All Anti-Bribery articles – Page 54
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Blog
TEVA Expands Scope of FCPA Probe
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.
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Blog
Foley & Lardner Launches FCPA Compliance Solution
Law firm Foley & Lardner announced the launch this week of Foley Global Risk Solutions, anew service offering designed to help companies operating overseas comply with the Foreign Corrupt Practices Act. Foley GRS is a web-based program that provides companies with integrated legal services, including key components of an effective ...
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Blog
U.K. Court Orders Trials for Alstom Units in Bribery Case
According to published reports, a Crown Court judge has ordered two jury trials for separate units of French conglomerate Alstom SA and is holding out the possibility of a third trial as the U.K.’s Serious Fraud Office continues its investigation. The Alstom subsidiaries, and four former employees, are accused of ...
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Article
What a Good FCPA Audit Looks Like
Image: An audit of compliance with your company’s FCPA policies is no easy task. It requires skilled personnel, sophisticated data analytics, and an understanding of the difference between an audit and investigation. Inside, we walk through the fundamentals of all three. “The focus is really to create dialogue” with audit ...
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Blog
No Charges in News Corp. Phone Hacking Scandal
Twenty-First Century Fox and News Corp. announced in separate regulatory filings with the SEC that the Justice Department will not file charges following the completion of its investigation into the phone hacking scandal. Both companies faced potential charges for violations of the Foreign Corrupt Practices Act concerning alleged bribes paid ...
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Blog
Mead Johnson Provides Status on FCPA Probe
Mead Johnson Nutrition disclosed this week in an earnings call that the government’s investigation into possible violations of the Foreign Corrupt Practices Act continues to progress, but with no end in sight. “At this time, we can’t predict how or when the matter will be resolved,” said Chief Executive Officer ...
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Blog
Cobalt: SEC Drops Foreign Bribery Probe
Cobalt International Energy announced yesterday that it has received a termination letter from the Securities and Exchange Commission, stating that the agency does not intend to recommend any enforcement action after looking into potential violations of federal securities laws related to Cobalt's operations in Angola. “This formally concludes the SEC’s ...
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Blog
SEC Eyeing BNY Mellon on Anti-Bribery
BNY Mellon disclosed in a Form 8-K filing with the SEC last week that certain of its current and former employees have received Wells notices for potential violations of the Foreign Corrupt Practices Act. BNY Mellon said it received a similar Wells notice in the fourth quarter of 2014. Details ...
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Blog
Engineering Firm Nicked $3.4M on FCPA
Engineering and construction firm PBSJ has agreed to pay $3.4 million in financial remedies to the SEC for violations of the Foreign Corrupt Practices Act by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts. Details inside.
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Article
Meeting the World Bank in Enforcement Actions
When the Justice Department settled corruption charges against Alstom SA in December, it did not require a compliance monitor—because Alstom already had one, appointed by the World Bank. How does the bank’s integrity office work? What risks do you have? Lots. “You can be a perfect company today, but if ...
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Blog
Nortek Launches FCPA Probe
Nortek disclosed last week in a regulatory filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning potential improper payments made by its Chinese manufacturing unit. Details inside.
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Blog
A Recap of FCPA Enforcement in 2014
Foreign Corrupt Practices Act enforcement actions brought by the Justice Department and the Securities Exchange Commission in 2014 held steady in comparison to the previous year's enforcement numbers, while the average price tag in penalty amounts continued to skyrocket. In 2014, the average total value of monetary resolutions in FCPA ...
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Article
Lessons to Learn From the Alstom Fiasco
The record $772 million criminal penalty reached between the Justice Department and French power and transportation giant Alstom is yet another real-life example of corporate governance gone haywire. Abounding with cover-ups and an overall lack of due diligence, “The Alstom case is the antithesis of the hallmarks of an effective ...
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Blog
New Year, New Headaches for France’s Alstom
Image: Title: KronJan. 7—The $772 million bribery settlement between Alstom SA and U.S. regulators last month did not close the door on allegations plaguing the French industrial conglomerate. The company continues to face ongoing bribery probes in Poland and the United Kingdom, according to published reports, with former employees facing ...
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Article
T&E Controls That Won’t Get You Busted
Image: Title: TillenThe SEC set the compliance community buzzing in December with two FCPA enforcement actions that hinge on improper travel and entertainment spending—an offense historically seldom seen in FCPA enforcement. Usually, “T&E abuses are add-on charges to an enforcement action involving a larger pool of improper activity,” says James ...
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Article
More Cooperation, More Whistleblowing, More Prosecution
Image: Title: Berland2015 may be the year when overseas regulators hit their stride in prosecuting companies for misconduct, as tactics get more sophisticated and investigations come to fruition. In the United States, enforcement stemming from whistleblowers will be at full speed and pressure to cooperate with prosecutors will be high. ...
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Blog
Israeli Police Launch Biggest Ever Anti-Corruption Operation
Dec. 29—Israeli police have made more than two dozen arrests in what some say is the most significant anti-corruption operation in the country’s history. Officials have been questioned on suspicion of corruption, embezzlement of public funds, and illegal money transfers. According to police, “millions” of shekels of public funds were ...
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Blog
OECD: France Still Lags on Anti-Bribery Efforts
France still has several more improvements to make when it comes to combating the bribery of foreign public officials involving French companies, according to the Organization for Economic Cooperation and Development's follow-up report to its Phase 3 recommendations. Of the OECD’s 33 recommendations, the group deemed four to be fully ...
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Blog
EU Raises ‘Loophole Risk’ With New AML Regime
Transparency advocates are giving tempered praise to a new anti-money laundering regime proposed this month by representatives of the European Parliament and the Council of the European Union. The new rules would mandate that member states create centralised registers of beneficial ownership behind companies, but outsiders such as journalists or ...
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Blog
New UK Anti-Corruption Plan Omits Hideaway Homes
Britain’s ambitious U.K. Anti-Corruption Plan addresses everything from emboldened enforcement agencies to sharper criminal liability, but critics have jumped on one weakness: the plan’s mandate for a public register of beneficial ownership omits the housing market. Given the multitude of luxury homes in London owned by overseas trusts, that’s problematic, ...