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Unaoil – The Trace International Piece Of The Puzzle

pieceofpuzzle

Trace International describes itself as “a globally recognized anti-bribery business organization and leading provider of third party risk management solutions.” (See here). According to Trace, its “due diligence solutions” are “based on internationally accepted best practices and our experience and familiarity with the compliance needs of multinational companies.”

According to Trace, being “Trace Certified” “means that you or your company have completed a comprehensive due diligence process administered by TRACE, the world’s leading anti-bribery standard setting organization.” Trace states that “the successful completion of TRACE certification demonstrates your commitment to commercial transparency, allowing you to serve as a valued business partner to multinational companies” and that one of the advantages of being Trace certified is “gain[ing] a valuable compliance credential that differentiates you from competitors and is widely recognized in the international business community.” (See here).

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Next Up – MTS Resolves $850 Million FCPA Enforcement Action

mts

First it was Netherlands-based VimpelCom which resolved a net $398 million FCPA enforcement action in February 2016 for bribing an alleged Uzbekistan telecom official (see here and here for prior posts).

Then it was Sweden-based Telia which resolved a net $483 million FCPA enforcement action in September 2017 based on the same alleged core conduct. (see here and here for prior posts).

Recently, the SEC and DOJ announced (see here and here) that Russia-based Mobile TeleSystems PJSC (MTS) agreed to resolve an $850 million DOJ/SEC FCPA enforcement action based on the same alleged core conduct. This is the largest settlement amount in an FCPA enforcement action in history. (See here for a list of the top ten corporate enforcement actions).

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With Survey Results Like These, Can We Truly Say That The FCPA Has Been Successful?

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In this the Foreign Corrupt Practices Act’s 40th year, it is appropriate to ask the salient question of whether the FCPA has been successful.

Granted, politicians are known for making aspirational statements, nevertheless during the FCPA’s enactment Congressional leaders stated – among other things – “the legislation before the committee … would end corporate bribery” and “the goal [of the FCPA] is the elimination of foreign bribery.”

Yet, recent survey results seriously call into question whether the FCPA has been successful in achieving its objectives.

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Panasonic Corp. And Related Entity Resolve $280 Million Avionics Industry FCPA Enforcement Action

panasonic

Yesterday, the DOJ and SEC announced (here and here) a parallel Foreign Corrupt Practices Act enforcement action against Japan-based Panasonic Corp.  and a U.S. subsidiary Panasonic Avionics Corp. (PAC).

As stated in the enforcement action, Panasonic was an issuer until April 2013 and again “for a brief period between 2015 and 2016 as a result of a share swap that retriggered Panasonic’s obligation to file its financial statements with the SEC.”

As highlighted in this post, the enforcement action consisted of:

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Dun & Bradstreet Resolves $9.2 Million Enforcement Action Based On Conduct Of Two Indirect Chinese Subsidiaries From 6-12 Years Ago

D&B

As highlighted in this prior post, over six years ago Dun & Bradstreet (a leading source of commercial information and insight on businesses) announced that it was under Foreign Corrupt Practices Act scrutiny concerning conduct in China.

Yesterday, the SEC (Snails-Pace Enforcement Commission) announced that D&B agreed to resolve an FCPA enforcement action by paying approximately $9.2 million to “arising from improper payments made by two Chinese subsidiaries.”

This administrative order states, in summary fashion:

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