News and commentary about white-collar crime, enforcement, and compliance
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
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
Wal-Mart said Thursday it expects to spend between $75 million and $80 million for each of the next two quarters for FCPA matters and compliance programs.
It spent $82 million on FCPA and compliance during its fiscal second quarter ended July 31, $12 million to $17 million above its estimate.… Continue Reading
Wal-Mart said Thursday it spent $73 million on FCPA-related expenses during the first quarter of 2013. It had budgeted $40 million to $45 million.
During its prior fiscal year, it spent $157 million for FCPA matters.… Continue Reading
Microsoft Corporation on Tuesday responded to a Wall Street Journal report that the DOJ and SEC are investigating a whistleblower complaint about alleged bribes by business partners to officials in Italy, Romania, and China.… Continue Reading
Illinois-based spirits maker Beam Inc. said this week it is ‘reasonably possible that [FCPA] liabilities could have a material impact on . . . results of operations, cash flows or financial condition.’… Continue Reading
The biggest operator of shopping malls in the United States said it received a subpoena from the SEC in connection with the ongoing FCPA investigation of Wal-Mart.
Kimco Realty Corp. (NYSE: KIM), a real estate investment trust, is headquartered in New Hyde Park, New York.… Continue Reading
In its annual report filed with the SEC on February 14, Minnesota-based 3M Company said the DOJ and SEC won’t bring an FCPA enforcement action following an internal investigation into allegations of bid rigging and bribery by a subsidiary in Turkey.… Continue Reading
Minnesota-based MTS Systems Corporation said last week that after an investigation of gift-giving, travel, and accommodation practices in its Asia operations, it ‘[removed] certain persons formerly employed in its Korea office.’… Continue Reading
South Africa-based Net 1 UEPS Technologies, Inc. said in an SEC filing that U.S. enforcement agencies are investigating possible violations of the Foreign Corrupt Practices Act.
Payments to South African government officials to win a contract with the Social Security Agency are the focus of the investigation launched by the SEC, DOJ and FBI.… Continue Reading
In June 2010, a California-based VOiP company called Veraz Networks, Inc. paid $300,000 to settle SEC charges that it violated the FCPA’s books and records and internal controls provisions by making illegal payments to foreign officials in China and Vietnam.… Continue Reading
As compliance professionals, we would be kidding ourselves not to acknowledge that fear of enforcement — not business ethics — drives many management decisions to do the right thing.
When the violations are serious, weak enforcement is almost as bad as none.… Continue Reading
In its disclosure yesterday, Avon provided a glimpse into what it means to be cooperating with the DOJ and SEC.
Avon is deep into a huge global investigation about FCPA compliance that so far has cost the company more than $280 million.… Continue Reading
Here’s the full FCPA disclosure by Barclays PLC from its Interim Management Statement filed with the London Stock Exchange on October 31:
… Continue ReadingSubsequent to reporting the investigations of the Financial Services Authority and Serious Fraud Office in July and August 2012 respectively, Barclays has been informed by the US Department of Justice (DOJ) and US Securities and Exchange Commission (SEC) that they are undertaking an investigation into whether the Group’s relationships with third parties who assist Barclays to win or retain business are compliant with the United States Foreign Corrupt Practices Act.