Content About Fcpa - Page 1
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I'm Not Going to Disneyland
07 Sep 2010
This report from Kyle Sheahen analyzes the two affirmative defenses provided by the Foreign Corrupt Practices Act (FCPA) and argues that the defenses are virtually useless in practice. Recent restrictive judicial interpretation, developing international business customs and the statutory language itself have rendered the defenses – the local law defense and the promotional expenses defense – meaningless for FCPA defendants at trial. This article describes the problems with the defenses and suggests that Congress modify existing law to allow for greater fairness in FCPA prosecutions. Reproduced with permission from Kyle Sheahen & the Wisconsin International Law Journal.
Topics: Corruption FCPA US DoJ
The Grass is Greener
16 August 2010
While Americans Patricia Green (55) and her husband Gerald Green (78) will start serving their six month jail sentence in November, the alleged Thai recipient of the bribe goes unpunished. Bribes and illicit payments grease the wheels of the Thai econo...
Topics: Corruption FCPA
General Electric Pays $23.5 Million SEC Settlement Following Iraq Investigation
12 August 2010
General Electric announced on 27 July 2010 that it had reached a $23.5 million settlement with the SEC regarding alleged violations of the FCPA in securing contracts under the UN Oil for Food programme. The charges brought by the SEC related to two Eur...
Topics: Corruption Due Diligence FCPA
FCPA Advisor, July 2010
09 Aug 2010
On July 27, 2010, the General Electric Company agreed to disgorge $18,397,949 in allegedly wrongful profits, plus $4,080,665 in pre-judgment interest and pay a civil penalty in the amount of $1 million, a total of over $23.4 million, to the Securities and Exchange Commission for alleged violations of the FCPA by its subsidiaries in connection with the United Nations Oil for Food Program. This article from Cadwalader outlines the issues.
Topics: Corruption FCPA
War on Corruption
04 Aug 2010
Applied Ethics Centre Video. Following Siemens massive fine in 2008 to violating the internal controls and book and records provisions of the Foreign Corrupt Practices Act (FCPA) they agreed to pay a $450 million fine to the US Department of Justice and $350 million in disgorgement of profits to the SEC. The $800 million settlement has resulted in dramatic changes in the company's policies. In this video Kirk Hanson interviews Rob Weisberg, former diplomat and current Global Ethics Officer for Nokia Siemens Networks on the war against corruption.
Topics: Corruption FCPA Sanctions Siemens
