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The hard truths of the SQM enforcement action

Tom Fox | March 21, 2017

A most “daring act” seems to be a good way to introduce a multipart look at the recent Foreign Corrupt Practices Act enforcement action involving the Chilean chemicals and mining company Sociedad Química y Minera de Chile (SQM), which agreed to pay a criminal penalty of $15.5 million and a civil penalty of $15 million for a total fine and penalty of $30.5 million. The company settled with the Department of Justice via a Criminal Information and Deferred Prosecution Agreement (DPA) and the Securities and Exchange Commission via a Cease and Desist Order (Order).

There were a couple of unusual aspects to this matter that bear review and consideration by a compliance practitioner, particularly for those with companies headquartered or domiciled outside the United States....

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