FCPA

According to a new survey conducted by the international law firm Eversheds, U.S. companies operating in the U.K. are unprepared for tough new U.K. bribery laws – and 88 percent are unaware that there is a maximum jail term of 10 years under the legislation for violators. 

BAE Systems plc pleaded guilty today in federal court in Washington, D.C., to conspiring to defraud the United States by impairing and impeding its lawful functions, to make false statements about its Foreign Corrupt Practices Act (FCPA) compliance program, and to violate the Arms Export Control Act (AECA) and International Traffic in Arms Regulations (ITAR).

It looks as if it is full speed ahead on Foreign Corrupt Practices Act violations – especially against individuals. Today, a Virginia resident pleaded guilty in connection with his role in a conspiracy to pay bribes to former Panamanian government officials. 

The risk of significant financial or reputational damage from procurement fraud may now be greater than ever with more countries stepping up enforcement of local anti-corruption laws and U.S. enforcement of the Foreign Corrupt Practices Act.

We here at the Financial Fraud Law blog have been paying a lot of attention to the Foreign Corrupt Practices Act.

Twenty two executives and employees of companies in the military and law enforcement products industry have been indicted for engaging in schemes to bribe foreign government officials to obtain and retain business, the Department of Justice announced today. The indictments stem from an FBI undercover operation that focused on allegations of foreign bribery in the military and law enforcement products industry.

The easy cases that violate the Foreign Corrupt Practices Act are those involving cash payments – bribes – in an effort to obtain business. But that’s not the only type of conduct prohibited by the FCPA. Take a look at a settlement announced last Thursday in which UTStarcom Inc. (UTSI) agreed to pay a $1.5 million fine for violating the statute.

The DOJ is looking for an “experienced federal prosecutor” to serve a six month detail in the Fraud Section based in Washington, D.C., to work on matters arising under the Foreign Corrupt Practices Act.

The word "bribe" is known throughout the world. In the U.S., it has been called a pay-off, a kickback, hush money, payola, and a sweetener. It is sometimes concealed behind what is called a commission, a reward, a finder's fee, a gratuity, or a "thank you." Other countries have even more colorful language, as in India where it is known

Today is the U.N.’s International Anti-Corruption Day, but a worldwide survey of company executives suggests that anti-corruption efforts may be having an unintended effect. The survey, by Dow Jones, found that more than half of companies were delaying or abandoning key business initiatives as executives struggled to both interpret applicable anti-corruption regulations and collect the information they need to confidently assess corruption risk.