We're more than halfway through 2018, making now a good time to take a mid-year look at the SEC's Foreign Corrupt Practices Act (FCPA) corporate enforcement actions
The SEC received the largest recovery of $143 million from Panasonic Corp. The Japanese company agreed to to pay $126 million in disgorgement and $16.3 million in prejudgment interest to settle charges of alleged FCPA and accounting fraud violations. More details here.
Credit Suisse Group AG will pay approximately $30 million to resolve SEC charges that it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of Foreign Corrupt Practices Act (FCPA). The company also agreed to pay a $47 million penalty to the Department of Justice (DOJ).
Dunn and Bradstreet agreed to pay more than $9 million in disgorgement, interest and a civil penalty to resolve FCPA violations stemming from improper payments made by two Chinese subsidiaries.
This case is significant because the company received the first corporate declination from the DOJ.
Combined in 2018, SEC and DOJ have at least 63 investigations open against different entity groups for potential violations of FCPA.
The SEC lists 4 corporate enforcement actions related to FCPA cases on its website. This list does not include the settlement with Credit Suisse Group AG that was announced in July.
There are only five months left in 2018 to implement technology to mitigate your anti-bribery and corruption risk. To read more, check our out blog post, "The ABC's of Using Compliance Technology to Fight Anti-Bribery and Corruption."
The SEC website states it's dedication to enforcement of Foreign Corrupt Practices Act (FCPA) as a high priority for the regulator. In 2017, the SEC brought FCPA enforcement actions against seven firms, so organizations should expect more enforcement to come. Read our 2017 FCPA Year in Review here.
Visit more Anti-Bribery and Corruption resources, including the whitepaper, "How to Build a Strong Gift, Entertainment & Hospitality Program," written by compliance expert, Michael Volkov of Volkov Law Group.
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You can access the SEC's official site on FCPA enforcement actions here.