Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
The name sounds objective and exact — even scientific. The internal controls provisions. But in real life, how do internal controls measure up? Do they work?
To review — the FCPA requires issuers to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that all transactions are properly executed and recorded and all assets are accounted for.… Continue Reading
Two former senior executives of U.S.-based Panasonic Avionics Corporation settled SEC charges Tuesday related to FCPA offenses that Panasonic Corporation and the U.S. aviation unit settled earlier this year.
Paul A.… Continue Reading
When choosing transactions to test as part of anti-bribery assessments, the usual suspects include expense accounts like consulting, marketing, promotions, commissions, or miscellaneous. Other expense accounts are selected based on the nature of the company’s business, risk factors or descriptions of the account.… Continue Reading
Mead Johnson Nutrition Co. agreed to pay $12.03 million Tuesday to settle civil charges that it violated the Foreign Corrupt Practices Act.
The SEC said a China unit paid $2 million in bribes to healthcare professionals at state-owned hospitals.… Continue Reading
Pete from DC, a compliance professional who’s always been a good friend of the FCPA Blog, sent this comment to our post about Indonesia’s cash-based economy. The post said in the country of 240 million people, a large majority don’t have bank accounts, and even some big businesses rely entirely on cash.… Continue Reading
When it comes to global bribery laws and FCPA compliance, travel and entertainment expenses and the reimbursement process are enormously meaningful in many ways. So how can you make sure that your risk, compliance, and audit departments are properly tracking these processes and effectively mitigating risk?… Continue Reading
As reported last week, the Las Vegas Sands said it has improved its internal controls. The board’s audit committee, according to the company, now believes the internal controls ‘do not represent a material weakness .… Continue Reading
The Securities and Exchange Commission on Tuesday released its final administrative order against Dutch electronics firm Koninklijke Philips Electronics N.V. reflecting an out-of-court settlement of FCPA-related allegations.
Philips agreed to pay $4.5 million in the settlement, consisting of disgorgement of $3.1 million and prejudgment interest of $1.4 million.… Continue Reading
In what is thought to be the first FCPA-related enforcement action ever taken against a China-based company, the SEC entered into a joint settlement yesterday with Keyuan Petrochemicals Inc. and its former CFO, Aichun Li, over alleged violations of the books and records and internal controls provisions of the FCPA, and anti-fraud and reporting provisions of other federal securities laws.… Continue Reading
In a recent post, the FCPA Professor questioned the broad application of the label “declination” to any instance of FCPA scrutiny that does not result in an FCPA enforcement action. … Continue Reading
A status conference in U.S. v. Weissman before Judge Barbara S. Jones in New York City has been scheduled for January 3.
Morris Weissman’s case is one of the longest running FCPA matters.… Continue Reading
A federal judge Thursday angrily rejected a proposed 2011 settlement between the SEC and IBM, saying the company should be required to report all accounting violations and not just FCPA anti-bribery problems.… Continue Reading
