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The International Law Section Gazette
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ILS Journey to Cuba - REGISTER TODAY
Do not miss the ILS exchange mission to Cuba, October 19-22, 2018. For more information, read below from Jim Meyer, Treasurer of the Section and Co-Chair of the Cuba Committee.
"As a fellow member of the International Law Section of the Florida Bar, I am pleased to invite each of you to visit Cuba from October 19th through the 22nd as part of our Section's envoy for a professional and cultural exchange with the lawyers, professionals and people of Cuba. Our group promises to include several prominent members of our profession and communities from both here in Florida and in Havana, and will include high-level discussions regarding current legal and economic issues in connection with US and Cuba relations, commercial matters and human rights.
Please do not confuse our visit to Cuba with another CLE program that is currently being marketed to our members by a third-party. To be clear, our program is a full agenda program by an OFAC licensed operator which will not include any tourism activities (which are still restricted under US law) but which will almost certainly be a much more rewarding experience, as have been our Section's three prior visits to Cuba.
For more information, please see the attached brochure and application, which you should return directly to Cuba Cultural Travel together with your deposit. Please do so at your very earliest convenience, as the number of available spaces in our group are limited and filling-up fast.
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There are only a few spots available. If you plan on joining the visit, please do not hesitate and
submit your application by July 13.
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iLaw 2019: Call for Proposals
The ILS's annual conference,
iLaw2019: The ILS Global Forum on International Law will take place in
February 2019. Similar to previous conferences, the iLaw2019 will contain three simultaneous tracks, each with four sessions throughout the day: (1) the ICDR arbitration track, (2) the litigation track, and (3) the business transactions track. In addition, the iLaw2019 will have one opening plenary session, a luncheon speaker, and one closing plenary session. Submissions appropriate for each of the three tracks will be considered, and ideas for the opening and closing sessions are welcome as well.
Each proposal should contain a suggested title and a description of the panel of no more than 200 words. Identification of proposed speakers is not necessary at this time, although it is important to emphasize that the ILS is committed to ensuring diversity and inclusion on all panels.
The iLaw2019 Steering Committee will evaluate and consider all proposals. Based on the limited number of panel presentations during the conference and potential high volume of proposals, we are unable to select all submissions. Thank you for your time and commitment to the ILS and the iLaw2019, and we look forward to receiving your submissions!
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SOCGEN TO PAY OVER $1 BILLION IN PENALTIES OVER FCPA VIOLATIONS AND MANIPULATION OF LIBOR RATE
Submitted by Richard Montes De Oca - Managing Partner, MDO Partners
On June 4, 2018 the U.S. Department of Justice ("DOJ") announced that Société Générale S.A. ("SocGen"), a global financial services institution based in Paris, France and its wholly owned subsidiary agreed to pay penalties of $860 million to resolve foreign bribery charges with U.S. and French authorities, including the Foreign Corrupt Practices Act (FCPA). SocGen also agreed to pay approximately $475 million in regulatory penalties and disgorgement to the Commodity Futures Trading Commission (CFTC) in connection with its practice of manipulating the London InterBank Offered Rate (LIBOR), which resulted in total penalties of over $1 billion.
SocGen admitted that, between 2004 and 2009, it paid bribes to secure 13 investments and one restructuring from Libyan state-owned financial institutions worth around $3.66 billion, all done through a Libyan "broker" that assisted with access to high-ranking Libyan officials. The company's profits from such investments were around $523 million, according to the DOJ.
SocGen's subsidiary plead guilty on June 5, before U.S. District Judge Dora L. Irizarry of the Eastern District of New York, while SocGen agreed to enter into a deferred prosecution agreement in connection with a criminal information charging the company with one count of conspiracy to violate the anti-bribery provisions of the FCPA and one count of transmitting false commodities reports. The DOJ stated that the main factors underlying the resolution of the case were: (i) failure to voluntarily self-disclose the misconduct to the DOJ; (ii) the seriousness of the misconduct, including the high value of the bribes paid to foreign officials; (iii) the substantial, though not full, cooperation with the DOJ and; (iv) the significant remediation, together with the ongoing monitoring by L'Agence Française Anticorruption.
In addition to the FCPA violations, SocGen admitted to promulgating falsely deflated U.S. Dollar (USD) LIBOR submissions to mask the reality of the company's ability to borrow money at more favorable interest rate, during 2010 and 2011. This scheme was ordered by SocGen's senior executives, who were personally indicted with such violations in separate procedures. The company has a separate agreement with the authorities regarding the LIBOR manipulations.
The U.S. Attorney of the Eastern District of New York and the FBI Special Agent in Charge of the case made strong remarks regarding the U.S. continuous efforts to enforce anti-corruption laws and to assess penalties against corporations to protect markets. The U.S. prosecutors also made clear that the top executives of the companies were responsible for all wrongdoings.
With such record-setting penalties, the DOJ and SEC's aggressive investigation efforts, and increasing international enforcement collaboration, MDO Partners encourages companies to establish and strengthen Anti-Corruption Compliance Programs to mitigate the risks of FCPA violations. Our attorneys and advisors have extensive experience advising clients on the FCPA and effective Anti-Corruption Compliance Programs in over 30 countries.
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July 20, 2018
The ABA Section of International Law is pleased to offer its next series in the International Law Bootcamp Program, an engaging presentation that will provide a practical overview of how international law impacts legal practice across several areas, including:
* Contracts
* Litigation
* Ethics
* Anti-Corruption
* Finance and M&A
* Arbitration
This program will be taught by practitioners and is an excellent learning opportunity for students and attorneys new to international law. A continental breakfast and lunch is included, as well as a networking reception immediately following the program. The program will be held at the
JW Marriott Marquis at
255 Biscayne Boulevard Way Miami, FL 33131. To register click here.
October 7-12, 2018
November 6-10, 2018
The ABA Section of International Law will hold its
Conference on International Trade and Investments in Mexico City. To learn more, click
here.
November 8-10, 2018
The
International Association of Young Lawyers will hold a conference in San Diego on:
Entrepreneurship and innovation: from early stages to the evolution. The AIJA Seminar will address topics such as entrepreneurship legal issues, key challenges in setting up new businesses, use of intellectual property strategies to protect new assets, approaching investors, negotiation techniques between founders and investors, or licensing strategies. You will have the opportunity to meet with industry leaders, professionals and listen to the "real stories" of successful entrepreneurs who have made an impact in their industry. Fore more information, please refer to the
event's brochure.
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International Law Quarterly (ILQ)
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The
Winter 2018 ILQ - Focus on International Aspects of Maritime, Admiralty, and Transportation Law
is now available to view and download here.
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