U.S. DOJ Investigating PE, Banks and Hedge Funds in Dealings with Libya


Federal investigators at the U.S. Department of Justice (DOJ) are investigating financial institutions, private equity firms and hedge funds in their dealings with the Libyan Investment Authority (LIA) on suspicion of possibly violating anti-bribery laws. Specifically, the DOJ is examining investment deals carried out around the time of the global financial crisis and post, checking to see if those firms violated the Foreign Corrupt Practices Act (FCPA). This is on the backdrop of the Securities and Exchange Commission’s (SEC) civil probe in 2011, when it initially targeted Goldman Sachs. The DOJ (criminal) and the SEC (civil) are dual enforcers of the FCPA. Both government offices have made it clear that the U.S. financial industry is a priority for FCPA enforcement.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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