Entries in Effective Compliance Program (91)
Texas-based oil and gas services firm Baker Hughes once held the record for the biggest FCPA settlement of all time.
As companies struggle to deal with compliance issues in the expanding global markets, they can no longer rely solely on automated compliance. Today compliance should also be intelligent.
Before the Siemens case and the birth of the modern era of FCPA enforcement, there were the ten elements of an effective compliance program. They came from the U.S. federal sentencing guidelines applicable to corporate defendants.
1. Allegations against Wal-Mart -- Just when the debate about FCPA reform was heating up, the New York Times reported that Wal-Mart may have paid $24 million in bribes to Mexican officials to grow the business. The story showed why the FCPA is important. And it derailed the Chamber of Commerce's campaign to narrow the law and restrict the DOJ's enforcement of it.
Technology has given the compliance world access to tools that couldn't have been imagined in 1977 when Jimmy Carter signed the FCPA into law.
Last week, the DOJ and SEC issued their long-anticipated Resource Guide regarding the agencies’ FCPA enforcement. Over a year in the drafting, the 120-page Guide addresses, among other things, (1) the definition of a foreign official, (2) gifts and entertainment, and (3) the “hallmarks” of an effective corporate compliance program.
Here's what Robert Khuzami said Wednesday at a news briefing about the FCPA guidance released by the DOJ and SEC. Khuzami is head of the SEC's enforcement division.