The Summer 2008 newsletter from TRACE International provides some more background on FCPA Opinion Procedure Release 08-03. TRACE points out that this release was the first time that the DOJ has approved the payment of a specific dollar amount to government officials. Read more »
Category: Foreign Corrupt Practices Act
Even Rocket Scientists Get Caught Under The FCPA
Shu Quan-Sheng (Shu), 68, a native of China, naturalized U.S. citizen and Ph.D. physicist, entered a guilty plea before Judge Henry C. Morgan, Jr. in U.S. District Court for the Eastern District of Virginia, Norfolk Division to charges that he illegally exported space launch technical data and defense services to the People’s Republic of China … Read more »
FCPA Presentation by Sheppard Mullin
Bethany Hengsbach of Sheppard Mullin published a slidedeck all about the Foreign Corrupt Practices Act: The FCPA: What Our Clients Need to Know and Why They Need to Know it? Read more »
Treasury Issues Final Regulations for Committee on Foreign Investment in the United States
On November 14, 2008, the Department of the Treasury issued its final rule to implement the Foreign Investment and National Security Act of 2007, which provided guidelines for the Committee on Foreign Investment in the United States when reviewing investments by foreign persons in U.S. businesses for national security issues. The Foreign Investment and National … Read more »
Metcalf & Eddy Settlement
This is a FCPA civil settlement between the United States of America and Metcalf & Eddy (.pdf). Metcalf & Eddy’s agreement in this settlement was to institute their FCPA Compliance Program. You can use the settlement as resource guide to what the government expects in compliance programs pertaining to FCPA. Click here to download the … Read more »
Legal Expenses
Mark A. Srere and Amy J. Conway-Hatcher of Morgan, Lewis & Bockius LLP wrote Legal Expenses for The Recorder (CAL LAW). The article compares the results of U.S. Department of Justice and SEC investigation against Lucent with FCPA Opinion Procedure Release 08-03. Lucent spent millions of dollars on hundreds of trips for Chinese government officials … Read more »
Siemens Reserves $1.3 Billion to Settle Corruption Charges
The German conglomerate Siemens has set aside $1.3 billion to settle an ongoing corruption investigation according to CFO.com: Siemens Reserves $1.3 Billion for Probe. Back in April, international law firm Debevoise & Plimpton LLP, hired by Siemens to investigate bribery and corruption charges dating back to the late 1990s, found evidence of violations of domestic … Read more »
Ignorance Is No Excuse When It Comes to the FCPA
Paul R. Berger, Bruce E. Yannett, Erin W. Sheehy, and Emily S. Pierce of Debevoise & Plimpton LLP wrote an article: Fair Warning: Ignorance Is No Excuse When it Comes to the FCPA (March 2008). The article focused on some of the implications of Unites States V. Kay, 513 F.3d 432. [See Kay v. United … Read more »
Sovereign Wealth Funds That Are Part of the IWG and Santiago Principles
The following sovereign wealth funds are part of the Internal Working Group of Soverign Wealth Funds and the Santiago Principles: Australia The Future Fund Azerbaijan State Oil Fund of the Republic of Azerbaijan Botswana Pula Fund Canada Alberta Heritage Savings Trust Fund Chile Economic and Social Stabilization Fund / Pension Reserve Fund China China Investment … Read more »
The Santiago Principles
The International Working Group of Sovereign Wealth Funds created a set of 24 best practices called the Generally Accepted Principles and Practices (GAPP) or the Santiago Principles: GAPP 1. Principle The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s). GAPP 1.1 Subprinciple The … Read more »