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The DOJ’s Latest Voluntary Disclosure Guidance Is Absurd

absurd

Yet again, see here for a prior post, the Department of Justice recently revised its Foreign Corrupt Practices Act Corporate Enforcement Policy (CEP) – originally released in November 2017. (See here for the current version).

As highlighted below, while two of the three revisions make sense, the revision concerning voluntary disclosure is absurd.

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Issues To Consider From The Ericsson Enforcement Action

Issues

This previous post went in-depth into the Ericsson enforcement action and this post continues the analysis by highlighting additional issues to consider.

Record-Setting

Although there are certain haphazard FCPA top ten lists out there, the Ericsson enforcement action is the largest in FCPA history in terms of actual FCPA settlement amount. (See here for the current top ten list).

Record-Setting?

Even though the Ericsson enforcement action was record-setting, the question arises should it have been record-setting or was it an example of FCPA settlements increasing just because (see here for the prior post)?

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In Terms Of Settlement Amounts, 2019 FCPA Enforcement Has Set An All-Time Record

record breaker

The previous Foreign Corrupt Practices Act record in terms of settlement amounts was 2016 in which the DOJ and SEC collected approximately $2.4 billion (see here).

With last week’s record-setting $1.06 billion enforcement action against Ericsson (see here), 2019 has eclipsed 2016. With approximately three weeks left in 2019 (keep in mind the end of the calendar year has historically been an active period for FCPA enforcement), the DOJ and SEC have collected approximately $2.65 billion in settlement amounts in 14 core corporate actions this year.

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The Top Ten List Of Corporate FCPA Settlements

top ten

Everybody, it seems, likes “Top Ten” lists.

This post highlights the top ten corporate FCPA settlements of all-time.

It seems odd saying this, but the list (unlike other lists) only includes enforcement actions where the corporate defendant was charged with or found to be in violation of the FCPA’s provisions (not other laws). In addition, the list highlights net FCPA settlement amounts actually secured by U.S. law enforcement after consistently accounting for (unlike other lists) certain credits or deductions in several enforcement actions involving foreign companies.

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Swedish Company Bribes Foreign Officials, U.S. Collects $1.06 Billion In Record-Setting FCPA Enforcement Action

ericsson

Late last Friday, the DOJ and SEC announced (here and here) a record-setting Foreign Corrupt Practices Act action Swedish telecom company Ericsson (a company with American Depositary Shares traded in the U.S.). The $1.06 billion settlement amount is the largest net FCPA settlement amount in history surpassing the $850 million FCPA enforcement action against Russian telecom company MTS in March 2019 (see here).

The enforcement action concerned conduct in Djibouti, China, Vietnam, Kuwait, Indonesia, and Saudi Arabia.

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