November 20, 2018
Yesterday, the SEC announced this rather unusual Foreign Corrupt Practices Act enforcement action against Vantage Drilling.
What made it rather unusual is that the administrative action only found violations of the FCPA’s internal controls provisions concerning its unique relationship with a former outside director and shareholder that “created a risk that [the company] was providing or reimbursing funds that [the Director] intended to use to make improper payments to officials at Petrobras” in connection with obtaining a drilling services contract.
FCPA Flash Podcast – A Conversation With Joseph Moreno Regarding The Limits Of An FCPA Compliance Program
November 19, 2018
The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.
This FCPA Flash episode is a conversation with Joseph Moreno (a former federal prosecutor and currently a partner in Cadwalader’s White Collar Defense and Investigations Group). Moreno, along with other Cadwalader attorneys, recently authored this article “When Realities Test the Limits of Your FCPA Program” that caught my eye. During the podcast, Moreno discusses: the origins of the article; how excessive risk aversion regarding corporate hospitality can have negative consequences; what Congressional leaders in the mid-1970’s who led the FCPA movement might think about certain current enforcement theories; and what might happen if certain enforcement theories were actually subjected to judicial scrutiny.
November 17, 2018
FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”
Set forth below are the topics discussed this week on FCPA Professor.
Recently, the DOJ announced a China Initiative which has as a component “identify[ing] FCPA cases involving Chinese companies that compete with American businesses.” However, as highlighted in this post identifying Chinese companies that compete with American businesses for FCPA violations conflicts with the OECD Convention.
November 16, 2018
In yesterday’s 3Q FY2019 earnings call presentation, Wal-Mart disclosed $9 million in Foreign Corrupt Practices Act and compliance related expenses ($6 million for ongoing investigations and inquiries and $3 million for global compliance program and organizational enhancements). The 3Q figures are higher than 2Q figures and 1Q figures.
Doing the math, Wal-Mart’s 3Q FY2019 FCPA and compliance-related costs are approximately $145,000 per working day.
November 15, 2018
How much do you know about the Foreign Corrupt Practices Act? Let’s find out.
To commemorate the FCPA’s 40th year, FCPA Professor is presenting the FCPA Challenge.
Each Thursday during 2018, a question will be posed and the answer will be below the fold.
This week’s question is: in 2017, Sanford Wadler, the former General Counsel and Secretary of this company which previously resolved an FCPA enforcement action, was awarded approximately $11 million in a civil cause of action alleging various unfair employment practices.