We have been waiting for some guidance from the United Kingdom about their new Bribery Act since it received Royal Assent last April. The delay on the guidance has delayed the implementation of the Bribery Act itself. Now the guidance is out. The Bribery Act 2010 creates a new offence under section 7 which can … Read more »
Category: Bribery and Corruption
Sovereign Wealth Funds, Bribery, Corruption, Hospitality and the FCPA
The FCPA seems to be most closely associated with shady oil operations, mining, defense contractors and infrastructure transactions. The image is a big company coming in and bribing an official for access to the country’s resources. The other side to that investment is that the countries build up big supplies of capital. Many deploy some … Read more »
The Impact of the UK Bribery Act on U.S. Companies
Securities Docket put on another fantastic webcast on topics relevant to compliance professionals. Today’s focused on the upcoming Bribery Act in the United Kingdom. If your company has operations in the United Kingdom, you need to pay attention to this law. The upcoming law applies to individuals and companies and outlaws bribes to public officials … Read more »
Private Equity Portfolio Companies and Bribery Charges
The U.S. is investigating Allianz SE, for possible bribery by a German printing press company in which it holds a majority stake according to a story by Joe Palazzolo in WSJ.com’s Corruption Currents. The Foreign Corrupt Practices Act bars US companies from paying bribes to foreign officials to keep or obtain business. The SEC claims … Read more »
The London Olympics and the Bribery Act
The London Olympics in 2012 will be a test of strength, agility and endurance. That’s just be for the corporate sponsors trying to comply with the UK’s Bribery Act. Unlike the US Foreign Corrupt Practices Act, the UK’s Bribery Act applies equally to payments made to foreign government officials as it does to payment made … Read more »
Santa Claus and Corruption
Even Santa Claus may have to face bribery and corruption on journey to deliver presents. What do you do when faced with a border guard demanding something on the side? A funny video take on the issues from Transparency International: For those of you who celebrate it, Merry Christmas. Read more »
Lawyers and Corruption Laws
In April 2010, the International Bar Association, the Organisation for Economic Co-operation and Development and the United Nations Office on Drugs and Crime, launched the Anti-Corruption Strategy for the Legal Profession. The project is focusing on the role lawyers play in fighting corruption in international business transactions. Nearly half of all respondents recognized corruption to … Read more »
The International View on US Anti-Bribery Efforts
The Organization for Economic Cooperation and Development’s report on U.S. anti-bribery efforts released their Phase 3 Report on the United States. In its report, the Working Group commended the United States for its engagement with the private sector, substantial enforcement, and commitment from the highest levels of the U.S. Government. In addition to the recommendation … Read more »
It’s Not a Bribe, Just Unclaimed Gold
Real Estate, China and the FCPA
China is hotbed for violations of the Foreign Corrupt Practices Act. The real estate industry is not immune from the dangers. In February of 2009 Morgan Stanley’s real estate group reported an employee based in China in an overseas real estate subsidiary that appeared to have violated the Foreign Corrupt Practices Act. My company has … Read more »