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Facebook, Amazon, and Google Look to Fight Antitrust Bill
The House Judiciary Committee approved a six-part antitrust package aimed at curbing the global dominance of tech giants. The “Ending Platform Monopolies Act” restricts these companies from using their market share position to disadvantage competitors. Facebook, Amazon and Google are among companies expected to fight the bill, having formed the “Chamber of Progress”, a lobbying group that released a survey showing that Americans are unwilling to give up services provided by the companies.
Business
Deutsche Bank Overhauls Anti-Financial Crimes Operations After Settlement
Deutsche Bank AG is overhauling its anti-financial crimes and compliance teams following years of enforcement actions, fines and settlements. The changes focus heavily on anti-money laundering, economic sanctions and anti-corruption laws. The changes to the company’s compliance efforts come on the heels of a USD $130M settlement it paid to the U.S. government in January on allegations of bribery and illegal commodity-trading.
New Charges in 1MDB Case Emerge
New charges in the ongoing 1MDB scandal in Malaysia have been brought against Low Taek Jho, a Malaysian businessman implicated in the scandal, for attempting to lobby and influence former President Trump and the U.S. Department of Justice for his benefit. A federal grand jury also alleges that money laundering was committed in the effort to sway government officials. If found guilty, Jho could face 5 to 10 years in federal prison.
Government
Cryptocurrency Adoption Facing Threat by Chinese Government
Chinese regulators are urging banks and retailers in the country to stop trading in and accepting cryptocurrency payments, citing the harm that “speculative trading of virtual currencies” will do to the broader economy. Recently, the Chinese government cracked down on bitcoin mining in the country, which accounted for 70% of all bitcoin mining in the world.
SEC Awards USD 5.3M to Whistleblowers
The SEC announced Thursday that it awarded USD 5.3M to whistleblowers in two separate incidents, stemming from tips that led to enforcement action. The award total was split between one whistleblower who received USD $4M and a group of three whistleblowers who split USD $1.3M. The SEC regularly distributes monetary awards to tipsters who report information that leads to enforcement action by the agency. To date, the SEC has awarded more than USD $937M since the program’s inception.
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