Compliance lessons from Quad/Graphics’ $10M FCPA settlement
Quad/Graphics will pay $10 million to resolve SEC charges that it violated the Foreign Corrupt Practices Act by engaging in widespread bribery schemes in Peru and China, but the compliance lessons are priceless.
Westport Fuels, former CEO pay $4.1M in FCPA case
Westport Fuels Systems and its former CEO have reached a $4.1 million settlement with the SEC for violating the Foreign Corrupt Practices Act by paying bribes to a foreign government official in China.
Third Cognizant executive settles FCPA charges
A third former executive at Cognizant has settled charges with the SEC for violating the FCPA by participating in a scheme to bribe an Indian government official.
SEC closes FCPA probe into Ciena
Ciena says the SEC advised the company it does not intend to recommend an enforcement action in connection with a previously disclosed investigation into potential violations of the FCPA.
SEC’s Clayton calls out dearth of global assistance in battling corruption
Is the SEC tired of being a global cop? In a speech Monday, SEC Chair Jay Clayton rallied against a “continuing lack of global commitment” to combatting offshore corruption.
Odebrecht to make $50M in charitable contributions under settlement
Brazil-based construction and engineering company Odebrecht has committed to make $50 million in total charitable contributions as part of a settlement reached to resolve allegations of bribery.
DOJ closes FCPA probe into Misonix
The DOJ has now closed its investigation into medical device company Misonix—about a month after the SEC closed its probe—without bringing enforcement actions. The FCPA investigation still resulted in some extensive anti-corruption compliance reforms.
Avianca discloses internal FCPA investigation
Avianca Holdings disclosed in a securities filing that it is investigating possible violations of the U.S. Foreign Corrupt Practices Act concerning free and discounted airline tickets and upgrades given to government officials in certain countries.
Suspecting illicit assets, British police freeze record $121M
The U.K.’s National Crime Agency announced it has frozen eight bank accounts containing more than £100m (U.S. $121 million), which it suspects derived from bribery and corruption overseas. This represents the largest amount of money frozen to date.
A critical review of the SFO’s DPA process
Companies considering entering a deferred prosecution agreement with the U.K. Serious Fraud Office might instead want to take their chances with a trial following the outcomes of a trio of recent high-profile corruption cases.
International Flavors and Fragrances discloses bribery investigation
International Flavors and Fragrances says it is investigating potential improper payments made in Russia and Ukraine by an Israeli-based company it acquired last year.
New legislation would criminalize extortion by foreign officials
The Justice Department might get some new powers under legislation proposed by the U.S. House of Representatives that criminalizes extortion by foreign officials.
3M discloses FCPA probe
3M said it is conducting an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning suspicious travel activities and related recordkeeping issues with regard to marketing efforts in China.
Appeals Court upholds bribery conviction of Alstom Network
The Criminal Division of the U.K. Court of Appeal has upheld the April 2018 conviction of Alstom Network UK over a bribery case concerning an infrastructure contract in Tunisia.
Webcast: Anti-Bribery and Corruption Challenges, Trends and New Lines of Defense
Experts from Refinitiv and ProcessUnity discuss the types of risks facing companies today; how to tackle third-party risks using data, technology, and automation; and best practices for implementing processes and procedures for integrated, ongoing due diligence.
Five compliance lessons from Walmart’s FCPA settlement
Walmart’s FCPA settlement serves as a cautionary tale for chief compliance officers everywhere of what not to do, but also on how to successfully redress underlying problems.
Report: Corruption worsening in Africa
Most African citizens believe corruption is getting worse in their country and that their government is doing a bad job tackling it, according to the 10th edition of the “Global Corruption Barometer – Africa.”
Compliance lessons from Technip’s $301.3M global foreign bribery settlement
TechnipFMC and its wholly owned U.S. subsidiary Technip USA will pay a combined $301.3 million settlement to resolve foreign bribery charges with authorities in the United States and Brazil.
Airbus subsidiary at center of bribery probe to cease operations
A U.K. subsidiary of Airbus that has been at the center of a seven-year bribery investigation disclosed in an annual report that it will be ceasing business operations, meaning it could potentially avoid criminal charges in connection with the matter.
Walmart agrees to $282.7M FCPA resolution
Walmart has agreed to pay a combined total of $282.7 million to resolve a more than seven-year investigation resulting from violations of the Foreign Corrupt Practices Act.
How to determine when enhanced due diligence is warranted
It can cost time and money and could even drown a deal. So when do the challenges and costs associated with this step outweigh the risks of not doing it?
Poll shows room for improvement on training third parties
Results from the Compliance Week and Refinitiv survey revealed some surprising facts about companies’ third-party training; based on those results, the following article offers suggestions for how to enhance the process.
Identifying high-risk third parties a nuanced exercise
Determining which business partners to flag for enhanced due diligence all depends on the quality, and sources, of your data.
Dark Web grows as an investigative tool
A telling detail uncovered in the 2019 Survey on Anti-Bribery & Corruption was that about 6 percent of respondents said they extend their data searches into the “Dark Web.”
Anti-bribery and anti-corruption survey
The 2019 Survey on Anti-Bribery & Corruption explores everything from the monitoring of third parties to the evaluation of training programs.
2019 Survey on Anti-Bribery and Corruption
In early 2019, Compliance Week and Refinitiv jointly conducted a special benchmark report on anti-bribery and anti-corruption compliance practices.
TRACE: How the GDPR interferes with anti-corruption compliance
Anti-bribery business association TRACE has submitted its overview of new issues that have emerged in the fight against foreign bribery due to implementation of the EU’s General Data Protection Regulation.
SEC charges compliance officer in ticket resale scam
The SEC has charged a CCO with perpetuating a previously charged scheme run by his cousin that involved stealing millions of dollars from investors.
A pilot project: Addressing the global outcry against corrupt business practices
As the outcry on bribery and corruption continues to tighten its grip around rogue players in the private and public business sectors, organizations ramp up their efforts to develop effective frameworks to prevent, detect and report corruption.