A week after resolving FCPA investigations for $347 million, Swiss pharmaceutical drug maker Novartis will pay another $729 million in separate settlements related to kickback schemes.
Alexion Pharmaceuticals will pay $21 million to resolve SEC charges that it violated the books and records and internal accounting controls provisions of the FCPA concerning bribes made by subsidiaries to foreign government officials.
Usana Health Sciences disclosed in a regulatory filing that the DOJ and SEC have closed their respective FCPA investigations into the company and will not be filing any charges.
Companies doing business in Mexico face an uphill battle with their anti-corruption compliance efforts as the country’s government struggles to control—and, in many cases, contributes to—its endemic corruption problem.
Novartis will pay nearly $347 million in combined criminal and civil penalty settlements with U.S. authorities to resolve all FCPA investigations into historical conduct by the company and its subsidiaries.
Glencore is under criminal investigation by the Office of the Attorney General of Switzerland over corruption allegations, adding to the growing list of scrutiny the multinational commodity trading and mining company is facing.
As businesses and employees work to re-establish stability and reset targets following the disruption caused by coronavirus, they will be more vulnerable to fraud, corruption, and regulatory violations.
CCOs looking to navigate the fluid corruption risk environment in Latin America will want to review a newly released report on how countries are uncovering, punishing, and deterring corruption—particularly now, amid a pandemic.
Europol has created the new European Financial and Economic Crime Center, with the aim of enhancing operational support to EU member states and EU bodies in the fields of financial and economic crime.
Ericsson announced the appointment of Andreas Pohlmann as its independent compliance monitor for the next three years in accordance with a deferred prosecution agreement reached with the Department of Justice over FCPA violations.
Financial crime expert Martin Woods explores what happens when the annual bonus causes employees to disregard their values for want of a dollar.
The U.K. Serious Fraud Office closed its bribery investigation into power and automation technology provider ABB after concluding the case “did not meet the relevant test for prosecution.”
CW’s Compliance Comeback of the Year Josh Drew, group chief ethics & compliance officer at VEON, discusses the challenges he faced when rebuilding the company’s ethics and compliance program under a monitor’s watchful eye.
Dietary supplement maker Herbalife said in a regulatory filing it has set aside a total of $123 million in accrued liability concerning SEC and DOJ investigations into alleged violations of the Foreign Corrupt Practices Act in China.
The Department of Justice reached a settlement to recover more than $49 million in assets associated with the international money laundering and bribery scheme involving Malaysia’s state development fund 1MDB.
Jay Lee admitted Samsung “has not strictly complied with laws and ethics” at a press conference organized by the company’s new compliance oversight committee.
Compliance professionals are all too aware that the third parties they depend on to achieve success pose a significant threat to their organizations for bribery, fraud, and corruption.
The report explores how companies tackle their third-party risk, use “enhanced due diligence” to boost their ABC programs, and how much and what types of training they employ to tackle risk.
A Brazilian construction company that paid nearly $50 million in kickbacks has been banned from participating in Inter-American Development Bank-funded projects for more than two years.
If there is an A-Z compliance procedure to follow, don’t stop at X or miss out LMN. Adhere to the procedure and preserve the integrity of your firm and those honest people who work within the rules.
Italian oil company Eni will pay $24.5 million to settle SEC charges that it violated the Foreign Corrupt Practices Act with regard to the award of certain contracts to its former subsidiary Saipem in Algeria.
The SEC announced charges against a former Goldman Sachs exec for violating the anti-bribery provisions of the FCPA, but the firm was not charged in the case because of the due diligence measures it took.
A reading of “Crude Intentions” can go a long way toward educating those who work in high-risk regions as to the ramification of their misguided decisions.
The DOJ unsealed indictments against Venezuelan President Nicolás Maduro and several high-ranking former and current members of his regime for alleged drug trafficking and money laundering crimes, as well as violations of the FCPA.
Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.
John Wood Group said in a regulatory filing it has reserved $46 million in a potential settlement with authorities in the United States, Brazil, and Scotland related to a bribery investigation concerning ties to Monaco-based oil services firm Unaoil.
Lawrence Hoskins, a former executive of French power and transportation company Alstom, was sentenced to one year and three months in prison for his role in a money-laundering scheme that prosecutors say was designed to promote violations of the FCPA.
Dietary supplement maker Herbalife said in a regulatory filing it has set aside $40 million in accrued liability concerning an investigation into the company’s compliance with the Foreign Corrupt Practices Act in China.
Cardinal Health reached an $8.8 million settlement with the SEC for violations of the FCPA concerning the operations of its former Chinese subsidiary. For prudent compliance officers, it’s a tale of how not to do business in China.
In a setback for the DOJ, a federal judge has acquitted, in part, a former executive of French power and transportation company Alstom for his role in a foreign bribery scheme in Indonesia.
A recent review of Bombardier’s compliance policies and procedures details how the Canadian multinational aerospace and transportation company is “working towards having a best-in-class program.”
Airbus is free to go about its business after paying a record fine to three anti-corruption agencies for widespread bribery, but the trouble is only beginning for some of its implicated contractors.
Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.
Even as companies continue to agree to multi-billion-dollar settlements related to the corrupt acts of third parties, managing the risks associated with them nevertheless eludes many compliance departments.
If President Trump gets his way and the FCPA loses its bite, compliance officers would lose a valuable instrument in their fight to keep businesses on the right side of an ever-blurring line between right and wrong.
AirAsia is doing damage control after executives at the budget airline were referenced as recipients of a $50 million bribe from plane maker Airbus in the latter’s $4 billion global bribery settlement.
Airbus has agreed to pay a total of $4 billion in penalties split between the United States, United Kingdom, and France—the world’s largest global resolution for bribery.
Airbus confirmed it has reached a deal with authorities in the United States, the United Kingdom, and France to resolve long-running allegations of bribery and corruption. The settlement could reportedly be worth billions.
Lack of campaign finance transparency and increased perceptions of political power among the wealthy are factors that correlate with a high risk of corruption according to Transparency International’s 2019 Corruption Perceptions Index.
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.
New internal guidance from the U.K. Serious Fraud Office outlines what the regulator considers in determining if a company’s compliance procedures are adequate enough to defend against U.K. Bribery Act charges or qualify for a deferred prosecution agreement.
Samsung Group has announced its intent to establish a corporate compliance oversight committee as the company seeks to clean up its tarnished reputation following a slew of scandals.
Japan’s plans to launch a casino industry have been marred recently by a widening bribery scandal that highlights the compliance risks associated with the operation.
From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.
The founder and two former employees of Güralp Systems were acquitted of charges they conspired to bribe a South Korean public official, making it the latest corruption case in which the U.K. Serious Fraud Office failed to secure individual convictions.
Glencore announced it is under investigation by the U.K. Serious Fraud Office over suspicions of bribery, making it the third investigation the multinational commodity trading and mining company is now facing.
Swedish telecom giant Ericsson has entered a $1 billion settlement with U.S. authorities to resolve a long-running investigation into violations of the FCPA that spanned 17 years and several geographies and involved high-level executives.
Samsung Heavy Industries will pay total criminal penalties of $75.5 million to enforcement authorities in the United States and Brazil to resolve violations arising out of a bribery scheme in Brazil.
Alstom Network U.K., the British subsidiary of the French rail and power company, has been ordered to pay a total of £16.4 million (U.S. $20.8 million) for bribes it paid to win a contract to supply trams in Tunisia.
The latest edition of TRACE International’s annual Bribery Risk Matrix shows many of the same countries named in last year’s report are still struggling with business-related bribery risk. One country on the rise: the United States.