In 2016, the Department of Justice (DOJ) and Securities Exchange Commission (SEC) aggressively enforced the Foreign Corrupt Practices Act (FCPA) to the tune of over $2 billion in fines. Going forward, it is widely predicted that the new administration’s DOJ will build on its 2016 success and continue the trend of aggressive FCPA prosecution. In addition, resolutions are expected in many pre-existing enforcement actions against many corporate heavyweights.
While FCPA violations by large publicly traded corporations are ideal fodder for the headlines, they also tend to obfuscate the fact that the FCPA applies equally to small- and medium-sized business that do business abroad. But unlike large corporations, smaller businesses often do not have the vast resources available to easily remedy what can be large FCPA penalties. Considering the increasingly aggressive posture on FCPA enforcement, the time is ripe for in-house counsel to implement or review their internal FCPA controls.
FCPA Basics and Framework
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