Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

The case for robust FCPA enforcement

Tom Fox | May 28, 2017

Some believe that it is not in the interest of the United States to enforce the Foreign Corrupt Practices Act against non-U.S. companies who have subjected themselves to U.S. jurisdiction.

These views, however, consistently fail to consider the worldwide effects of bribery and corruption on U.S. interests as diverse as the war against terrorism and U.S. commercial interests. These myopic views also fails to consider the direct impact of corruption on U.S. citizens. We are reminded of this in two recent ongoing corruption scandals emanating from Brazil.

The Petrobras scandal has made its way to Texas concerning corruption surrounding the sale of a petro-chemical plant in Pasadena, Texas. Belgian company Astra Oil purchased the refinery in 2005 for $42.5 million, and then sold the refinery to Petrobras in a series of transactions beginning in 2006 for $1.2 billion. It appears Petrobras overpaid for the purchase, and part of this overpayment price was used as funds to...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.