All Anti-Bribery articles – Page 8
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Blog
Some Costs of Corruption
Image: A recent Financial Times article says that non-U.S. corruption scandals have outpaced those which are U.S.-centric and, FT points out, the companies at the heart of these scandals fared pretty badly from their own transgressions. Inside, FCPA blogger Tom Fox examines the cases of Volkswagen, whose emissions fraud has ...
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Using Social Media to Defend an FCPA Criminal Charge
Image: Social media has certainly changed the way we communicate. Just look at federal securities fraudster Martin Shkreli, known for his extreme social media use, who has continued the practice (not surprisingly) post-arrest. According to the New York Times, Shkreli posts selfie videos “as if the possibility of going to ...
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Reform Starts at the Top for FIFA
Image: You might think in today’s corporate world “tone at the top” would be so well worn that you need not repeat it. Yet, tone at the top apparently did warrant repeating for former FIFA head Sepp Blatter. Earlier this week, Blatter announced he would fight the eight-year suspension placed ...
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Two Courts—Two Decisions on Whistleblower Protections
Image: A recent court ruling found that employees who reported suspected illegal conduct to their employers rather than to the SEC are entitled to the Dodd-Frank Act anti-retaliation protections. The decision, however, conflicts with a prior court decision, where the court refused to give weight to the SEC’s interpretation of ...
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Lessons From the SFO’s First Deferred-Prosecution Agreement
The U.K. Serious Fraud Office struck its first-ever deferred-prosecution agreement with Standard Bank in November, giving companies some much-needed guidance on how to disclose misconduct. The SFO’s decision to use DPAs is part of a larger undertaking to put a quick end to corporate criminal cases and encourage cooperation between ...
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The Legacy of Frederick Bourke Rears Its Head
Sometimes it does not take active bribery or corruption by an individual to violate anti-corruption laws such as the Foreign Corrupt Practices Act. It is one of the few laws which makes illegal consciously avoiding the actual knowledge of the underlying crime.
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Transparency Gaps in the Telecom Sector
Many telecom companies perform reasonably well when disclosing their anti-corruption practices, but less so concerning their organizational structures and country-by-country operations. With the potential for corruption fueled by relaxed rules and regulations, large licensing fees, major equipment contracts, the sale of state operators, and increased M&A activity, telecom companies need ...
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AML Regulations in NY Force CCOs to Rethink Everything
Earlier this month New York officials proposed new anti-money laundering regulations for financial institutions that fall under that state’s regulatory regime and supervision—which pretty much includes every major international bank in the world. Along with heightened demands for monitoring programs that detect money laundering red flags, the requirements seek to ...
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Blog
SFO: Sweett Group Admits to Bribery
The U.K. Serious Fraud Office this week confirmed that Sweett Group, a British property management, construction and surveying company, admitted to violating the Bribery Act, regarding conduct in the Middle East. The resolution would mark the SFO’s first conviction since enactment of the Bribery Act in 2011. More inside.
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ICBC Standard Bank Gets First U.K. Deferred Prosecution Agreement
ICBC Standard Bank has become the recipient of Britain's first deferred prosecution agreement, the U.K. Serious Fraud Office announced today. The bank will pay a total of $32.6 million in fines and repayments of bribery payments resulting from allegations of bribery in Tanzania. “This landmark DPA will serve as a ...
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Deloitte Poll: Gift-Giving Poses Corruption Risk
According to a recent online poll of 1,600 professionals conducted by Deloitte, 20 percent of respondents said their companies don’t assess employee gift-giving corruption risk. That’s especially concerning, given that red bows during the holiday season could mean red flags for regulators. “Giving gifts that could be seen as bribes ...
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Report: Telecom Companies Must Do More to Stop Corruption
The world’s largest telecommunications companies do not disclose enough information on how they organize themselves and even less on each country where they do business, according to a report from Transparency International. The report analyzed the 35 largest telecom companies, ranking them on the measures they take to prevent corruption, ...
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FIFA as ‘Victim’: Your Response Matters When U.S. Government Pays Visit
Image: One lesson from the FIFA corruption scandal is that when the U.S. government comes knocking, it requires a serious and thoughtful response. So far, now-suspended FIFA president Sepp Blatter (left) has responded in a way decidedly not serious and thoughtful. Our anti-corruption blogger Tom Fox takes a closer look ...
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Walmart FCPA Costs Reach $705 Million
Walmart disclosed this week in an earnings call that its investigation and compliance costs resulting from potential violations of the Foreign Corrupt Practices Act were approximately $30 million in the third quarter of fiscal year 2016, now bringing its total costs to $705 million. To date, the retail giant has ...
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Alstom Sentenced to Pay $772 Million FCPA Fine
U.S. District Judge Janet Bond Arterton of the District of Connecticut has sentenced French power and transportation giant Alstom to pay a record $772 million criminal penalty to the Department of Justice to resolve charges over violations of the Foreign Corrupt Practices Act. The sentence marks the largest criminal fine ...
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Crawford & Company Self-Reports FCPA Investigation
Crawford & Company said yesterday in a filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. The claims management company also said it has voluntarily self-reported the potential FCPA violations to the SEC and the Department ...
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Alexion Pharmaceuticals Discloses FCPA Probe
Alexion Pharmaceuticals said this week in a securities filing that it is being investigated by the Department of Justice concerning potential violations of the Foreign Corrupt Practices Act. As previously disclosed, Alexion received a subpoena in May in connection with an investigation by the SEC’s Enforcement Division “requesting information related ...
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Europe and Petrobras—What Has a Car Wash Wrought?
Image: The scope of the Petrobras corruption scandal is literally worldwide. Now, reports the Financial Times, Rolls Royce has become embroiled in the Brazilian national energy company’s “Operation Car Wash” snafu (dubbed so because the investigation literally started with a car wash), and is currently under investigation by the ...
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Vimplecom Braces for Massive Bribery Settlement
Amsterdam-based Vimplecom, a global telecommunication services provider, announced today that it has set aside USD$900 million in connection with an ongoing bribery investigation. The Securities and Exchange Commission, the Department of Justice, and the Dutch Public Prosecution Service are conducting investigations relating primarily to VimpelCom’s business in Uzbekistan and prior ...
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Sevan Marine Self-Reports Bribery Probe
Sevan Marine, a technology and engineering company, announced last week that it has handed over to Norwegian authorities the results of an internal investigation report regarding potential bribes paid to Petrobras to obtain business. Additionally, it has initiated contact with the relevant prosecutors’ offices in the United States, the ...