I recently read a Wall Street Journal article which discussed a $4.5 million award issued by the SEC to a whistleblower. The agency granted the award pursuant to a rule designed to incentivize internal reporting by whistleblowers who also report to the SEC within 120 days.
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The number of dawn raids conducted by the Financial Conduct Authority (FCA) has almost doubled over the past year, from 13 in 2017 to 25 in 2018. Admittedly, 25 is not a huge number but the increase is certainly a significant one. Yet perhaps the real news lies in the reasons behind the increase in raids — and what results from them.
A recent survey by the Nordic Business Ethics Network into how 1,500 employees in Finland, Norway and Sweden, perceive ethics at their workplaces reveal that over 90 percent value an ethical working place higher than a salary increase or a promotion. Despite this, over 80 percent have witnessed unethical behavior at their workplace during the last year.
The World Bank Wednesday debarred a Chinese state-owned engineering and construction company and two subsidiaries for “fraudulent practices” involving a project in Georgia.
The Criminal Division of the DOJ published expanded guidance on April 30 discussing the factors prosecutors should use to determine whether a company under investigation for misconduct will be regarded as having an effective compliance program. The April guidance builds on and amplifies the DOJ’s February 2017 list of questions and criteria for corporate compliance programs.
U.S. regulators responsible for enforcing the FCPA have said they often encounter companies with compliance programs strong on paper but weak in practice. The prosecutors sometimes cite management’s failures of omission or, worse, of actively conspiring to circumvent a program.
The UK Serious Fraud Office fined FH Bertling Ltd £850,000 ($1 million) Monday for bribes to secure contracts in Angola.
Last week Dick Cassin reported on the FCPA Blog yet another guilty plea in the ever ongoing PDVSA corruption scandal. As Cassin noted, “Jose Manuel Gonzalez Testino (Gonzalez), 49, of Miami, Florida, pleaded guilty in federal court in Houston to one count of conspiracy to violate the Foreign Corrupt Practices Act, one count of violating the FCPA, and one count of failing to report foreign bank accounts.”