Normally, when the Department of Justice launches an investigation against a company for potential violations of the Foreign Corrupt Practices Act, an enforcement action isn’t far behind. That wasn’t the case for Image Sensing Systems. The company, which develops video image processing products for use in traffic management systems, disclosed in a statement this week […]
Anti-Bribery
Posted inAnti-Bribery
Sweating the Small Stuff on Bribery and Facilitation Payments
Faced with a global crackdown on corruption, more companies are putting zero-tolerance policies in place for bribery. Eliminating small bribes and facilitation payments throughout the organization, however, can be a difficult undertaking. Part of the problem is that small payments are sometimes requested in urgent situations, in which employees are forced to make crucial judgments […]
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Walmart FCPA Costs Hit Half-Billion Dollar Mark
Walmart disclosed in a securities filing last week that it spent considerably less this time around than the same period last year on costs associated with its global investigation into possible violations of the Foreign Corrupt Practices Act, but that doesn’t take away from the fact that its FCPA costs have now supassed the half-billion […]
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Going Concern Update; Enforcement Through the Years; More
Coming in the Sept. 9 edition of Compliance Week, CW’s Tammy Whitehouse explores FASB’s new going concern rules requiring management to take a lead in giving investors early concern warnings; also next week, columnist Bruce Carton takes a look back at nine years of enforcement.
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Switzerland Targeted for Anti-Corruption Reforms
When you think of hot spots for corruption, Switzerland may not be the first country that comes to mind. Nevertheless, Transparency International is singling out the Nordic nation as part of a new campaign, “Unmask the Corrupt,” and demanding that government officials must “make it harder for the corrupt to hide behind secret companies.” Currently, […]
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Energy Reform in Mexico Puts Spotlight on Corruption Risks
For the first time in 75 years, Mexico has opened up its energy market to the private sector and to foreign companies. U.S. oil and gas companies looking to enter this new market, however, will need to take steps to reduce their corruption and bribery risks even before signing the first contract. Mexico’s Congress passed […]
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TI-U.K. Guide to Combat Small Bribes a ‘Must Read’
Small bribes can amount to big problems for companies, according to the U.K. arm of the anti-corruption group Transparency International, which published a guide on combating the issue this summer. The watchdog’s “Countering Small Bribes: Principles and good practice guidance for dealing with small bribes including facilitation payments” contains practical advice for companies on how […]
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Delaware’s Walmart Ruling Has Consequences Big and Small
Shareholder derivative actions are beginning to play a greater role in Foreign Corrupt Practices Act enforcement. They are also spurring some companies to make changes to their FCPA compliance programs. In 2011, for example, SciClone Pharmaceuticals settled a shareholder derivative action based on FCPA allegations in which it agreed to institute a wide-ranging anti-corruption compliance […]
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Banks Revisit AML Compliance Amid Push for Stricter Rules.
The government is warning banks to beef up compliance programs to defend against money laundering and related offenses. The push comes as proposed regulations trigger a shift from a flexible, risk-based approach to customer due diligence to a more prescriptive one that comes with hard-and-fast rules and thresholds. Earlier this month, the Treasury Department’s Financial […]
Posted inAnti-Bribery
Banks Revisit AML Compliance Amid Push for Stricter Rules
The government is warning banks to beef up compliance programs to defend against money laundering and related offenses. The push comes as proposed regulations trigger a shift from a flexible, risk-based approach to customer due diligence to a more prescriptive one that comes with hard-and-fast rules and thresholds. Earlier this month, the Treasury Department’s Financial […]
