The Securities and Exchange Commission said Friday UK-based pharma GlaxoSmithKline plc will pay a $20 million civil penalty to settle charges that it violated the Foreign Corrupt Practices Act when China-based subsidiaries spent millions of dollars on pay-to-prescribe schemes for several years to pump up sales.… Continue Reading
For more than a year, France has been working on improving its legislation to enact a new anti-corruption law in order to reach the same standards as the FCPA, the UK Bribery Act or the Brazilian Clean Company Act.… Continue Reading
The Justice Department released letters Thursday under the DOJ’s Pilot Program to two Texas companies that won’t be prosecuted for violating the FCPA but will each have to disgorge all profits they made from the bribery.… Continue Reading
Och-Ziff Capital Management Group resolved one of the biggest FCPA enforcement actions ever Thursday, agreeing to pay the DOJ and SEC $412 million for criminal and civil violations.
Och-Ziff CEO Daniel Och agreed to pay nearly $2.2 million to settle SEC charges that he caused FCPA violations.… Continue Reading
Metals technology industry leaders announce their participation in Anti-Corruption Collective Action Initiative
The three leading companies in the metals technology industry — Danieli & C. Officine Meccaniche SpA, Primetals Technologies Limited, and SMS GmbH — have announced their participation in a sector-specific Collective Action Initiative in which they exchange best practice and knowledge in anti-corruption compliance and related developments within their industry.… Continue Reading
Medical device maker Misonix Inc. said Wednesday it self disclosed possible FCPA violations to the DOJ and SEC.
Misonix said business practices by an independent Chinese entity that distributes its products in China “raise questions under the Foreign Corrupt Practices Act.”… Continue Reading
I recently had the great privilege of working closely with one of Brazil’s federal prosecutors at the International Anti-Corruption Academy. A young person just a handful of years out of law school, he’s that rare individual — bright in every sense of the word, articulate, generous, someone you immediately trust, a person of deep convictions, a natural leader.… Continue Reading
Anheuser-Busch InBev paid $6 million Wednesday to settle charges that it violated the Foreign Corrupt Practices Act and impeded a whistleblower who reported the misconduct.
The company’s India minority-owned joint venture used third-party sales promoters to make improper payments to government officials in India to increase sales and production, the SEC said.… Continue Reading
In the prior post we described the SEC’s new Rule 13q-1 that took effect on Monday (September 26). In this post, we discuss steps covered companies should take to comply with the rule.… Continue Reading
Singapore demonstrates a strong anti-money laundering and counter financing of terrorism (AML/CFT) legislative framework but despite this, it shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force. … Continue Reading
The Securities and Exchange Commission said Tuesday that oil services company Weatherford International paid a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. … Continue Reading
Brazil’s Supreme Court has authorized a federal investigation into Brazilian President Michel Temer’s role in the sprawling corruption scandal known as Operation Car Wash. If Temer’s presidency does not survive the investigation — and I’m betting it won’t — it will be another chapter in what may be the most dramatic anti-corruption enforcement story this world has ever seen.… Continue Reading