Archives: FCPA / Anti-Corruption

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Icebreaker: Two Pilot Program Declinations Are First FCPA Resolutions Under the New Administration

In June 2017, the DOJ released the first two corporate FCPA resolutions since the new administration took office. In both cases, the DOJ issued declination letters “consistent with” the FCPA Pilot Program and required the disgorgement of associated gains.  In one of the two instances, the declination letter also required the forfeiture of funds withheld … Continue Reading

Recent Settlements Reveal the Hidden ABAC Risks and Rewards of Internal Audits

On July 19, 2017, Steptoe’s Matthew Herrington and Brady Cassis co-authored a piece titled “Recent Settlements Reveal the Hidden ABAC Risks and Rewards of Internal Audits” for The Anti-Corruption Report.  In the article, the authors unpack the recent settlements revealing several strategies for successfully managing internal audits. For more information, the full article can be … Continue Reading

In the Wake of Kokesh v. SEC: Whither Disgorgement in FCPA Cases

On June 5, 2017, the United States Supreme Court unanimously held that disgorgement in SEC enforcement actions operates as a penalty in Kokesh v. Securities and Exchange Commission.  This means that disgorgement is subject to the federal five-year statute of limitations under 28 U.S.C. §2462. The Kokesh decision settled a dispute between the US Court … Continue Reading

ISO Standard on Anti-Corruption Measures: The First Nine Months and Next Steps

On July 6, 2017, Steptoe’s Matthew Herrington and Brady Cassis coauthored a piece in Compliance Complete on the International Organization for Standardization (ISO) standard.  The article breaks down how the standard has fared in its first nine months, and provides straightforward ways compliance officers can use the ISO standards to bolster their existing anti-corruption programs. … Continue Reading

2017 FCPA Mid-Year Review

On June 29, 2017, Steptoe published its US Foreign Corrupt Practices Act (FCPA) Mid-Year Review. There was a flurry of enforcement actions in the beginning of January to start off 2017, including some major resolutions that broke new ground in international anti-corruption enforcement.  After the change in administration on January 20, 2017, however, there were … Continue Reading

2016 FCPA Year in Review

The year 2016 ushered in a flurry of activity in global anti-corruption and US Foreign Corrupt Practices Act (FCPA) enforcement.  After 2015, when the US Department of Justice (DOJ) and US Securities and Exchange Commission (SEC) brought their lowest number of enforcement actions in a decade, 2016 not only saw the largest number and highest … Continue Reading

World Bank’s Integrity Vice Presidency Releases Annual Integrity Update

On October 7, the World Bank Group (the Bank) Integrity Vice Presidency (INT) released its Annual Update for the 2016 Fiscal Year (the FY2016 Report or the Report).  This Report emphasizes INT’s endeavor to protect Bank-funded procurement projects in the immediately preceding fiscal year, and sets out INT’s current and future policy, investigation, and enforcement … Continue Reading

Canadian Supreme Court Ruling Confirms World Bank Immunities

On April 29, 2016 the Canadian Supreme Court ruled that the Ontario Superior Court of Justice could not compel the World Bank to produce records or require its personnel to testify in court. The case, World Bank Group v. Wallace, challenged the immunities granted to the Bank that cover its archives and employees. Over the … Continue Reading

DOJ Incentivizes FCPA Voluntary Disclosures with Pilot Program

The Department of Justice (DOJ) is incentivizing companies to self-disclose violations of the Foreign Corrupt Practices Act (FCPA). On April 5, the head of DOJ’s Criminal Division, Assistant Attorney General Leslie Caldwell, announced a one-year pilot program intended to encourage voluntary disclosures of corporate wrong-doing. The guidance, entitled “The Fraud Section’s Foreign Corrupt Practices Act … Continue Reading

2015 FCPA Roundup

In 2015, enforcement of the Foreign Corrupt Practices Act (FCPA) continued to evolve as U.S. government agencies focused their investigations and other countries ramped up their own involvement. While enforcement statistics and monetary penalties remained steady, or even lower than previous years, 2015 trends pointed towards a more complex compliance environment going forward, with increasing … Continue Reading

Court Approves First Ever UK Deferred Prosecution Agreement

On November 30, 2015, a UK court approved for the first time ever the suspension of criminal proceedings against a company under terms set out in a deferred prosecution agreement (DPA). In exchange, Standard Bank Plc agreed to comply with various terms, including payments to the Government of Tanzania of $6 million in compensation, disgorgement … Continue Reading
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