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FCPA Background

FCPA Background

 

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Full video transcript available below:

Hello and welcome to today's webinar hosted by MyComplianceOffice and MCG Consulting.  Today we're going to look at the Foreign Corrupt Practices Act. In particular the act itself and determining liability, how to protect your organization, practical applications, some cases this year and lastly conclusions and questions.

Our host for today is Paul Murdock. Paul is the managing partner and president of MCG Consulting. He previously worked as a senior consultant with the Alastair Group, and also as a risk and compliance director with Wolters Kluwer. I'll now pass you on to Paul who is going to start today's webinar.

As you could see there were a number of amendments to the act that that came about basically in two parts. One was the anti-bribery piece of the act itself and the other part was the accounting regulations.  We're going to talk through some of those items today and what it actually means from a practical perspective.

So [inaudible 00:01:25] exactly, right? So as I said it's a federal law that's enforced by the US Department of Justice, and within financial services itself we also have the SEC that has a role within the act itself in terms of bringing cases along with the Department of Justice's, bringing fines and all of that as we find violations in the act itself.

So it was amended to include two components, right? So you know those are very important components in terms of adopting the new amendments, and what we're going to see as we go through a number of the case studies, how those really apply.

So you know what are possible criminal penalties for violating the Foreign Corrupt Practices Act? So, if a company or a reporting company actually violates the act, we're going to see through some of the cases that we're looking at significant fines, right? But the organizations themselves can be fined up to $2,000,000. Officers, directors, stakeholders and employees can be fined up to $100,000, and there is jail time that's possible with those penalties as well which can be up to five years in prison, right? So we talk about the fines that come with that and some of the civil penalties that apply to that as well.

 

This webinar was co-hosted with MCG Consulting

 

Read our blog post: FCPA Fines in 2016 - Summary

 

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