- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
In its first enforcement action of 2018, the U.S. Treasury Department’s Office of Foreign Assets Control on June 6 reached a $145,893 settlement agreement with Swedish telecom company Ericsson for violating Sudanese sanctions regulations.
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Ericsson in a recent regulatory filing disclosed in more detail what improvements it has made to its ethics and compliance program following its $1 billion settlement with U.S. authorities last year concerning violations of the Foreign Corrupt Practices Act.
Ericsson announced it has set aside $1.2 billion to resolve a long-running FCPA investigation that spans several geographies. CEO Börje Ekholm spoke candidly about the shortcomings of the company’s ethics and compliance program and how it’s addressing them.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
