For years, China has featured prominently in the US Department of Justice’s investigations under the Foreign Corrupt Practices Act, or FCPA.
Last week, Biomet Inc. announced in a filing with the U.S. Securities and Exchange Commission (SEC) that instead of its 2012 deferred prosecution agreement with the U.S. Department of Justice (DOJ) regarding violations of the U.S. Foreign Corrupt Practices Act (FCPA) expiring this week, the company would be monitored under it for an additional year.
Companies in the automotive industry would be wise to pay attention to Foreign Corrupt Practices Act (the “FCPA”) compliance. What has in the past been a risk management issue principally for massive multi-national corporations is now a real and serious risk for almost any company – large, medium or small; public or private – that sells products, manufactures or otherwise operates overseas.
China’s recently announced plan to restructure and consolidate its state-owned enterprises (SOEs) focuses on bolstering the private sector of its economy and creating economies of scale to allow Chinese companies to better compete internationally.
The consequences of an investigation into bribery allegations can be tricky for any manufacturing company, so it’s important to understand the U.S. anti-bribery provisions.
The topic of FCPA compliance should be top-of-mind for U.S. auto industry companies who do business with third-party intermediaries and subsidiaries overseas, particularly in known “hot spots” such as China, India, Russia, Mexico, and Brazil.
Following recent trends, the U.S. Securities and Exchange Commission brought an administrative proceeding against a U.S. issuer for the corrupt activities of its foreign subsidiaries.
The Foreign Corrupt Practices Act (“FCPA”) should be top of mind for any manufacturer conducting or considering international business.
At the American Conference Institute’s 9th Annual Houston Foreign Corrupt Practices Act Boot Camp, January 27-28, 2015, Deputy Criminal Chief Jason Varnado, from the Major Fraud Section of the United States Attorney’s Office in the Southern District of Texas, offered the audience of compliance and audit professionals insight into what the Department of Justice (DOJ) expects to see in corporate FCPA compliance programs.