Legg Mason Inc will pay $34 million to the Securities and Exchange Commission (SEC) to resolve FCPA-related charges.
The SEC administrative order completed the feds' earlier $64 million FCPA enforcement action for alleged bribery of Libyan officials. Legg Mason had already agreed in June to a resolution with the U.S. Department of Justice (DOJ).
"Companies must take adequate steps to identify and mitigate the risks of bribery and corruption present in their global business. Those risks are particularly acute when, as here, agents and middlemen are used as part of a company’s efforts to obtain business with government clients.” Charles Cain, Chief of the Enforcement Division’s FCPA Unit. said.
Government anti-corruption prosecutors continue to focus on companies with weak and ineffectual anti-bribery compliance controls. A large number of foreign bribery schemes can be avoided by companies who embrace integrated and automated solutions to mitigate anti-bribery and corruption risks.
Watch the on-demand Webinar for Advanced strategies for mitigate Anti-Bribery and Corruption Risk, co-hosted by subject-matter expert, Michael Volkov of Volkov Law Group.
To learn how implementing technology can mitigate your anti-bribery and corruption risk, check our out blog post, "The ABC's of Using Compliance Technology to Fight Anti-Bribery and Corruption."
Visit MCO for Anti-Bribery and Corruption for more resources.