Major FCPA enforcement action
We've noted that the government was cracking down on violators of the Foreign Corrupt Practices Act, which essentially bans bribes when competing for overseas business. Siemens was singled out for taking strong action in this area. Other companies may want to take a look at their efforts in light of the news that an FBI sting operation has netted 22 high-level executives, who agreed to pay bribes to win a contract to supply an African country.
The New York Times notes this is the "biggest prosecution of individuals for foreign corporate bribery ever pursued by the Justice Department." The 16 indictments are the result of a new initiative for the Justice Department, which just might prompt more companies to take a look at their practices. This was apparently the first time an undercover sting operation was used to nab violators. Here are five tips that might help you get started.
- here's the Times article