Blog Posts: uk bribery act
According to the sixth annual Global Fraud Survey conducted by Kroll Advisory Solutions, the number of fraud cases reported globally dropped in the past year as more companies have adopted anti-corruption measures. In 2011, approximately 75% of companies reported at least one incident of fraud, compared to only 61% in 2012.
Governments on both sides of the Atlantic are cracking down on corporate corruption. In the United States, the government imposed $1.8 billion in fines on 23 companies in 2010 for violations of the Foreign Corrupt Practices Act (FCPA). In the UK, there is a push to use the high fines imposed under the FCPA as the "starting point" for fines to be imposed under the new UK Bribery Act.
When nearly two million tourists and sports fans overtake London this summer for the Olympic Games, many of them will wine and dine at corporate hospitality suites. Some will even receive coveted tickets to sold-out events from vendors and business partners. The companies that provide all that hospitality must learn the ins and outs of the UK Bribery Act, which criminalizes gifts that are given with the intention of improperly influencing the recipient. If the British government determines that a company's Olympics hospitality package violated the Act, UK authorities can impose virtually unlimited fines and jail individual offenders for up to ten years.
It’s Official: “Foreign Officials” under the FCPA May Include Officers of Foreign State-Owned Utilities
A federal judge in Los Angeles has ruled that the definition of “foreign officials” in the Foreign Corrupt Practices Act (FCPA) could extend to officers of state-owned utilities (United States v. Lindsey Manufacturing Co.). The ruling clears the path to a criminal trial.
In a number of recent speeches, the head of the U.S. Department of Justice (DOJ), Lanny Breuer, has described the DOJ's focus on FCPA enforcement as "stronger than it's ever been — and getting stronger." In 2010, the total number of FCPA enforcement actions rose significantly over the number in the previous year — from 45 actions against companies and individuals in 2009 to 76 actions in 2010.