Quanta Services, a provider of specialty contracting services, disclosed last week in a quarterly earnings report that it is facing a bribery probe by the Securities and Exchange Commission for possible violations of the Foreign Corrupt Practices Act. “On March 10, 2014, the SEC notified Quanta of an inquiry into certain aspects of Quanta’s activities in […]
Anti-Bribery
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New Online Risk Assessment Tool Helps Companies Rank Third Parties by Risk
TRACE, an anti-bribery standard setting organization, has announced the launch of of TRACEsort, a new tool for the compliance community that allows organizations to rank third parties by risk. TRACEsort is a customizable online risk assessment tool that helps organizations efficiently and consistently rank third parties by risk. TRACEsort is a key component of the […]
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Key Energy Services Facing FCPA Probe
Key Energy Services, an oilfield services company, disclosed in a securities filing this week that it is being investigated by the Securities and Exchange Commission for potential violations of the Foreign Corrupt Practices Act. The FCPA allegations concern business activities of Key Energy’s operations in Russia, the company stated in a Form 10-Q filing, dated […]
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Epiq Systems Releases Bribery Act Guide for UK Energy Sector
Epiq Systems, a provider of managed technology for the global legal profession, has published a new guide, providing guidance for companies in the UK energy industry about their obligations under the UK Bribery Act. The Bribery Act not only bans corporations from bribing officials of foreign governments to win business, like the Foreign Corrupt Practices […]
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Corporate Gift Giving, Hospitality a Little Less Posh in Era of U.K. Bribery Act
Corporate gifts have gotten a little less lavish in the wake of the U.K. Bribery Act. Executives are less inclined to gift luxury baskets, cases of wine, or expensive trips, and instead giving clients and prospects upscale pens and items marked with the company logo, according to a recent analyisis published on the International Meetings […]
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As Tips Pour In, Regulators Seek to Protect Whistleblowers
Regulators are getting more serious about encouraging whistleblowers to come forward with their tips and protecting them from retaliation. Last month, the heads of the whistleblower offices of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Department of Labor came together to share the latest developments of their whistleblower programs in […]
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Johnson Controls Discloses FCPA Probe
Johnson Controls, a diversified technology and industrial services provider, disclosed last week in a Form 10-Q filing with the Securities and Exchange Commission that it is investigating potential violations of the Foreign Corrupt Practices Act with respect to its operations in China. The FCPA allegations are isolated to Johnson Controls marine business in China and […]
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Avon to Pay $135 Million for FCPA Violations, Bolster Compliance
Cosmetics giant Avon will pay $135 million to resolve long-standing civil and criminal charges resulting from violations of the Foreign Corrupt Practices Act in connection with its China operations. Avon disclosed in a May 1 Form 10-Q filing with the Securities and Exchange Commission that it will $135 million in fines, disgorgement, and prejudgment interest […]
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EU Anti-Fraud Office Touts Higher Caseload, More Results in 2013
The European Anti-Fraud Office (OLAF) logged a record number of tips last year, with 1,294 pieces of information coming into the office, a 35 percent increase from 2009, according to the agency’s annual report for 2013. Officials said the higher volume points to increased attention by citizens and institutions to anti-fraud efforts and increased confidence […]
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Mixed Anti-Corruption Grades for EU Institutions According to TI’s New Integrity Report
European Union institutions have some work to do in tightening their houses against corruption, according to the first-ever such assessment conducted by the anti-corruption watchdog Transparency International. The EU Integrity System Report, released last week, found that the EU institutions are vulnerable to corruption because of “loopholes and poor enforcement” in matters of ethics, transparency, […]
