The Department of Justice unveiled new incentives to encourage companies to voluntarily report violations of the Foreign Corrupt Practices Act, including steep discounts in monetary fines against businesses that self-disclose misconduct.
Anti-Bribery
Posted inAnti-Bribery
U.S. bribery risk landscape in 2023: TRACE Matrix, Corruption Risk Forecast
Analyzing the results of two recent reports offers an understanding of the U.S. landscape around anti-bribery efforts entering 2023 and where elevated risks might lie.
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Ten things I’d like to see happen in 2023
Expect big developments for the compliance profession in 2022 to continue to take center stage in the year ahead, including CCO certifications, climate-related disclosures, and more.
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DOJ declines to prosecute Safran over alleged FCPA violations
The U.S. Department of Justice informed French aircraft equipment manufacturer Safran that the company would not face prosecution regarding alleged bribes paid by employees at two subsidiaries to a China-based consultant.
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Honeywell to pay $203M over bribery claims in Brazil, Algeria
Honeywell International agreed to pay $202.7 million to settle charges it paid bribes to obtain contracts with government entities in Brazil and Algeria in violation of the Foreign Corrupt Practices Act.
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DOJ, SEC extend Ericsson compliance monitorship one year
Swedish telecommunications company Ericsson agreed with U.S. authorities on a one-year extension of its independent compliance monitorship after a second breach of its obligations under a deferred prosecution agreement earlier this year.
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TPRM Summit: Experts discuss FCPA lessons learned from ABB settlement
A panel on regulatory trends at CW’s virtual TPRM and Oversight Summit discussed lessons for compliance departments seeking to learn how to guard themselves against bad actors within their own firms contained in ABB’s recent $327 million bribery settlement.
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Glencore to pay $180M in DRC corruption case
Commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo to settle claims arising from alleged corrupt practices that took place for more than a decade.
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Top ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.
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ABB avoids DOJ monitor, to pay $327M over South African bribes
ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts. The company entered into a three-year deferred prosecution agreement with the DOJ for violations of the Foreign Corrupt Practices Act.
