Aerospace and defense company Rolls-Royce confirmed this week that the U.K. Serious Fraud Office has launched a formal criminal investigation relating to allegations of foreign bribery and corruption. In December 2012, Rolls-Royce informed the SFO that it had discovered “matters of concern” in China, Indonesia, and other overseas markets. “We have been informed by the […]
Anti-Bribery
Posted inAnti-Bribery
ADM to Pay $54.3M for Violating FCPA
Food processing giant Archer Daniels Midland Company has agreed to pay a total of $54.3 million to the Securities and Exchange Commission and the Department of Justice to settle civil and criminal charges over violations of the Foreign Corrupt Practices Act. The company’s swift actions, however, also earned it a non-prosecution agreement. On Dec. 20, […]
Posted inAnti-Bribery
Global Regulators Cooperating More on Anti-Bribery Enforcement
Foreign governments are increasingly tipping off U.S. regulators about possible bribery and corruption cases. Companies have long worried about investigations of potential violations of the Foreign Corrupt Practices Act coming from the Securities and Exchange Commission and the Department of Justice. Now enforcement agencies in other countries may be looking over their shoulders too, as […]
Posted inAnti-Bribery
Companies Still Lagging on Anti-Bribery Compliance
Many multinational companies—no matter where they are located in the world—still fail to employ basic safeguards against bribery and corruption, even as many face potential investigations, a new study finds. According to a recent report on international business attitudes toward bribery and corruption conducted by consulting firm Control Risks and the Economist Intelligence Unit, which […]
Posted inAnti-Bribery
Enforcement of Foreign Bribery Cases Goes International
Over the last several years, the United States has dwarfed all other countries on prosecuting cases of global corporate bribery and corruption. While no one expects that to change anytime soon, other countries are getting into the act and pursuing more foreign bribery cases of their own. Earlier this month, for example, Britain’s Serious Fraud […]
Posted inAnti-Bribery
Brazil’s New Anti-Bribery Law is Now Even Tougher
Brazil’s tough new anti-corruption law increases the fines that can be levied on companies involved in bid-rigging and bribing public officials to as much as 20 percent of a company’s annual revenue. Maintaining a strong compliance program, however, could ease that sting. The anti-bribery bill was signed into law by President Dilma Vana Rousseff on […]
Posted inAnti-Bribery
Insurer Launches First Coverage for Bribery Risks, Investigations
Allegations of bribery can give way to multi-million dollar investigations, even if they turn out to be false. Now there’s help. A U.K. company began offering anti-bribery insurance last month, which will reimburse companies for the cost of investigating and defending charges of bribery. London-based insurance company Hiscox introduced coverage for the costs associated with […]
Posted inAnti-Bribery
7 High-Risk Areas for International Employers
As U.S. companies employ more workers beyond the borders, keeping up with employment law and other compliance issues that arise on faraway shores can be quite a chore. It’s true that the European Union is growing more homogeneous, but member countries still retain a patchwork of employment laws and regulations. Some employment practices that are […]
Posted inAnti-Bribery
Shop Talk: Cooling Off Red-Hot Third-Party Risks
Around every company lie concentric circles of third-party risk. Inside the innermost circle, colored green, sit the company’s core of trusted employees and customers. Then around that is a wider circle of primary third parties used by the company—suppliers, agents, joint venture partners, and others—colored in yellow. Then comes the third, final circle: the third […]
