Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption.
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The Kleptocracy Asset Recovery Rewards Act
( KARRA ) authorizes a U.S. Treasury Department
( Treasury ) pilot program aimed at rewarding
whistleblowers who provide information leading to the restraint,
seizure, forfeiture, or repatriation of assets held in U.S.
financial institution accounts that are derived from foreign
government corruption.
On January 1, 2021, the Senate joined the House of
Representatives in overriding the president s veto of the
National Defense Authorization Act, which provides for KARRA. KARRA
creates a three-year whistleblower program aimed at detaining stolen assets -that is, funds traceable to foreign
COVID-19’s Impact on M&A Transactions and Material Adverse Effect Clauses
The COVID-19 pandemic has given rise to many M&A-related disputes. By some estimates, over 3,000 commercial cases were filed in U.S. federal courts alone as a result of the COVID-19 crisis. This figure does not account for numerous COVID-related disputes that were filed in U.S. state courts. Given that many transactions involving Latin American parties incorporate New York law or are based on provisions developed under New York law, these decisions may be of particular interest to companies doing business in Latin America.
In a number of the cases, the dispute turns on a provision common to M&A transactions, namely the material adverse event or effect (MAE) clause (sometimes referred to as the material adverse change (MAC) clause). An MAE/MAC clause, subject to its specific terms, may excuse a buyer from its obligation to close where the seller experiences a significant change in condition after signing and
Turning the Tide on Dirty Money
Why the World’s Democracies Need a Global Kleptocracy Initiative
February 26, 2021, 1:40 pm Getty/Tarik Kizilkaya
Sam Hananel
Preface
Transparency and honest government are the lifeblood of democracy. Trust in democratic institutions depends on the integrity of public servants, who are expected to put the common good before their own interests and faithfully observe the law. When officials violate that duty, democracy is at risk.
No country is immune to corruption. As representatives of three important democratic societies the United States, the European Union, and the United Kingdom we recognize that corruption is an affront to our shared values, one that threatens the resiliency and cohesion of democratic governments around the globe and undermines the relationship between the state and its citizens. For that reason, we welcome the central recommendation of this report that the world’s democracies should work together to increase trans