Developing countries are losing between $20 billion to $40 billion every year, making graft the greatest obstacle to economic and social development around the world, according to a report released this month by the United Nations Office on Drugs and Crime (UNODC).
There are a number of best practices that those participating in global FCPA investigations should understand, noted Charles Duross, Deputy Chief of the FCPA Unit in the Criminal Division of the Department of Justice (DOJ). They must set realistic expectations; know what to look for and have solutions to get the evidence; respect the sovereignty of other nations; and give credit for corporate remediation efforts.
Emphasizing the United States’ worldwide leadership in combating foreign bribery, James M. Cole, deputy attorney general at the Department of Justice, addressed the participants at the American Conference Institute’s FCPA conference on Tuesday in National Harbor, Maryland.
The U.S. District Court for the Southern District of New York has authorized the IRS to issue summonses requiring five banks to produce records relating to the U.S. accounts they hold at certain institutions located abroad. The goal is to identify taxpayers who are trying to hide money overseas as a way to avoid federal taxes, the DOJ said Tuesday.
The SEC said Tuesday it was entering into a deferred prosecution agreement with a former hedge fund administrator named Scott Herckis who helped the agency end a fraud involving a hedge fund manager stealing investor assets.
Last Monday, the U.S. Senate approved a bipartisan bill designed to prevent retaliation against whistleblowers who provide tips about criminal price-fixing to the Department of Justice.