The Oracle Foreign Corrupt Practices Act (FCPA) enforcement action in 2012 resulted in an FCPA violation with no alleged bribery. That’s because the FCPA’s accounting provisions—including books, records and internal controls—are viewed as the equivalent to strict liability within U.S.…
Tomer Barel, chief risk officer at PayPal, recently told CNBC he has five fraud predictions for 2016: Social networks will help fraudsters get more sophisticated. Major social networks are becoming more searchable, allowing fraudsters to learn more about their intended…
The recent article, “When FCPA Charges Break the Mold,” published in Corporate Counsel (online subscription required) made the point that not all violations of the Foreign Corrupt Practices Act of 1977 (FCPA) involve bribery. The article notes companies may be…
We have seen an escalation in recent years in the number and severity of enforcement actions against companies regarding violations of the Foreign Corrupt Practices Act (FCPA). However, two companies recently received declinations from the Department of Justice (DOJ). BKD’s…
Several recent reports highlight the fact that Foreign Corrupt Practices Act (FCPA) enforcement does not apply solely to large organizations. One example is Smith & Wesson’s recent $2 million settlement with the U.S. Securities and Exchange Commission in relation to…
According to news reports, HP has agreed to pay more than $108 million to resolve allegations that it bribed foreign officials in Russia, Poland and Mexico to win government contracts. HP subsidiaries allegedly created a slush fund to pay bribes,…
ACL recently released an article highlighting the top fraud risks for 2014, including: Fraud designed to mask bribery Inflated performance in the financial services sector Asset & revenue deception within financial statements Fraud Designed to Mask Bribery The Foreign Corrupt…