Anti-Bribery


KPMG UK

KPMG fined $4.3M for undocumented red flags in Rolls-Royce corruption case

2022-05-24T19:06:00+01:00By

The U.K. Financial Reporting Council announced a reduced penalty of approximately £3.4 million (U.S. $4.3 million) against KPMG for failures in its 2010 audit of car maker Rolls-Royce.

Olympus

Lessons learned from Olympus compliance monitorship

2022-05-24T11:39:00+01:00By

Christine Gordon, chief compliance officer at Olympus Corporation of the Americas, spoke about her company’s experience working with a DOJ-selected independent monitor at Compliance Week’s National Conference.

CW2022 Kenneth Polite

DOJ’s Kenneth Polite to CCOs: Tell me your compliance success stories

2022-05-17T22:56:00+01:00By

Kenneth Polite Jr., head of the Department of Justice’s Criminal Division and a former chief compliance officer, delivered a dynamic keynote address emphasizing the importance of empowering compliance to avoiding prosecution at Day 2 of Compliance Week’s National Conference.

Stericycle

Stericycle to pay $84M to resolve FCPA violations

2022-04-20T18:50:00+01:00By

Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.

Russia_United States

FinCEN advisory highlights Russian kleptocracy concerns

2022-04-16T11:17:00+01:00By

The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”

Goldman Sachs Tower

Ex-Goldman banker convicted of FCPA violations in 1MDB case

2022-04-08T20:34:00+01:00By

Roger Ng, one of the central figures of the Goldman Sachs 1MDB scandal, was found guilty by a federal jury of conspiring to violate the Foreign Corrupt Practices Act and commit money laundering.

DOJ building

​DOJ declines FCPA prosecution of insurance broker JLT

2022-04-04T11:45:00+01:00By

The Department of Justice informed Jardine Lloyd Thompson Group Holdings it would not face prosecution under the Foreign Corrupt Practices Act despite alleged evidence of nearly $3.2 million the company paid in bribes to Ecuadorian government officials.

Coal mining

Ex-coal company exec charged with FCPA violations

2022-04-01T15:13:00+01:00By

Former coal company executive Charles Hunter Hobson was arrested on charges of violating the Foreign Corrupt Practices Act, laundering funds, and receiving kickbacks in an alleged bribery scheme in Egypt, the Department of Justice announced.

Oil

SFO dealt blow after second Unaoil conviction overturned

2022-03-25T16:39:00+00:00By

The U.K. Serious Fraud Office was dealt another blow after Paul Bond, a former sales manager at Dutch energy services company SBM Offshore, had his 42-month jail sentence overturned because the agency failed to disclose vital evidence in its Unaoil case.

Ericsson

Ericsson mum on Iraq misconduct amid ‘comprehensive review’

2022-03-23T16:13:00+00:00By

Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.

Bribe

TRACE: U.S. bribery enforcement continued decline in 2021

2022-03-18T18:21:00+00:00By

The number of U.S. foreign bribery enforcement actions slowed notably in 2021, while the overall pace of transnational anti-bribery enforcement actions and investigations lagged worldwide, according to TRACE International’s latest enforcement report.

Russia Ukraine economy

Banks face complex compliance risks as they attempt to exit Russia

2022-03-16T18:30:00+00:00By

Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.

Mobile TeleSystems

MTS compliance monitorship extended one year

2022-03-09T16:53:00+00:00By

The Department of Justice and Mobile TeleSystems jointly agreed to voluntarily extend for one year the term of the Russian telecommunications company’s independent compliance monitorship in accordance with a 2019 deferred prosecution agreement.

Ericsson

DOJ informs Ericsson of second breach of DPA

2022-03-04T18:56:00+00:00By

Ericsson announced the Department of Justice determined the Swedish telecom breached its obligations under a 2019 deferred prosecution agreement again, this time for insufficient disclosure regarding conduct in Iraq.

Stericycle

Stericycle reaches $80.7M agreement in FCPA settlements

2022-02-25T20:58:00+00:00By

Stericycle, a medical waste disposal company, disclosed it expects to pay $80.7 million in principle agreements with the SEC and Department of Justice for violations of the Foreign Corrupt Practices Act concerning its operations in Latin America.

KT

KT to pay $6.3M in SEC settlement for FCPA violations

2022-02-18T20:08:00+00:00By

KT Corp., South Korea’s largest telecom operator, will pay $6.3 million in a settlement with the Securities and Exchange Commission for violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act.

Ericsson

Ericsson admits ‘corruption-related misconduct’ in Iraq; may have paid ISIS

2022-02-16T22:16:00+00:00By

Ericsson announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.

DOJ

DOJ Fraud Section 2021 review: FCPA resolutions down

2022-02-16T20:50:00+00:00By

The Department of Justice entered into eight corporate resolutions in all of 2021, a decrease from 13 the previous year, according to the Fraud Section’s annual report. Three resolutions included violations of the Foreign Corrupt Practices Act.

Shipping boat

DOJ opinion offers take on whether ransom-like payment violates FCPA

2022-02-03T18:15:00+00:00By

A payment by a U.S.-based company to a third-party intermediary under circumstances that placed an employee’s life and well-being at “significant risk” would not trigger enforcement under the anti-bribery provisions of the FCPA, the Department of Justice stated in an opinion procedure.

Tencent

Tencent fires 70 employees in latest anti-bribery crackdown

2022-01-26T15:07:00+00:00By

Chinese gaming and social media company Tencent said it fired nearly 70 employees last year as part of its ongoing anti-graft campaign and will stop doing business with 13 Chinese firms that have violated its anti-bribery standards.

AML-Europe

Report: Financial crime fines down in 2021; AML penalties drop 78 percent

2022-01-19T16:38:00+00:00By

Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.

FCPA-July

Report: FCPA investigations, enforcement actions hit 10-year lows in 2021

2022-01-10T22:04:00+00:00By

The number of enforcement actions brought under the Foreign Corrupt Practices Act in 2021 fell to the lowest total in a decade, according to a new report by the FCPA Clearinghouse at Stanford Law School.

Documents

Should lawyers, accountants be filing more SARs?

2021-12-28T14:32:00+00:00By Jason Morris, International Compliance Association

A study of suspicious activity reporting data in the United Kingdom suggests accountants, lawyers, estate agents, and other service-facing professionals could be doing more to contribute to the fight against financial crime.

United States European Union cooperation

Biden corruption strategy puts FCPA in spotlight overseas

2021-12-15T16:43:00+00:00By

President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda. As such, European companies and executives should beware: The Foreign Corrupt Practices Act is likely to get a dusting off.

SFO

SFO integrity questioned after Unaoil conviction overturned

2021-12-13T21:21:00+00:00By

The Serious Fraud Office will be investigated by the U.K. Attorney General’s Office after a court said the agency denied a convicted former oil and gas executive the right to a fair trial.

SBM Offshore

SBM Offshore subsidiaries fined $7.6M in Swiss bribery probe

2021-11-29T16:06:00+00:00By

The Swiss Public Prosecutor’s Office ordered three subsidiaries of Dutch oil and gas services company SBM Offshore to pay a criminal penalty of CHF 7 million (U.S. $7.6 million) as part of the conclusion of a legacy bribery investigation.

ICA launches financial crime risk assessment tool

2021-11-17T22:40:00+00:00By GRC Announcements

The International Compliance Association has launched an enterprise-wide risk assessment tool to help its members better assess, document, and manage financial crime risk.

Bribe

2021 TRACE Bribery Matrix: Post-Trump U.S. still outside top 20

2021-11-17T21:50:00+00:00By

A negative trend in the U.S. business bribery risk environment that began under the Trump administration has yet to reverse, according to TRACE International’s 2021 Bribery Risk Matrix.

Honeywell

Honeywell records charge of $160M in FCPA probe

2021-10-25T18:14:00+01:00By

Honeywell International has recorded a charge of $160 million in accrued liability concerning an investigation by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the FCPA.

3x2 web graphic

Compliance Week National Conference is going back in person in May

2021-10-25T12:00:00+01:00By

Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.

Ericsson

DOJ finds Ericsson breached obligations under FCPA agreement

2021-10-22T14:27:00+01:00By

Swedish telecommunications giant Ericsson announced the Department of Justice has determined the company “breached its obligations” under a deferred prosecution agreement entered with the agency in 2019.

pwc300x200

CPE Webcast: Transaction monitoring at heart of fight against bribery, corruption, and fraud

2021-10-21T14:00:00+01:00Provided by

Combating bribery, corruption, and fraud is vital to reducing risk and maintaining compliance. Getting to the heart of financial transactions can also help you reduce unnecessary losses for your business.

Credit Suisse

Credit Suisse reaches $475M global resolution in corruption case

2021-10-19T22:04:00+01:00By

Credit Suisse Group and U.K. subsidiary Credit Suisse Securities (Europe) reached an approximately $475 million global settlement with U.S. and U.K. authorities for the bank’s role in a long-running tainted loan corruption scheme.

Navy ship

CEO of Navy contractor charged with bribery

2021-10-19T16:13:00+01:00By

Frank Rafaraci, CEO of Malta-based ship maintenance company Multinational Logistics Services, has voluntarily returned to the United States to face a criminal charge for his alleged role in a bribery scheme.

Braskem

Ex-Braskem CEO gets 20 months in prison over bribery scheme

2021-10-12T21:36:00+01:00By

Jose Carlos Grubisich was sentenced to 20 months in prison for his role in a scheme to divert hundreds of millions of dollars in bribe payments from Braskem to government officials and political parties in Brazil.

Oilfield

Petrofac fine fallout: Penalty too light for SFO to claim success?

2021-10-08T15:43:00+01:00By

Petrofac’s relatively low penalty for multiple bribery offenses might encourage companies to take their chances when faced with the choice of a possible criminal conviction or cutting a deal with the Serious Fraud Office, legal experts warn.

Petrobras

Petrobras fulfills obligations of 3-year FCPA agreement

2021-10-06T16:41:00+01:00By

Brazilian state-owned energy company Petrobras announced it has met the obligations of a three-year agreement reached with the Department of Justice for playing a role in one of the world’s largest political corruption investigations.

Petrofac

Petrofac to pay $105M for widespread bribery scheme

2021-10-04T17:47:00+01:00By

Petrofac was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates.

SNC-Lavalin

SNC-Lavalin touts compliance enhancements amid fresh corruption charges

2021-10-01T16:15:00+01:00By

Enforcement authorities in Canada arrested and brought charges against two former executives of SNC-Lavalin and its subsidiary, SNC-Lavalin International, for their role in a bribery scheme that occurred two decades ago.

SFO

Petrofac readies bribery guilty plea, touts compliance enhancements

2021-09-27T17:28:00+01:00By

Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.

SEC

Red flags ignored in WPP $19M FCPA settlement

2021-09-24T19:34:00+01:00By

Global advertising giant WPP reached a more than $19 million settlement with the SEC to resolve charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.

Remote oversight

Anti-corruption leaders share upsides of remote compliance program

2021-09-23T17:05:00+01:00By

COVID-19 has altered how companies operate their anti-corruption compliance programs, but not necessarily for the worse, according to experts from PepsiCo and Cook Group who shared their experiences at a recent Diligent virtual summit.

Bribery

Report: China, U.S. most confident in combating corruption risks

2021-09-20T16:43:00+01:00By

Risk leaders at companies in China and the United States expressed the highest level of confidence in their approach to mitigating bribery and corruption risk, according to a new global benchmark report from Kroll.

Ericsson

Ex-Ericsson employee charged with FCPA bribery violations

2021-09-09T15:12:00+01:00By

A former account manager at Swedish telecommunications giant Ericsson faces charges of conspiracy to violate the Foreign Corrupt Practices Act regarding alleged bribes paid to government officials in the Republic of Djibouti.

Money laundering

Pandemic not slowing rising AML fine totals, report says

2021-08-25T18:31:00+01:00By

Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.

DOJSeal

David Last named permanent head of DOJ’s FCPA Unit

2021-08-13T17:16:00+01:00By

The Department of Justice has named David Last to be the permanent chief of its Foreign Corrupt Practices Act Unit, following his being appointed acting head in April.

/web/img/field/image/sec_0.jpg

Pactiv Evergreen nearing clearance from SEC in FCPA probe

2021-08-10T16:59:00+01:00By

Pactiv Evergreen said it has received indication from the SEC it will not face enforcement following an internal investigation launched last year into potential violations of the Foreign Corrupt Practices Act.

Oil barrels

Ex-Glencore oil trader pleads guilty for role in bribery scheme

2021-07-28T20:58:00+01:00By

A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.

FirstEnergy

FirstEnergy to pay $230M in Ohio corruption settlement

2021-07-23T17:09:00+01:00By

FirstEnergy Corp. agreed to pay a $230 million criminal penalty as part of a settlement with the U.S. Attorney’s Office for the Southern District of Ohio surrounding the state’s nuclear bailout federal corruption scandal.

SFO

SFO secures DPAs worth $3.4M with two unnamed companies

2021-07-20T17:18:00+01:00By

The Serious Fraud Office announced deferred prosecution agreements worth £2.5 million (U.S. $3.4 million) with two unidentified U.K.-based companies for bribery offenses.