All articles by Tom Fox – Page 28
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Marrying Compliance Culture to Compliance Behavior
Image: A study by the Cranfield School of Management has identified five key concepts for companies to employ toward effective risk management. In a nutshell: anticipate problems; have adequate resources; flow information to the board; respond quickly to any incidents; and learn from the past. CW’s Tom Fox has more ...
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Yates and Caldwell Lay Out Their FCPA Expectations
Image: Deputy Attorney General Sally Yates (left) and Assistant Attorney General Leslie Caldwell talked last week about what they, and more importantly the Justice Department overall, expect from companies that want to receive as much credit as possible when embroiled in a Foreign Corrupt Practices Act investigation. What companies should ...
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Jumping on the VW Amnesty Microbus
Image: Last week Volkswagen offered amnesty to employees who admit any role they played in the emissions-testing scandal currently wracking the company—no doubt drawing upon the success Siemens had when it made a similar offer to employees during a 2006 Foreign Corrupt Practices Act investigation. Opinions differ on the move, ...
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On Advertising and the FCPA
Image: When can advertising violate the FCPA? That might not be a question often on the minds of compliance officers. The ongoing FIFA corruption scandal, however, demonstrates that any expenditure going out of a corporation may well need to be considered from an anti-bribery angle. Tom Fox, our Man From ...
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Justice Dept. Boosts Its Game for Corporate Compliance Programs
The Justice Department has long talked about the need for companies to take compliance programs seriously. Now with its first-ever compliance counsel hired (she started this month), the department itself will be able to bring a more practiced eye to evaluating compliance programs. This week, columnist Tom Fox reviews what ...
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Leniency in Petrobras Scandal Means Decision on Self-Disclosure
As the Petrobras corruption scandal moves to the investigation of international companies that did business with the Brazilian national energy company, Europeans companies now face some challenging decisions around the issue of self disclosure. Our Man From FCPA, Tom Fox, has more inside about the considerations you need to make.
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Yates Memo, D&O Coverage, and the Coverage Gap
One consequence of the Yates Memo that has not received as much attention is whether current directors-and-officers liability insurance provides appropriate insurance coverage for the legal expenses incurred by executives who might go through an internal investigation. The answer may well be no; Tom Fox has more inside.
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Europe and Petrobras—What Has a Car Wash Wrought?
Image: The scope of the Petrobras corruption scandal is literally worldwide. Now, reports the Financial Times, Rolls Royce has become embroiled in the Brazilian national energy company’s “Operation Car Wash” snafu (dubbed so because the investigation literally started with a car wash), and is currently under investigation by the ...
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Bristol-Myers Squibb Dodges Criminal FCPA Enforcement
Image: Last week Bristol-Myers Squibb announced that the Justice Department has decided to prosecute the company for a criminal Foreign Corrupt Practices Act. When you look at the facts of the misconduct, a declination seems a bit far-fetched, but our Man From FCPA, Tom Fox, takes a closer look at ...
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The UN, Corruption, and Internal Investigations
Image: Another corrupt scandal hit the United Nations recently. The claim was made that a former General Assembly president had engaged in receiving bribes and other corruption from a Chinese businessman (and perhaps others). Other than yet another embarrassment for the United Nations, the allegations are nothing unusual so far. ...
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Compliance and the Zeitgeist in Germany
I have always been fascinated with the zeitgeist. In the world of anti-bribery and anti-corruption compliance, one rarely has the chance to observe the zeitgeist in action. However I think we are now seeing it play out in Germany in a public way. It all involves the Made in Germany ...
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The Schrems Decision and Compliance
Image: While the recent Schrems decision has seen a signifcant focus on the lack of U.S. data privacy protection from government or company intrusion, CW’s FCPA blogger Tom Fox says the decision also raises issues with hotlines and internal investigations. With these two key components of any best practices ...
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Chinese Open New Front in Anti-Corruption Investigations
The Chinese fight against bribery and corruption took an interesting twist earlier this month, when it was announced that the former head of the national oil company, Sinopec, was being investigated for bribery and corruption in the securing of contracts in Angola. If this investigation continues it could open a ...
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FIFA Misconduct Strikes Again, at German Prestige
Image: The German magazine Der Spiegel is reporting that the committee set up by the German Soccer Federation to bid for the 2006 World Cup hosting rights ran a slush fund of more than 10 million Swiss francs ($11 million) to help secure those hosting rights. Given all that has ...
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Sticky Situation: Ill-Gotten Gains From FCPA Violations
Image: One of the continuing myths around FCPA enforcement is so-called “springing liability,” where a company that acquires a business also acquires a FCPA violation along with the purchase. That is not an accurate understanding of the issue, our anti-corruption blogger Tom Fox writes. But it does touch on issues ...
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Cost of Corruption: Now the Short-Sellers Are Here
The costs of corruption come in many forms, not the least being painfully high penalties from regulators and lawsuits from unhappy shareholders. Now a new front has opened: Muddy Waters, a short-seller firm pressuring Swedish telecom company TeliaSonera, is accusing it of bribery in central Asia—and benefitting as the stock ...
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Surviving the Jolt of the Yates Memo
An earthquake in the world of FCPA enforcement happened in September, when “the Yates Memo” arrived and heralded a new era of pursuing individuals responsible for corporate misconduct. This week, columnist Tom Fox dissects some of the implications for compliance officers—including the threat that from here forward, the interests of ...
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How Will Schrems Ruling Affect FCPA Compliance in Europe?
Image: The Schrems decision last week invalidated the safe harbor provision that let U.S. companies ferry personal data back and forth from Europe. Already compliance officers are beginning to sweat the implications of that ruling for anti-corruption programs. First likely headache: hotline data. Tom Fox, our Man From FCPA, has ...
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Is FIFA Getting Serious About Ethics Reform?
FIFA seems to be getting serious about the perception that its organization is rife with corruption. Last week it suspended three of its top officials, including President Sepp Blatter. Those suspensions come one week after major sponsors demanded FIFA take action. Our Man From FCPA, Tom Fox, has more inside.
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Double Trouble in Internal Investigations After Schrems
Image: Last week another huge shift in the compliance world happened: the Schrems decision by the European Court of Justice, finding that the previously presumed European Union Safe Harbor regime is invalid. For the anti-corruption compliance practitioner, the decision is double-trouble when you consider it in light of the recent ...