All Anti-Bribery articles – Page 42
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Blog
Criminal Division launches new FCPA pilot program
Effective today, the Department of Justice’s Criminal Division has launched a one-year “pilot program” in the Fraud Section’s FCPA Unit as part of the agency’s effort to promote both transparency and accountability. At the end of the one-year pilot period, the Fraud Section will determine whether to extend or modify ...
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Blog
FCPA enforcement ramps up in Q1 2016
If it looks like FCPA enforcement is at a low ebb, judging by the amount of activity we saw in 2015, don’t be fooled. The SEC is prosecuting FCPA cases with vigor, and if some of the current enforcement actions underway are any indicator, we will not see a significant ...
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Blog
VimpelCom discloses more details on FCPA damages
Amsterdam-based VimpelCom, a global telecommunication services provider, said last week in its annual report with the Securities and Exchange Commission that it has set aside $105 million for legal expenses associated with its $795 million settlement reached last month with U.S. and Dutch prosecutors for paying bribes to a government ...
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Blog
Brazilian corruption investigation goes supernova
As billionaire construction magnate Marcelo Odebrecht prepares to turn state’s evidence in the corruption investigation that covers Petrobras, Odebrecht SA, and the Brazilian presidency itself, it seems that we might finally get some insight on just how pervasive Brazil’s so-called “cartel of corruption” really was. Is anybody ready to ...
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Article
How employee hotlines can improve organizational well-being
According to the CDC, in 1965 more than forty percent of the U.S. population smoked. After decades of persistent education, the general population has come to realize that best practices include healthy decisions; decisions that increase well-being and reduce expenses. Today, less than twenty percent of the population are smokers ...
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Blog
German World Cup bid now under FIFA scrutiny
The ongoing FIFA corruption scandal takes on new life as some of the top names in German soccer, as well as sports apparel manufacturer Adidas, appear to be implicated in the 2006 World Cup bid. CW’s Tom Fox reports on this latest ethics investigation.
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Article
Indian Supreme Court ruling expands FCPA coverage
Image: A landmark judgment issued by the Indian Supreme Court could have the broader effect of significantly expanding the compliance risk that companies face under numerous anti-bribery laws, including the U.S. Foreign Corrupt Practices Act. CW’s Jaclyn Jaeger examines this latest development that, according to FTI Consulting’s Anuj Bugga, “introduces ...
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Blog
SFO brings more charges in Alstom case
The U.K. Serious Fraud Office has brought further charges as part of its ongoing investigation of Alstom Network U.K., a U.K. subsidiary of French engineering company Alstom, this time against Alstom’s country president for the United Kingdom and managing director of Alstom Transport U.K. and Ireland. He is the seventh ...
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Blog
Is Venezuela’s state oil company creating the next Petrobras scandal?
While Petrobras currently holds the title as the most corrupt national energy company in South America, Petroleos de Venezuela SA (PDVSA) is a strong contender as well, thanks to ongoing U.S. investigations into possible FCPA violations involving U.S. companies, Swiss banks, and corrupt PDVSA officials.
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Blog
Zimmer Biomet: FCPA probe remains ongoing
Medical device maker Zimmer Biomet Holdings (formerly Biomet) is still under investigation by the Justice Department and SEC for possible violations of the Foreign Corrupt Practices Act regarding its operations in Brazil and Mexico. As a result, a three-year deferred prosecution agreement that Biomet entered into with the Justice Department ...
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Blog
Novartis to pay $25 million in FCPA case
Switzerland pharmaceutical giant Novartis yesterday reached a $25 million settlement with the Securities and Exchange Commission for violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act concerning its operations in China.
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Blog
Is FIFA entitled to restitution as a victim?
Image: It appears the Fédération Internationale de Football Association is trying to shed its corrupt image in favor of playing the victim. The international governing body of football has asked the Justice Department for its share of monies it obtains through forfeiture and penalties from individuals prosecuted around the FIFA ...
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Blog
Weekends are for ... fraud?
The recent $101M heist from the Central Bank of Bangladesh would have been impossible had it not occurred over a weekend, and had weekends themselves not been observed on different days of the week in Bangladesh than they are in the United States. One thing’s for sure: Whenever the weekend ...
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Blog
Alere receives subpoena in foreign bribery probe
Alere, a global diagnostic device and service provider, said yesterday a filing the Securities and Exchange Commission that it received a grand jury subpoena from the Department of Justice requiring the production of documents relating to its sales practices in Africa, Asia, and Latin America.
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Blog
NGOs to OECD: global standards needed for foreign bribery settlements
A group of non-governmental organizations has written a letter to the OECD Working Group on Bribery urging it to develop global standards for corporate settlements based on best practice. Corruption Watch, Global Witness, Transparency International, and the UNCAC Coalition asked the OECD to address “urgently” whether the use of settlements ...
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Blog
Petrobras fallout into the private sector continues
A 19-year prison sentence handed down in connection with Brazil’s widening “Car Wash” scandal is a wake-up call for any company that has done business with Odebrecht SA, the largest construction company in Brazil and, indeed, South America. The scandal, which began with energy firm Petrobras, should enforce that it’s ...
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Article
Scrutinizing hiring practices for FCPA violations
Through recent investigations and enforcement actions, the Securities and Exchange Commission and Department of Justice have been warning companies to proceed with caution when hiring the relatives of foreign government officials, lest they run afoul of the Foreign Corrupt Practices Act.
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Blog
VimpelCom and the conscious indifference of a board under the FCPA
Image: The joint Justice Dept., SEC settlement with telecom giant VimpelCom resolving a longstanding FCPA violation will cost the company more than $795 million, say reports. But there’s a bright side, says CW Columnist Tom Fox. The multiple bribery schemes seem to have been supported by top management and will ...
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Blog
Platform Specialty Products self-reports FCPA probe
Platform Specialty Products, a chemical-products company, said in a regulatory filing this week that it is conducting an internal investigation to determine whether certain payments made by a recently acquired subsidiary to third-party agents in West Africa violated the Foreign Corrupt Practices Act.
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Blog
Customers and corruption risks
What is the cost of corruption? How much due diligence must you perform with those entities that are your customers? Does doing business with companies that have a propensity for corruption put your company at risk? In light of the scandals at Petrobras and Houston-based ENSCO, companies might want to ...