OFAC Publishes New Guidance for the Virtual Currency Industry

The U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published guidance to aid members of the virtual currency industry (ranging from tech companies to brokers to users) in complying with OFAC requirements. OFAC defines “virtual currency” to encompass non-sovereign, non-fiat currencies that can be used as a store of value or as a medium of exchange—a category inclusive of most cryptocurrencies, including common tokens such as Bitcoin or Ether.… More

2021 Marked by SEC Focus on Climate-related Disclosures

With the third quarter coming to a close and year-end reporting just around the corner, public companies should be giving careful thought to the evolving landscape for climate-related disclosures. While it did not promulgate any new rules in 2021 regarding these disclosures, the SEC has been actively commenting on climate change disclosures, and new rules are almost certainly on the way.

Since 2010, the SEC has made clear that its existing disclosure regime requires issuers to assess and,… More

DOJ Announces New Cyber-Fraud Initiative Promoting False Claims Act Enforcement Against Contractors and Grantees Failing to Follow Cybersecurity Standards

As we anticipated last spring, the Department of Justice (DOJ) has signaled that it will utilize civil enforcement of the False Claims Act (FCA) to address new and emerging cybersecurity threats. On October 6, 2021, Deputy Attorney General Lisa Monaco announced the launch of a new cyber-fraud initiative led by the Fraud Section of DOJ’s Commercial Litigation Branch. The new initiative will focus FCA enforcement against federal government contractors or grant recipients who fail to follow required cybersecurity standards.… More

Ransomware Payments – OFAC Updates its Advisory and Congress Gets Involved

Ransomware payments continue to be a focus of the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”). As previously reported by Foley Hoag, on October 1, 2020, OFAC released an advisory regarding potential sanctions risks related to facilitating ransomware payments. Almost a year later, on September 21, 2021, OFAC updated its advisory to provide additional guidance regarding what OFAC considers to be mitigating factors if facilitating a ransomware payment results in an apparent violation of U.S.… More

Lessons to Learn for Global Software Providers from SAP Settlements of DOJ, BIS and OFAC Investigations Concerning Software Downloads in Iran

By Anthony D. Mirenda, Gwendolyn Wilber Jaramillo, Luciano Racco, Shrutih V. Tewarie

Sales of your software are robust around the globe. You have a network of third-party resellers, distributors or implementation partners that are driving international growth. Your customers praise your efficient maintenance and update services. You’ve made some strategic acquisitions of smaller companies over the past few years. It all sounds good, right? But the recent experience of SAP SE (SAP),… More

Watch Now: ESG – What You Need to Know About the Rapidly Evolving Disclosure Landscape

As anticipated, the pace of change around the Climate and broader ESG landscape is accelerating rapidly. In this timely webinar, we discussed:

  • The multiple market developments leading towards a rationalized corporate reporting system
  • The role of the board and governance around the ESG agenda
  • Practical steps to navigate the changing ESG landscape

Speakers:

Healthcare Fraud in the Early Days of the Biden Administration

This is our eighth and final post in our First 100 Days series examining important trends in white collar law and investigations in the early days of the Biden administration. Our previous entry was on pandemic-related fraud. Join us in the weeks and months ahead as we return to periodic posting on new developments and emerging trends.

Health care fraud is widely considered a bipartisan focus for federal prosecutors;… More

Pandemic Fraud

This is the seventh in our First 100 Days series examining important trends in white collar law and investigations in the early days of the Biden administration. Our previous entry was on FCA enforcement. Up next, healthcare fraud.

2020 saw the outbreak of a global pandemic. While the focus was undoubtedly on the devastation caused, from early 2020, enforcement divisions were proactively monitoring for risk areas arising from the pandemic. … More

False Claims Act Enforcement in 2021: A Look Ahead

This is the sixth in our First 100 Days series examining important trends in white collar law and investigations in the early days of the Biden administration. Our previous entry discussed ESG initiatives by the SEC.  Up next will be a close look at pandemic-related fraud.

As expected, the Biden presidency has brought new leaders to the top posts of the Department of Justice (DOJ). … More

SEC on ESG Risk Disclosure – Moving From “If” to “How”

This is the fifth in our First 100 Days series examining important trends in white collar law and investigations in the early days of the Biden administration. Our previous entry discussed investigations under the new Congress.  Up next, a deep dive on liability under the False Claims Act.

As the Biden Administration began to take shape, many observers (including here at Foley Hoag) predicted that the SEC would move toward requiring standardized disclosures by issuers regarding their ESG risks and opportunities. … More