Swiss-based Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.
As part of settlements announced Tuesday with the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and authorities in Brazil, Glencore said in a statement it has agreed to enhance its ethics and compliance program with the creation of “a centralized, independent, and empowered compliance function” that will be supported with increased staffing and funding.
