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Starting January 1, 2024, many companies operating in the U.S. will be required to gather and report ownership and control information to the Department of Treasury's Financial Crimes Enforcement Network (FinCEN).  The federal Corporate Transparency Act (CTA) was enacted by Congress in 2021 to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity. The law requires non-exempt entities to report information to FinCEN, including personal identifying information (PII) of the individuals who directly or indirectly have a substantial ownership interest in, or otherwise exercise substantial control over, the reporting company. All corporations, LLCs, limited partnerships, and other entities formed or registered to do business in the U.S. by means of a filing with a secretary of state office are subject to the CTA’s reporting requirements, unless they qualify for a specific exemption.

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Innovation and entrepreneurial ideas help birth businesses in many areas and industries. Yet, to achieve sustainability, organizations need human intelligence in management and governance to keep a strong logo alive and valued.  

New expectations and technological advancement have created opportunities and shifts for business management and corporate governance. Managers and boards now require new tech skills to direct their organizations on embracing and leveraging technology. Nevertheless, human intelligence and experience remain the main driving force of businesses.  To this end, organizations have to get it right. An organization that intends to reach its peak must ensure its executive team and board collaborate and constantly perform at their best. This is the only way to continue achieving corporate goals and objectives while ensuring sustainability and consistency.  

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The lull in FCPA enforcement has greatly reduced the number of companies entering into pre-trial agreements, either deferred or non-prosecution agreements, plea agreements, or declinations with disgorgement. But there’s no detectable lull in federal criminal enforcement against companies for other offenses.

Who are those companies, and what are their federal crimes?

According to data from the U.S. Sentencing Commission, the number of companies sentenced for federal crimes has remained fairly constant for the past five years through FY2022. In FY2018, 99 companies were sentenced, 118 in FY2019, 94 in FY2020, 90 in FY2021, and 99 in FY2022. Again, these numbers (and the ones that follow) don’t include companies entering into pre-trial agreements.

Most of the companies sentenced in FY2022 were located in the Unites States — 89.9 percent.

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In this article, we will explore 15 biggest corporate frauds in US history.

Corporate fraud is a long-standing issue in commerce, dating back to the 17th century when trade expansion and the rise of corporations provided opportunities for unethical practices. Early cases involved embezzlement, accounting fraud, and information exploitation. As commerce evolved, corporate governance also developed. The 19th and 20th centuries witnessed the rise of industry giants that played pivotal roles in shaping the American economy. Companies like Standard Oil, US Steel, and General Electric wielded immense power, driving industrialization and economic growth. They achieved this status through strategies such as vertical integration, aggressive expansion, and innovative technologies. History notes that in 1934, during the Great Depression, President Franklin D. Roosevelt established the Securities and Exchange Commission (SEC) to clean up the financial markets, protect investors, and enforce securities laws. It marked a significant step towards regulating the chaos and fraud that had plagued the market.

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The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 "follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders and 121 actions against issuers who were allegedly delinquent in making required filings with the SEC. The stand-alone enforcement actions spanned the securities industry, from billion-dollar frauds to emerging investor threats involving crypto asset securities and cybersecurity, and charged violations by diverse market participants, from public companies and investment firms to gatekeepers and social media influencers.

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In the high-stakes practice of international regulatory compliance, perhaps no law looms as large as the U.S. Foreign Corrupt Practices Act (FCPA). This act is designed to ensure that companies — in their overseas dealings — don't establish contracts or advantages through bribery of any foreign official while also keeping accurate and transparent records. The law applies to all U.S. individuals and companies, as well as foreign nationals conducting business in the U.S., and prevents payments, offers, and promises of anything of value in exchange for corporate favors. While it's possible to mount an affirmative defense when accused of a violation, it requires clear documentation of mitigating factors such as proof that the alleged conduct was legal or reasonable in the country in question.

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Beginning January 1, 2024, the US Corporate Transparency Act (CTA) will require “reporting companies” to submit a report to the Financial Crimes Enforcement Network (FinCEN) containing personal information about the reporting company’s “beneficial owners.” Reporting companies formed before January 1, 2024, will have until January 1, 2025, to file their initial report with FinCEN. Willful failure to comply with reporting obligations can result in steep financial penalties. Proposed regulations issued on September 27, 2023, extend the period for which reporting companies formed on or after January 1, 2024, and before January 1, 2025, must file their initial report to within 90 days of the company’s formation. Reporting companies formed on or after January 1, 2025, must file an initial report within 30 days of the company’s formation.

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Britain has ditched much of a planned new code of practice for companies drawn up after a string of high-profile business failures, amid concerns tougher rules might hit competitiveness. Three government-backed reviews recommended beefing up auditing and corporate governance standards after companies such as builder Carillion, retailer BHS and cafe chain Patisserie Valerie collapsed, leading to thousands of job losses. But the Financial Reporting Council (FRC) watchdog has faced a backlash in London's financial centre, where critics argue that toughening up its corporate governance code would knock the hub's post-Brexit competitiveness as it vies with New York for listings.

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Contact: Mr.Nikolai Triffet 

Email: nikolai@icib.org

Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

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Best Wishes to all our friends and associates for a New Year filled with Peace, Prosperity, and Happiness.

- The Staff of The Internal Control Institute