbacks as part of a scheme involving medical equipment sales in Brazil, two Brazilian investigators have told Reuters.” (Click here for the article) - USA, Brazil

China Devalues Currency, Halts Purchases of US Agricultural Products, Threatens Additional Tariffs | Miller Proctor Law

“China’s Ministry of Commerce suspended purchases of U.S. agricultural products, lowered the value of its currency and indicated that it may impose import tariffs on U.S. agricultural products. China’s escalation of the trade conflict with the United States is in response to the Trump Administration’s announcement last week that 10% tariffs would be imposed on all remaining Chinese-origin goods exported to the United States (valued at roughly $300 billion).” (Click here for the article) - USA, China

US Expands Sanctions Against Venezuela Into an Embargo | Wall Street Journal

“The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President Nicolás Maduro and countries including Russia and China that continue to support him, a senior administration official said.)” (Click here for the article) - USA, Venezuela, Russia, China

Bill Seeks to Capture the Demand Side of Foreign Bribery | FCPA Professor

“The Foreign Corrupt Practices Act only captures one participant in a bribery scheme (the so-called supply side) in what is nearly always a two participant scheme. For more on this dynamic, see this recent FCPA Flash podcast episode with Tom Firestone (Baker & McKenzie) for how the demand side of bribery can be best addressed from a legal and policy perspective.” (Click here for the article) - USA