All Anti-Bribery articles – Page 52
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Article
Whistleblower Laws Abroad Remain Weak and Untested
Image: What whistleblower protections exist overseas that are comparable to those under the Sarbanes-Oxley and Dodd-Frank Acts? Compliance Week did a spot-check of major countries, and the results of our round-the-world tour are inside. “There’s no country in the world whose whistleblower protection laws come close to what we’ve developed ...
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Blog
TI Report Urges Southeast Asia to Make Anti-Corruption a Priority
Leaders of the Association of Southeast Asian Nations are not doing nearly enough to address corruption at the national level, warns a new report by Transparency International. In its report, TI recommended that ASEAN form an ASEAN Integrity Community to fast track anti-corruption policy measures and further recommended four targeted ...
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Blog
UTC Gets Second Subpoena in Bribery Probe
United Technologies Corp. has disclosed that it received a second subpoena from the SEC for potential violations of anti-bribery laws. UTC said the SEC issued the subpoena “seeking documents related to internal allegations of alleged violations of anti-bribery laws from UTC’s aerospace and commercial businesses, including but not limited ...
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Article
Cleaning Up FCPA Cases That Spill Into Litigation
Image: Companies under investigation for possible violations of the FCPA have more than enforcement action to worry about; they must be prepared to fend off shareholder lawsuits as well. That requires some careful strategy about how to investigate FCPA allegations and document them. “I can’t tell you how often I ...
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Blog
OECD Roasts Iceland on Anti-Bribery Efforts
The Organization for Economic Cooperation and Development’s Working Group on Bribery this week said it has “serious concerns” about Iceland’s lack of progress in both combating the bribery of foreign public officials. Out of 17 recommendations made by the Working Group in 2010, just two of the recommendations had been ...
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Blog
France Lags Behind in Global Corruption Fight
France has drawn international attention amid a string of scandals that engulfed some of the country’s largest companies. When compared to the United States, experts believe that French authorities are more lenient on wrongdoing. The Organization of Economic Cooperation and Development is “seriously concerned” by the country’s “lackluster response” toward ...
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Blog
Bilfinger Probe Uncovers Bribery Related to World Cup
German-based engineering company Bilfinger said that an internal investigation has uncovered potential bribery payments made to government officials in Brazil for contracts related to the 2014 World Cup. After launching an internal investigation into the allegations last year, “suspicions have now been substantiated,” Bilfinger said. Details inside.
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Blog
OECD: Greece Must Focus More on Foreign Bribery
The risk of Greek companies bribing foreign officials is substantial, and yet Greece has not given the same priority to fighting foreign bribery as it has to domestic corruption, according to the Organization for Economic Cooperation and Development's Phase 3bis Report on Greece." The repor examines issues that the Working ...
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Blog
Swiss AG Freezes $400 Million in Petrobras-Related Assets
The Office of the Attorney General of Switzerland (OAG) is currently conducting nine investigations in the Petrobras case and has issued an order freezing USD$400 million in assets deposited in Switzerland in connection with the
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Blog
Justice Department Extends Biomet DPA
The Department of Justice will extend for an additional year a deferred-prosecution agreement reached in 2012 with Biomet, after the medical device maker self-reported additional potential violations of the Foreign Corrupt Practices Act. The three-year DPA, which would have expired March 26, 2015, will now expire on March 26, 2016. ...
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Article
Petrobras Probe Portends Brazil Enforcement Crackdown
Image: Suddenly anti-corruption enforcement seems to be serious in Brazil—to the point that businesses working there might want to pay more heed to enforcement risks from Brazilian regulators themselves. The catalyst is the sweeping investigation into state-owned oil company Petrobras, riveting Brazil this month. “We can expect much more enforcement ...
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Resource
Anti-Bribery and Corruption: A Changing Landscape
Most companies are well aware of the risks bribery and corruption pose when operating in the global marketplace. However, what companies may be overlooking is how quickly the landscape is changing—and how this dynamic shift can affect corporate compliance initiatives. With the recent up-tick in enforcement of the Foreign Corrupt ...
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Blog
SEC’s Ceresney: Common FCPA Violations in Pharma Industry
Image: From remarks last week at a conference in Washington D.C., SEC Director of Enforcement Andrew Ceresney highlighted three types of Foreign Corrupt Practices Act misconduct that most often arise in the pharmaceutical industry: pay-to-prescribe, formulary drugs, and charitable contributions. More of Ceresney’s observations are inside.
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Article
Lessons From HSBC’s Size, Compliance Struggles
For nearly three years, HSBC Holdings, a grande dame of international banking, has come under fire for a litany of regulatory problems and compliance failures: money laundering, sanctions, violations, and abetting tax evasion to name just a few. How does a good bank fall into such dire straits? The problem, ...
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Blog
Akamai Self-Reports FCPA Probe
Akamai Technologies disclosed in its annual report with the SEC that it is conducting an internal investigation related to potential violations of the Foreign Corrupt Practices Act. The cloud services provider said it voluntarily reported the internal investigation to the SEC and Department of Justice last month. Details inside.
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Blog
General Cable Sets Aside $24 Million for Angola Bribes
General Cable said this week in a regulatory filing that it has set aside an estimated charge of $24 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in Angola. In September, the maker of copper, aluminum, ...
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Blog
Goodyear to Pay $16 Million for FCPA Violations
Goodyear Tire & Rubber Co. has reached a $16 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act when its subsidiaries paid bribes to land tire sales in Kenya and Angola. Goodyear neither admitted nor denied the SEC’s findings. Details inside.
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Blog
OCC Veteran Joins Deloitte Transactions and Business Analytics
Deloitte Transactions and Business Analytics has named John Wagner as a managing director in its anti-money laundering and sanctions consulting practice. After 32 years with the Office of the Comptroller of the Currency, Wagner was one of the OCC’s most senior AML officials at the time of his retirement in ...
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Blog
Eli Lilly: Justice Department Drops FCPA Probe
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA ...
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Blog
AG Nominee Loretta Lynch on FCPA Enforcement
Image: Anyone curious about where attorney general nominee Loretta Lynch stands on enforcement of the Foreign Corrupt Practices Act now has a lot of reading material. Lynch answered a host of written questions from the Senate Judiciary Committee, giving her views on the Justice Department’s current level of transparency, the ...