- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Switzerland-based Glencore Ltd, a subsidiary of Glencore plc, said Tuesday it received a subpoena on July 2 from the U.S. Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and U.S. money laundering statutes.
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Glencore is under criminal investigation by the Office of the Attorney General of Switzerland over corruption allegations, adding to the growing list of scrutiny the multinational commodity trading and mining company is facing.
The CFTC’s Division of Enforcement issued new civil monetary penalty guidance for the first time since publishing its penalty guidelines in 1994. The update is in line with recent efforts by the DOJ to crack down on commodities fraud.
Glencore announced it is under investigation by the U.K. Serious Fraud Office over suspicions of bribery, making it the third investigation the multinational commodity trading and mining company is now facing.
