Posts Tagged ‘Anti-corruption’« Older Entries
Anti-corruption/FCPA, International Trade – The latest on Embraer and Weatherford FCPA cases, the SEC and the New Anti-Corruption Law in Brazil.
Aircraft giant Embraer SA is under investigation by U.S. and Brazilian authorities amid allegations that it made improper payments to a government official in the Dominican Republic.Embraer is being probed over allegations that its executives made bribery payments to officials in the Dominican Republic in exchange for a $90 million contract to furnish the country’s armed forces with military planes, according to documents obtained by The Wall Street Journal. [Read More...]
Weatherford Estimates $253 Million FCPA, Sanctions Settlements, By Samuel Rubenfeld, Posted on The Wall Street Journal
Weatherford International Ltd. said it reached agreements with U.S. authorities to resolve foreign bribery allegations, corruption in Iraq and sanctions violations. [Read More...]
SEC Administrative Action Resolves Foreign Bribery Allegations, By BuckleySandler LLP, Posted on JD Supra Law News
On October 24, the SEC released a cease-and-desist order that resolves FCPA allegations against a Michigan-based medical technology company. The SEC alleged that the company’s subsidiaries in five different countries—Argentina, Greece, Mexico, Poland, and Romania—bribed doctors, health care professionals, and other government officials to obtain or retain business. The alleged activities involved approximately $2.2 million in direct payments, travel and conference expenses, and donations to a university associated with a foreign official made over a four-and-a-half year period. [Read More...]
Preparing for Brazil’s New Anti-Corruption Law: What In-House Counsel Should Know, By Kristen Baker, Peter Baumgaertner, Ryan Sparacino, William M. Sullivan, Jr., Posted on JD Supra Law News
Earlier this year, the Brazilian government approved a sweeping anti-corruption law known as the Brazilian Clean Companies Act (“BCCA” or “Act”), which is set to take effect on January 29, 2014. The new law provides for a wide range of administrative and legal penalties for violators, and is as broad as—if not broader than— the U.S. Foreign Corrupt Practices Act (“FCPA”). As Brazil’s economy continues to surge, and the Brazilian government continues to promote a vigorous anti-corruption agenda, companies that do business in Brazil must ensure that their policies and procedures are satisfactory. [Read More...]
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SEC Pays $14 Million to Dodd-Frank Whistleblower After Tip Leads to Rapid Enforcement Action Posted on jdsupra.com by Luke T. Cadigan , Stephen Korotash, & Matt T. Morley
The Securities and Exchange Commission recently paid $14 million to an unidentified informant under the Dodd-Frank whistleblower program. Although the particular enforcement action was not identified, the SEC said the whistleblower’s tip led to a substantial recovery of investor funds. Given that awards can range from 10 to 30 percent of the money collected in a case, this recovery was therefore in the range of $67 million to $140 million… [ Read More ]
US DOJ and Swiss government announce new voluntary disclosure program for Swiss banks Posted on jdsupra.com by Diana Erbsen , Alan Granwell, Michael Legamaro, Ellis Reemer
In recent years, the US Department of Justice has been aggressively investigating the use of bank accounts outside the US to evade tax. While emphasizing that its enforcement activities are and must remain global, the DOJ has taken public actions relating to banking activities in Switzerland, India, Luxembourg, Israel, the Caribbean and Lichtenstein. These initiatives and ongoing investigations have resulted in the prosecutions of multiple banks, 68 US persons, and professionals (including approximately 30 banking professionals)…. [ Read More ]
Samsung Loses Bid for Obama Veto of Apple-Won Import Ban Posted on Bloomberg by Susan Decker & Brian Wingfiel
Samsung Electronics Co. (005930) can’t import some smartphones and tablet computers into the U.S. after President Barack Obama decided not to veto a ban won by Apple Inc. (AAPL) in a patent-infringement dispute.
“After carefully weighing policy considerations, including the impact on consumers and competition, advice from agencies, and information from interested parties, I have decided to allow” the import ban, Obama’s designee, U.S. Trade Representative Michael Froman, said in a statement today…. [ Read More ]
Corruption Currents: From French Activists to Zanjani Posted on Blog.WSJ.com by Samiel Rubenfeld
Leighton Holdings hit back at allegations of bribery and corruption. The company faces shareholder class action lawsuits. Should Australia take another look at its anti-graft regime? What about how companies pick directors? (The Australian, ABC News, Brisbane Times, Financial Review)The U.K. Serious Fraud Office will announce progress in 2014 in its probe of payments made by Barclays PLC to the Qatar sovereign wealth fund, the agency’s director said… [ Read More ]
Happening for the first time in New Delhi, this highly-rated 3rd India Summit on Anti-Corruption will bring together leading anti-corruption industry experts and counsel in India for unparalleled networking and benchmarking opportunities.
Nora Kaiser – Prosecutor, Land Court of Hamburg, Former Prosecutor at The Attorney General Office in Munich
Bapsy Dastur - General Counsel – Head Legal & Integrity IMA, ABB (UAE)
Massimo Mantovani – General Counsel Legal Affairs – Senior Executive Vice President with Eni
Hassan Hassan, General Counsel Africa, India, Middle East Russia/CIS, Mars, Incorporated (UAE)
How well do you know your third parties?
As international trading companies in Europe and across the world look to new markets in an attempt to keep profit margins at acceptable levels during this prolonged economic slump, legal and compliance teams must ensure that not only their internal compliance systems are robust but also maintain a cost effective and efficient third party screening and monitoring programme to facilitate not only the expansion of trade into new regions but also protect your organization against increasing risks which exist in more traditional markets.
Companies across all sectors must be able to account for their suppliers, distributors, freight forwarders, agents, brokers, advisors and joint venture business partners to ensure these third parties are not potentially exposing your organisation to significant commercial losses, reputational damage and regulatory fines through their actions. Potential liability can arise from anywhere including corruption and bribery allegations, breach of economic or trade sanctions or global export controls, potential fraud and money laundering, or anti-competitive behaviour. Both prime contractors and all third parties down the supply chain must implement robust screening, due diligence and monitoring systems and be ready to answer questions, produce documents and have sufficient checks on their own third parties in order to win and retain business.
C5’s forum Managing Third Party Relationship Risks will bring together a leading faculty of experienced in-house and private practice lawyers, compliance executives to discuss not only the hottest regulatory risks but also potential reputational and commercial risks which must be considered at the outset of any relationship. Throughout this forum legal and compliance experts from some of the world’s largest companies will discuss the biggest risks they consider when engaging with third parties. Use this opportunity to benchmark your practices and pick up critical knowledge from the international third party compliance community by participating in such critical discussions including:
- How to Categorise Third Parties as Low, Medium and High Risk by Asking the Right Questions: Effectively Taking a Risk Based Approach
- Successfully Negotiating Adequate Clauses in a Third Party Contract: Audit, Inspection and Termination Rights
- Identifying Key Areas of Concern in Regards to Corruption and Bribery Risks and working with your Business Partners and other Third Parties to Minimise Exposure
- Maintaining Robust Ongoing Monitoring Systems on Third Parties: What to do When a Problem is Uncovered Mid-Relationship
- Assessing Reputational and Commercial risks presented by a Third Party’s Business Practices: Deciding what is and is not a Deal-Breaker
- Taking Responsibility for Third Party Compliance: How much Training and Support Should Be Given to a Third Party?
Use this opportunity to benchmark your practices with leading local and international organisations and pick up critical knowledge from the European compliance experts. This is an outstanding career, business networking and information sharing opportunity.
In October 2011, South African President Jacob Zuma ordered a new probe into the infamous Arms Deal that involved corruption and bribery allegations during a R30 billion procurement deal. The new commission of enquiry will now have two years in which to finally put the arms deal scandal to rest. Meanwhile, yet another South African police chief and government ministers have hit headlines in the latest round of corruption allegations against President Zuma’s government.
Adding to mounting pressure, Japanese-based Marubeni Corporation has agreed to pay $54.6 million to resolve FCPA charges related to a decade-long scheme to bribe government officials in Africa, further demonstrates that no company is beyond the reach of the US Foreign Corrupt Practices Act. This is coupled with the implementation of the UK Bribery Act in July 2011 which will have extraterritorial reach throughout Southern Africa for any company that carries on any “part of a business” in the UK. Accordingly, all companies doing business or investing in Southern Africa and local companies listed on foreign stock exchanges or with ties to foreign companies must take extra care to ensure their organisation fosters a culture of strict compliance from management down and that ALL potential corruption and bribery risks are detected and minimised as quickly as possible to avoid intrusive government investigations, significant fines and costly settlement arrangements.
Following last year’s sell out success, C5 is pleased to bring you the second Forum on Anti-Corruption – Southern Africa Edition which will once again bring together a leading faculty of experienced in-house and private practice lawyers, compliance executives and government officials who will provide the latest strategies to facilitate compliance with Southern African, US, UK and European anti-corruption laws and mitigate damages should a violation occur.
The fully updated agenda for 2012 includes:
- Southern Africa’s anti-corruption legislative reform and enforcement efforts: How the past year’s developments have changed the face of corporate compliance.
- How the Extraterritorial Reach of the UK Bribery Act will impact Southern African Business: Putting “Adequate Procedures” and a “failure to prevent bribery…” into Regional Context.
- What’s Next for FCPA Enforcement: What local and international Southern African Based Organisations Needs to Know.
- Building a Culture of Compliance from the Top Down: Getting Buy In and Leadership Support.
- Conducting thorough risk-based due diligence against all third parties to control and minimise liability risks.
- Installing a strong and safe whistleblowing system that employees will use: Accounting for cultural nuances.
- Navigating the Southern African customs process: Who to trust? What to Avoid? How to Respond to facilitation payment requests.
- Private to Private Corruption: New ways the private sector can be implicated in bribery and corrupt practices.
May 19th, 2012
in Anti-Corruption / FCPA |
In the last year, anti-corruption enforcement actions have involved business activities in Mexico, China, India, Nigeria, Brazil, Russia and other markets considered “high risk”. At the same time, new anti-bribery laws and enforcement tools have spread across the globe promising to raise the stakes for multinationals. These developments make it clear that anti-corruption enforcement is here to stay and will affect more companies doing business in high risk markets than ever before.
Do you know what it takes to ensure the success of your global anti-corruption compliance program in BRIC and emerging markets?
What constitutes a high risk partner in India versus Brazil? How do you detect demand side corruption schemes in Nigeria or Russia? What does the investigative process look like in China as opposed to Brazil? How do you train employees to identify and report red flags in Ukraine versus Venezuela? These questions and others require multinationals to rethink anti-corruption compliance and adopt a more local approach to effectively respond to bribery risks.
That’s why American Conference Institute’s 3rd Global Forum on Anti-Corruption Compliance in Emerging Markets is designed to provide practical, country-specific guidance on screening third-parties, preventing gift s and entertainment pitfalls, working with joint venture partners, conducting internal investigations and other critical anti-bribery issues.
Get Firsthand Local Insights From:
- Fernando M. Caleiro Palma, Anti-Corruption Program Manager – South America, ADM – Archer Daniels Midland (Brazil)
- Yogesh Goel, Global Compliance Offi cer, Indian Subcontinent, SAP(India)
- Irina Lazieva, Regional Ethics & Compliance Counsel, FSU and Europe,Weatherford International (Russia)
- Lucía Villalón Trujillo, Head of Internal Control, Pemex Exploración y Producción (Mexico)
- Raymond B. Eby, Director of Compliance & Business Conduct for Europe, Middle East & Africa, 3M Company (Turkey)
- John W. Sullivan, Asia Legal Director, Texas Instruments (China)
- Adriana Velezquez, Compliance Leader, Latin America, General Electric (Mexico)
- Alexey Anikeev, Legal and Compliance Director, Russia and Caspian,Baker Hughes (Russia)
Benefit from More Country Focused Panels on:
- Russia and Nigeria – preventing missteps when local enforcement authorities come knocking
- Brazil – achieving local buy-in of your anti-corruption compliance program
- Nigeria, Angola, and Equatorial Guinea – how to meet local content requirements for joint ventures without running afoul of the FCPA
- Venezuela and Indonesia – how to manage mandatory community investment programs while upholding your FCPA compliance commitments
- Iraq and Afghanistan – Minimizing bribery risks in reconstruction projects
New Interactive Discussions:
- Local anti-corruption experts share best practices on third party due diligence and management in BRIC
- Insights from counsel at Baker Hughes in the US and Russia on how to ensure the success of your global anti-corruption compliance program on the ground
A Unique Opportunity to Hear From Global Anti-Corruption Leaders:
Chairman of the Petroleum Revenue Task Force (Nigeria), Former Executive Chairman of Nigeria’s Economic and Financial Crimes Commission
Board Member, Janaagraha Center for Citizenship & Democracy, I-Paid-a-Bribe (India)