All FCPA articles – Page 25
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Blog
New Justice Department guidance and FCPA Pilot Program
When the DoJ speaks, chief compliance officers should listen—especially when the talks center on enforcement. The agency has launched a pilot program for Foreign Corrupt Practices Act enforcement that details three areas of self-disclosure to be required by companies going forward. If a company meets all three areas, it could ...
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Article
Special report: Are FCPA actions merely a slap on the wrist?
Companies on the receiving end of an FCPA enforcement action often face monitoring, fines, and litigation as a result. But many times, what they don’t experience is a drop in their share price. In fact, among the largest FCPA violations on record, many companies saw no drop in share price. ...
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Blog
The Butcher, the Baker and the Candlestick Maker … in Cuba, they are all covered under the FCPA
The winds of change are coming to Cuba, and U.S. businesses are slowly, but surely, beginning to get their long-awaited opportunities to set up shop in one of the world’s last truly socialist states. But this brings with it a most unusual FCPA liability that makes doing business in Cuba ...
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Blog
Las Vegas Sands pays $9 million for FCPA violations
Las Vegas Sands has agreed to pay a $9 million penalty to the Securities and Exchange Commission to settle charges that it violated the Foreign Corrupt Practices Act by failing to properly authorize or document millions of dollars in payments to a consultant facilitating business activities in China and Macao.
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Article
How the Panama Papers uncovered a global cornucopia of corruption
Working from one of the most ambitious whistleblower tips of all time, more than 370 journalists in 80 countries embarked on a year-long effort to parse through leaked files from the Panama-headquartered law firm Mossack Fonseca.
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Blog
Criminal Division launches new FCPA pilot program
Effective today, the Department of Justice’s Criminal Division has launched a one-year “pilot program” in the Fraud Section’s FCPA Unit as part of the agency’s effort to promote both transparency and accountability. At the end of the one-year pilot period, the Fraud Section will determine whether to extend or modify ...
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Blog
FCPA enforcement ramps up in Q1 2016
If it looks like FCPA enforcement is at a low ebb, judging by the amount of activity we saw in 2015, don’t be fooled. The SEC is prosecuting FCPA cases with vigor, and if some of the current enforcement actions underway are any indicator, we will not see a significant ...
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Blog
VimpelCom discloses more details on FCPA damages
Amsterdam-based VimpelCom, a global telecommunication services provider, said last week in its annual report with the Securities and Exchange Commission that it has set aside $105 million for legal expenses associated with its $795 million settlement reached last month with U.S. and Dutch prosecutors for paying bribes to a government ...
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Blog
Brazilian corruption investigation goes supernova
As billionaire construction magnate Marcelo Odebrecht prepares to turn state’s evidence in the corruption investigation that covers Petrobras, Odebrecht SA, and the Brazilian presidency itself, it seems that we might finally get some insight on just how pervasive Brazil’s so-called “cartel of corruption” really was. Is anybody ready to ...
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Blog
Is Venezuela’s state oil company creating the next Petrobras scandal?
While Petrobras currently holds the title as the most corrupt national energy company in South America, Petroleos de Venezuela SA (PDVSA) is a strong contender as well, thanks to ongoing U.S. investigations into possible FCPA violations involving U.S. companies, Swiss banks, and corrupt PDVSA officials.
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Blog
Zimmer Biomet: FCPA probe remains ongoing
Medical device maker Zimmer Biomet Holdings (formerly Biomet) is still under investigation by the Justice Department and SEC for possible violations of the Foreign Corrupt Practices Act regarding its operations in Brazil and Mexico. As a result, a three-year deferred prosecution agreement that Biomet entered into with the Justice Department ...
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Blog
Novartis to pay $25 million in FCPA case
Switzerland pharmaceutical giant Novartis yesterday reached a $25 million settlement with the Securities and Exchange Commission for violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act concerning its operations in China.
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Blog
Alere receives subpoena in foreign bribery probe
Alere, a global diagnostic device and service provider, said yesterday a filing the Securities and Exchange Commission that it received a grand jury subpoena from the Department of Justice requiring the production of documents relating to its sales practices in Africa, Asia, and Latin America.
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Article
Scrutinizing hiring practices for FCPA violations
Through recent investigations and enforcement actions, the Securities and Exchange Commission and Department of Justice have been warning companies to proceed with caution when hiring the relatives of foreign government officials, lest they run afoul of the Foreign Corrupt Practices Act.
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Blog
VimpelCom and the conscious indifference of a board under the FCPA
Image: The joint Justice Dept., SEC settlement with telecom giant VimpelCom resolving a longstanding FCPA violation will cost the company more than $795 million, say reports. But there’s a bright side, says CW Columnist Tom Fox. The multiple bribery schemes seem to have been supported by top management and will ...
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Blog
Platform Specialty Products self-reports FCPA probe
Platform Specialty Products, a chemical-products company, said in a regulatory filing this week that it is conducting an internal investigation to determine whether certain payments made by a recently acquired subsidiary to third-party agents in West Africa violated the Foreign Corrupt Practices Act.
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Customers and corruption risks
What is the cost of corruption? How much due diligence must you perform with those entities that are your customers? Does doing business with companies that have a propensity for corruption put your company at risk? In light of the scandals at Petrobras and Houston-based ENSCO, companies might want to ...
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BlogHow Qualcomm’s FCPA blunder involved rank incompetency
Hiring the son or daughter of a government official to secure a lucrative business contract is clearly out of bounds. But hiring somebody who was specifically rejected from an interview process as being unfit for the job in question, a scenario recently played out at Qualcomm and its China-based operations ...
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Blog
Report: Europe makes up majority of U.S. bribery investigations
The majority of U.S. investigations and enforcement actions concerning alleged bribery of foreign officials conducted against non-U.S. companies and individuals involved companies or individuals from Europe, according to a new report issued by anti-bribery group TRACE International. Companies or individuals from Europe made up approximately 71 percent of U.S. bribery ...
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Blog
DOJ's Patrick Stokes promoted, Daniel Kahn named acting head of FCPA unit
The current head of the DOJ's FCPA unit, Patrick Stokes, has been named Senior Deputy Chief of the Criminal Division’s Fraud Section. Daniel S. Kahn, Assistant Chief of the FCPA unit since 2013, will now serve as Acting Head of the FCPA unit.