Stay current on the latest developments from agencies including the CFPB, Federal Reserve, FDIC, and OCC to advise clients on real-life regulatory situations.
A Justice Department pilot program offering leniency to companies that self-report violations of a federal foreign bribery law has led to more of them coming forward, a top DOJ official said May 12.
In the program’s first year, 22 companies voluntarily disclosed violations, up from 13 the year before, Andrew Weissmann, chief of DOJ’s Fraud Division, said during a Practising Law Institute panel in New York that was also webcast. “It’s not a huge universe,” he said.
The program kicked off in April 2016 and was originally scheduled for a year, but the Justice Department announced in March that it will continue indefinitely.
Companies that self-disclosed violations of the Foreign Corrupt Practices Act either weren’t prosecuted or entered into nonprosecution agreements, Weissmann said. They didn’t face deferred prosecution agreements, guilty pleas or monitors, unlike the large majority of companies that didn’t proactively disclose violations.
President Donald Trump has called the FCPA a “horrible law,” which has led some attorneys to speculate that his administration’s crime-fighting officials would dial back Obama administration efforts to build cases around indirect hiring and other practices that aren’t fully in line with the law’s core prohibitions.
In the meantime, however, FCPA investigations are continuing. Jay Clayton, the new chairman of the Securities and Exchange Commission, has indicated support for the law during his confirmation process, calling it a “powerful and effective tool.” Similarly, Attorney General Jeff Sessions said in a speech April 24 the Justice Department will “strongly enforce the FCPA and other anti-corruption laws.”
“Obviously it’s too early for us to tell what changes are going to happen,” Andrew Calamari, director of the SEC’s New York Regional Office, said during the May 12 panel. “My general experience over the years is that the core tends to stay the same and there are, maybe, some changes around the edges.”
“I don’t know what to anticipate, but I don’t know that we should anticipate major change,” he added. “But we’ll have to see.”
To contact the reporter on this story: Rob Tricchinelli in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Phyllis Diamond at email@example.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)