Jonathan Marks

July 31, 2017 | The Legal Intelligencer

The U.S. Foreign Corrupt Practices Act has been setting an ever-lower threshold for violations of the FCPA's books and records and internal controls provisions. As the clock turned to 2017, the U.S. Securities and Exchange Commission (SEC) charged Mondelz International, Inc. (formerly Kraft Foods) because one of its subsidiaries Cadbury, a U.K.-based confectionery and snack beverage company that had securities registered with the SEC and manufacturing facilities in India, failed to conduct appropriate due diligence on and monitor the activities of an agent, which "created the risk" that funds paid to the agent, which has no written contract, could have be used for improper or unauthorized purposes and Cadbury's books and records did not accurately and fairly reflect the natures of the services rendered by the agent.

By Jonathan Marks

7 minute read