On February 12, the US Department of Justice (DOJ) announced that it had indicted five former employees of Petróleos de Venezuela SA (PDVSA) – Venezuela’s state oil company – for money laundering and conspiring to violate the Foreign Corrupt Practices Act (FCPA). The indictment alleges that the five defendants solicited bribes in exchange for obtaining contracts with an agent of the state company and then laundered the funds as part of an international network in several countries, including Switzerland.

Four of them were arrested in Spain in October 2017 by Spanish authorities on arrest warrants issued by US authorities. One of the defendants was extradited to the United States while 3 others remain in Spanish custody pending extradition. A fifth defendant remains at large.

On February 14, Credit Suisse announced it was under investigation in the United States over its hiring practices in the Asia Pacific region. In particular, Credit Suisse said it has been responding to requests from the DOJ and the SEC regarding whether it hired referrals from government agencies and other  state-owned  entities  in  exchange  for  investment  banking  business  and/or  regulatory  approvals – which could constitute a potential violation of the FCPA –.

Credit Suisse said it was cooperating with the authorities on this matter. JP Morgan was already sentenced to a USD 264 million fine in November 2016 for similar hiring practices. Other banks, including HSBC, have also been contacted by US authorities regarding the same matter.