fcpa

Swiss pharmaceutical giant Novartis is paying $345 million to settle civil and criminal FCPA charges for misconduct in Greece, Korea, and Vietnam. As usual, compliance professionals have an abundance of lessons to learn about internal controls, policies and procedures, and effective compliance programs.  The breakdown is $233 million to the Justice Department for the criminal…

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goldman

Here’s a surprise twist to that Goldman Sachs FCPA case from last week: even as the bank’s compliance team was investigating a bribery scheme one of its dealmakers is accused of arranging for a Turkish energy firm, Goldman had a minority ownership stake in that same Turkish company. Goldman Sachs itself is not accused of…

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ENI

You all may have been at a Zoom virtual happy hour on Friday afternoon, but not the folks at the SEC Division of Enforcement! They quietly settled an FCPA case with Italian energy firm ENI that nicked the company for $24.5 million. In some ways the case is ho-hum. In the late 2000s an ENI…

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fcpa

Chalk up another victory for effective compliance programs: Goldman Sachs just avoided FCPA charges from the Securities and Exchange Commission because its compliance team uncovered a sketchy deal one of its bankers cooked up in Ghana — while the banker himself is now facing charges from the SEC.  The defendant in question is Asante Berko,…

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anti-corruption

At long last, we have some non-Covid news for the ethics and compliance world. TRACE International just published its report of global anti-corruption enforcement in 2019, showing a “relatively slow year for enforcement” but nothing far outside the normal, slow-rolling patterns of government investigations. As usual, the majority of anti-corruption enforcement actions conducted last year…

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disgorgement

The Supreme Court heard arguments Tuesday about the disgorgement powers of the Securities and Exchange Commission. The justices seemed to be looking for some way to keep the SEC’s powers alive, even if the agency might need to be more constrained in how it pursues disgorgement.  The case, Liu v. SEC, isn’t likely to see…

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cardinal

The Securities and Exchange Commission has served up its first FCPA enforcement action of the year, an $8.8 million slap against Cardinal Health for failing to address bribery risks caused by a cosmetics business Cardinal ran in China. What happened? In November 2010, Cardinal entered the Chinese market by acquiring the Chinese subsidiaries of an…

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fcpa

The corporate compliance community had a surprise moment of mainstream media attention on Friday, when Trump Administration chief economic adviser Larry Kudlow told reporters the Administration is “taking a look at” the Foreign Corrupt Practices Act and is considering potential reforms. This led to a wave of speculation on Twitter and the press that the…

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ericsson

As everyone in the corporate compliance world knows by now, Ericsson settled its long-running FCPA case last week with $1.06 billion in disgorgement and penalties plus a compliance monitor to boot. This is a sprawling case, full of lessons for the rest of us, so let’s start with the internal controls issues enforced by the…

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fcpa

The Justice Department’s top criminal prosecutor talked FCPA compliance at conference in Washington this week, raising a few points to consider about oversight of third parties and the importance of compliance program. Let’s get into them.  Assistant attorney general Brian Benczkowski, head of the Criminal Division, made his remarks at the annual FCPA Conference happening…

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