Is Your Company Compliant with International Anti-Bribery Laws?
If your company operates globally—selling products or services in various markets, or sourcing products from other countries—it’s crucial to comply with the Foreign Corrupt Practices Act (FCPA), the United Kingdom Bribery Act (UKBA), as well as any similar international bribery laws. In today’s interconnected world, businesses rely on complex international supply chains and third-party representatives. Understanding who your partners are—and their business practices—is essential. Thus, having a FCPA compliance checklist is practical.
Record-Breaking FCPA Penalties in Recent Years
In recent years, we’ve seen a record number of penalties under the FCPA, underscoring the importance of compliance for any organization engaged in international business. Companies continue to pay billions in settlements, with the DOJ and SEC aggressively prosecuting both corporate and individual defendants. For example, in 2018, companies paid $2.89 billion to settle FCPA cases.
Heightened Scrutiny and Publicity
The scope of scrutiny is expanding. The SEC’s Division of Enforcement is leveraging social media to publicize enforcement actions, using hashtags like #SEC to reach a broader audience. The era of limited press releases is over—now, enforcement actions are widely broadcasted on platforms like Twitter.
The Importance of FCPA Compliance
With potential prison sentences for culpable executives and settlements reaching tens or even hundreds of millions of dollars, FCPA compliance is among the most critical business risks. To help you navigate this landscape, we’ve collaborated with FCPA expert Professor Mike Koehler to develop a straightforward six-step FCPA compliance checklist for identifying and mitigating FCPA risks. Emtrain also offers a FCPA training course.
