- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-30T13:53:00
The Department of Justice (DOJ) declined to prosecute Boston Consulting Group (BCG) for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act (FCPA), citing the firm’s prompt self-disclosure and timely remediation.
The DOJ found evidence that BCG’s office in Lisbon, Portugal, gave $4.3 million to an agent in Angola to secure contracts with the Angolan Ministry of the Economy and the National Bank of Angola, according to a letter Wednesday by Glenn Leon, chief of the DOJ’s Fraud Section, to BCG’s attorneys.
BCG agreed to disgorge $14.4 million in profits it secured from the corrupt activity but avoided criminal prosecution despite an agent of the firm sending bribes through three different offshore accounts, the DOJ said.
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The value the Department of Justice places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
Brazil has made strides in its anti-bribery enforcement efforts, but a working group at the Organization for Economic Cooperation and Development is concerned the country doesn’t have the controls in place to sustain its progress.
Brazilian airline Gol agreed to pay $41 million as part of reduced settlements addressing bribery investigations conducted by authorities in the United States and Brazil.
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
