FBI expects more public fraud cases.
These investigations, Mueller told the ABA, illustrate the need for corporate boards, auditors, and outside counsel to ensure transparency and minimize conflicts of interest. He said the recent U.S. mortgage crisis has resulted in bureau investingations into more than I,300 individual mortgage fraud matters and I9 corporate fraud cases. "We likely will see more corporate fraud cases in the monts to come, because of the ripple effect of the subprime crisis and its impact on the credit market," he added.
Mueller said it is better for companies to self-report and remedy any wrongdoing before the FBI launches an investigation. That's an approach the FBI has begun to take in its own operations, which have suffered from corruption problems due to inadequate internal controls, he acknowledged. The FBI recently created the Office of Integrity and Compliance to ensure bureauwide compliance and oversight. The new office has established policies on compliance standards, training, communications, and risk assessments for the FBI. It also monitors the implementation of these policies in all divisions of the bureau, ensures necessary audits are performed, and presents an annual report to key stakeholders. Moreover, Justice Department attorneys now examine all aspects of the FBI's national security program for compliance with laws, regulations, and guidelines.
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|Article Type:||Brief article|
|Date:||Jun 1, 2008|
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