DOJ commodities trader FCPA sweep offers lessons in cooperation
By 
Adrianne Appel2024-04-02T13:33:00
The value the Department of Justice (DOJ) places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
The probe so far has netted more than $1.7 billion in penalties and forfeitures for violations of the Foreign Corrupt Practices Act (FCPA) related to bribery and other charges from six companies, the DOJ announced in a press release Thursday.
For cooperation credit, the companies received fine reductions of up to 25 percent and, in two cases, deferred prosecution agreements (DPAs). In at least one case, when the agency wasn’t satisfied with the level of cooperation, it let the hammer fall and exacted a larger fine and required ongoing compliance monitoring.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefJohn Deere to pay $10M to settle FCPA violations by subsidiary in Thailand
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
-
News BriefBCG avoids criminal prosecution for FCPA violations related to bribes in Angola
The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.
-
News BriefEx-trader at Vitol latest to plead guilty in alleged PEMEX bribery scheme
A former trader at the U.S. affiliate of energy giant Vitol pleaded guilty to bribing officials at Petroleos Mexicanos in an effort to secure contracts.
More from Regulatory Enforcement
-
ArticleTariff evasion enforcement: The new FCPA
Companies that import goods into the United States will face heightened enforcement scrutiny for attempted acts of customs fraud, including tariff evasion, under the Trump administration. Thus, chief compliance officers and in-house counsel face a new kind of pressure to ensure they are mitigating risk in this area.
-
ArticleFormer COO of plastics importer faces up to five years for customs falsifications
The chief operating officer of a plastic resin importer has pleaded guilty to intentionally falsifying documents to avoid paying tariffs on goods from China, the Department of Justice (DOJ) announced.
-
ArticleCybercrime against banks and account holders takes hit from FBI
Federal investigators have announced progress in dismantling an online criminal operation that steals bank account information by mimicking legitimate bank websites.