Anti-Bribery


FCPA-July

Pactiv Evergreen discloses FCPA probe ahead of IPO

2020-09-10T14:17:00+01:00By

In its IPO filing, foodservice packaging company Pactiv Evergreen (currently Reynolds Group Holdings Limited) announced it might have potentially violated the Foreign Corrupt Practices Act regarding gift cards given in China.

Bribe

Benefits of bribery: New study separates fact from fiction

2020-09-09T17:11:00+01:00By

While bribery can provide companies with major short-term gains, there is little evidence to support many other beliefs surrounding the “return on investment,” according to a new study.

woods

Best practices KYC: What to do when your client is in the headlines

2020-09-02T15:50:00+01:00By

How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.

Samsung

Samsung heir indicted on market manipulation, accounting fraud charges

2020-09-01T15:36:00+01:00By

Lee Jae-yong, the heir and de facto leader at Samsung, was indicted by South Korean prosecutors on charges related to a 2015 merger of two subsidiaries and alleged irregularities in accounting practices at another subsidiary.

Herbalife

Herbalife finalizes $123M FCPA settlement with SEC, DOJ

2020-08-28T16:49:00+01:00By

Herbalife will pay $123 million to settle charges of violating the books-and-records and internal accounting controls provisions of the Foreign Corrupt Practices Act in China.

Bribe

World Acceptance Corp. to pay $21.7M to resolve SEC FCPA case

2020-08-06T15:58:00+01:00By

World Acceptance Corp., a small-loan consumer finance company, has agreed to pay $21.7 million to resolve Securities and Exchange Commission charges for violations of the Foreign Corrupt Practices Act.

Medical devices

Eight years later, Zimmer Biomet FCPA case ends

2020-08-06T14:39:00+01:00By

Zimmer Biomet Holdings disclosed in a regulatory filing it has reached the end of its monitorship, eight years after resolving parallel settlements with the DOJ and SEC for violations of the Foreign Corrupt Practices Act.

Airbus

SFO charges Airbus subsidiary for corrupt acts in Saudi Arabia

2020-07-30T16:00:00+01:00By

The U.K. Serious Fraud Office announced charges against GPT Special Project Management and three individuals concerning a criminal investigation that began eight years ago into allegations of misconduct in Saudi Arabia.

Money laundering

Och-Ziff investors reach $136M proposed settlement in FCPA case

2020-07-29T18:41:00+01:00By

Sculptor Capital Management (formerly Och-Ziff Capital Management) has “agreed in principle” to a $136 million settlement with former shareholders of Africo Resources and the DOJ for violations of the Foreign Corrupt Practices Act.

Johnson & Johnson

Johnson & Johnson discloses FCPA probe

2020-07-27T17:34:00+01:00By

Johnson & Johnson disclosed in a regulatory filing that it is fielding FCPA inquiries from the DOJ and SEC with regard to an investigation into potential bribery and anti-competitive practices in Brazil.

Bribe

Exelon subsidiary ComEd to pay $200M in lobbying, bribery case

2020-07-20T16:51:00+01:00By

Commonwealth Edison will pay a $200 million fine as part of a deferred prosecution agreement with the Department of Justice to resolve a criminal investigation into a years-long bribery scheme concerning lobbying practices in Illinois.

WhistleblowerReward

Medical device maker projects $18M to settle FCA violations alleged by former CCO

2020-07-20T16:02:00+01:00By

Evidence of kickbacks and bribes brought to light by a whistleblower and former chief compliance officer has led Merit Medical Systems to reach an estimated $18 million agreement in principle with the DOJ to settle False Claims Act allegations.

Serious Fraud Office

SFO secures two Unaoil convictions, but judge critical of director

2020-07-14T16:42:00+01:00By

Following a four-year investigation, the U.K. Serious Fraud Office has secured convictions against two former Unaoil executives for bribes made to win oil services contracts in Iraq, although the presiding judge ordered a review into how SFO Director Lisa Osofsky led the case.

FCPA

FCPA Resource Guide revision a gold mine for compliance officers

2020-07-10T12:45:00+01:00By

The first update to the SEC and Justice Department’s FCPA Resource Guide since it was published in 2012 includes several clarifications intended to benefit chief compliance officers and in-house counsel.

Pharmaceuticals

Novartis’ latest settlements: $729M in kickback charges

2020-07-02T16:36:00+01:00By

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

Alexion Pharmaceuticals to pay $21M to resolve FCPA case

2020-07-02T15:26:00+01:00By

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.

FCPA-July

SEC, DOJ close FCPA probes into USANA

2020-07-01T15:36:00+01:00By

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.

MexicoAntiCorruption

Mexico’s war on corruption an uphill battle for compliance officers

2020-06-29T15:34:00+01:00By

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

Novartis to pay $347M to resolve FCPA investigations

2020-06-25T19:36:00+01:00By

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.

Oil

Swiss AG latest investigating Glencore for corruption

2020-06-23T14:18:00+01:00By

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.

genpact300x200

CPE Webcast: Fraud and bribery risks: Preparing for a COVID-19 spike

2020-06-16T11:00:00+01:00Provided by

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.

LatinAmericaFlags

A country-by-country analysis of anti-corruption efforts in Latin America

2020-06-10T19:44:00+01:00By

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

Europol launches new financial and economic crime body

2020-06-08T16:33:00+01:00By

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

Ericsson appoints DOJ-mandated compliance monitor

2020-06-03T15:19:00+01:00By

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.

DangledCarrot

Analysis: When a bonus becomes less incentive, and more compromise

2020-06-02T16:17:00+01:00By

Financial crime expert Martin Woods explores what happens when the annual bonus causes employees to disregard their values for want of a dollar.

Bribe

SFO closes bribery investigation into ABB

2020-05-27T15:13:00+01:00By

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.”

Drew EIC

Josh Drew led by example in getting VEON through DPA

2020-05-18T14:36:00+01:00By

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.

Herbalife

Herbalife nears $123M FCPA resolution

2020-05-08T15:45:00+01:00By

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.

PayTheMan

Justice Department to recover more than $49M involving 1MDB

2020-05-07T15:18:00+01:00By

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.

Samsung

At urging of compliance committee, Samsung head apologizes for bad behavior

2020-05-06T16:49:00+01:00By

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.

kroll 300x200

CPE Webcast: 2020 Anti-bribery and corruption emerging trends

2020-04-30T14:00:00+01:00Provided by

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.

kroll abc

e-Book: 2020 Anti-Bribery & Corruption Benchmarking Report

2020-04-30T09:30:00+01:00Provided by

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.

Bribery

Development bank bans Brazilian company for paying kickbacks

2020-04-27T15:46:00+01:00By

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.

CollapsingABCSteps

Analysis: A case study on why following steps on ABC compliance is so important

2020-04-27T14:40:00+01:00By

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.

ItalyFee

Eni to pay $24.5M to resolve FCPA charges

2020-04-20T15:34:00+01:00By

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.

GhanaPowerPlant

Ex-exec charged, but Goldman Sachs avoids FCPA liability for due diligence efforts

2020-04-14T17:41:00+01:00By

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.

Gloom to Boom cover

My Compliance Library: ‘Crude Intentions’ gets at the why of compliance

2020-04-13T20:40:00+01:00By

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.

VenezuelaCocaineTrafficking

DOJ indicts Venezuela President Maduro, others in regime

2020-03-26T18:28:00+00:00By

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.

Bribe

TRACE: Bribery enforcement down in 2019

2020-03-20T17:32:00+00:00By

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.

Money laundering

John Wood Group reserves $46M to resolve bribery investigations

2020-03-12T17:13:00+00:00By

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.

Jail

Ex-Alstom exec gets 15 months in prison on money-laundering charges

2020-03-09T16:35:00+00:00By

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.

Herbalife

Herbalife sets aside $40M in FCPA probe

2020-03-03T19:40:00+00:00By

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

Compliance lessons from Cardinal Health’s FCPA settlement

2020-03-02T18:54:00+00:00By

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.

Alstom

Judge acquits Alstom exec on FCPA charges

2020-02-27T18:42:00+00:00By

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.

Plane2020Plan

Bombardier’s compliance program progressing, says review

2020-02-18T17:54:00+00:00By

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

Airbus contractors feeling ripple effect from record fine

2020-02-12T20:34:00+00:00By

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.

Fines

Study: Post-financial crisis fines against financial institutions hit $36B

2020-02-11T19:39:00+00:00By

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.

columnist icons

Confronting ‘willful intent’ in third-party corruption cases

2020-02-04T20:03:00+00:00By

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.

columnist icons - kyle

Trump’s efforts to weaken FCPA bad news for compliance

2020-02-04T16:10:00+00:00By

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

AirAsia on defense after Airbus-related bribery allegations

2020-02-03T21:27:00+00:00By

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.