The FCPA Report

The definitive source of actionable intelligence covering the Foreign Corrupt Practices Act

Articles By Topic

By Topic: Enforcement Trends

  • From Vol. 6 No.4 (Mar. 1, 2017)

    2016 Brought Heavy Enforcement, a Flurry of Settlements and Disruption to the FCPA Space

    With a record number of settlements that included unprecedented penalties and global cooperation, 2016 was a banner year for FCPA enforcement. At a recent Strafford program, WilmerHale partner Kimberly Parker and Gibson Dunn partner Lee Dunst made sense of all the action and explained how FCPA enforcement metrics and activities demonstrate a strong federal commitment to anti-corruption enforcement that is likely to continue despite the recent change in administration. We distill the takeaways from the panel. For the SEC and DOJ’s thoughts on the year in enforcement, see “Top FCPA Officials Encourage Strong Compliance Programs and Remediation, the Defense Bar Responds” (Dec. 21, 2016); “Government and Defense Bar Perspectives on the New Weapons in the FCPA Arsenal” (Dec. 21, 2016).

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  • From Vol. 6 No.2 (Feb. 1, 2017)

    A New Era in FCPA Disclosure

    In the past few years, U.S. enforcement authorities have heightened their rhetoric surrounding voluntary and complete self-disclosure. New policies and rules issued by the government strongly encourage and incentivize disclosure in unprecedented ways. At the same time, an alarming increase in data leaks and the ever-present danger of whistleblowers threaten to reveal or force the disclosure of company information and secrets at every turn. In a guest article, Lara A. Covington, a partner in the Washington, D.C., office of Holland & Knight, and Lisa A. Prager, a partner in the firm’s New York office, explain that the net effect of these internal and external pressures is that U.S. companies have never faced more inducements to disclose potential FCPA violations nor higher risks of inadvertently disclosing them. See The FCPA Report’s three-part series on the DOJ’s Pilot Program: “Going Deep on the Fraud Section’s FCPA Pilot Program” (Apr. 20, 2016); “How Will the Fraud Section’s Pilot Program Change Voluntary Self-Reporting?” (May 4, 2016); and “Earning Cooperation Credit Under the Fraud Section’s FCPA Pilot Program” (May 18, 2016).

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  • From Vol. 6 No.1 (Jan. 18, 2017)

    Jay Holtmeier of WilmerHale Discusses What’s to Come After a Blockbuster Year of FCPA Enforcement

    By the numbers, 2016 was an epic year for FCPA enforcement, witnessing more than 50 settlements with corporate fines exceeding $2 billion. Those numbers were not the only notable aspect of enforcement, as both the SEC and DOJ placed greater emphasis on compliance programs and cooperation with foreign authorities. The future of FCPA enforcement, however, is in flux with the beginning of a new administration. The FCPA Report recently spoke with Jay Holtmeier, a partner at WilmerHale, to discuss the changes 2016 brought and what we can expect in 2017 and beyond. On February 1, 2017, Holtmeier will be chairing a full-day CLE program on the FCPA hosted by Strafford in New York City and online. A 50 percent event discount code is available for FCPAR subscribers inside this article. For previous insights from Holtmeier, see “Regional Risk Spotlight: Jay Holtmeier of WilmerHale Explains How to Navigate Bureaucratic Corruption Risks in India” (Sep. 23, 2015).

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  • From Vol. 5 No.25 (Dec. 21, 2016)

    Government and Defense Bar Perspectives on the New Weapons in the FCPA Arsenal

    The SEC and DOJ have new weapons in their arsenal to fight corruption. Increased personnel, coordinated global investigations and new forms of settlement are changing the face of FCPA enforcement, officials said during ACI’s 33rd International Conference on the FCPA in Washington, D.C. The FCPA Report talked to defense lawyers to gauge their reaction to the government’s statements, and how the government’s enforcement approach affects the advice they give companies. See our coverage of last year’s ACI panel, “Top FCPA Enforcers Discuss Evolving and Diverging Enforcement Approaches and the Defense Bar Responds” (Dec. 2, 2015).

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  • From Vol. 5 No.24 (Dec. 7, 2016)

    Ceresney and Yates Continue to Stress Individual Accountability, Voluntary Reporting and Cooperation

    Individual accountability is “a core value of our criminal justice system that perseveres regardless of which party is in power,” Deputy Attorney General Sally Q. Yates said at ACI’s recent FCPA conference, adding that she therefore expects the DOJ’s focus on individual accountability to continue into President-Elect Trump’s administration. She and Andrew J. Ceresney, the Director of the SEC Division of Enforcement, each delivered keynote addresses at the conference, emphasizing the DOJ and SEC’s focus on individual accountability and reiterating the now-familiar theme of the benefits of voluntary disclosure and cooperation. They spoke on the growing trend of international cooperation and what to expect from the new administration when it comes to anti-corruption enforcement. See “Yates on the Yates Memo” (May 18, 2016).

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  • From Vol. 5 No.22 (Nov. 9, 2016)

    DOJ and SEC Continue to Stress the “Holy Trinity of Self-Disclosure, Cooperation and Remediation 

    Big cases, lengthy investigations and robust enforcement of the FCPA are the hallmarks of 2016, noted commentators at a recent Practicing Law Institute panel on FCPA developments. “This was a very good year for SEC FCPA enforcement,” said Neil Smith, Senior Counsel with the SEC Division of Enforcement. Expanded enforcement can be chalked up to a committed workforce, good relations between the SEC and DOJ and “strong partnerships overseas where we continue to leverage our contacts with foreign regulators, foreign criminal authorities and other folks to bring about enforcement,” he said. According to James Loonam, Deputy Chief of the Business and Securities Fraud Section of the U.S. Attorney’s Office in the Eastern District of New York, DOJ enforcement also remains strong. See “Top FCPA Enforcers Discuss Evolving and Diverging Enforcement Approaches and the Defense Bar Responds” (Dec. 2, 2015).

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  • From Vol. 5 No.14 (Jul. 13, 2016)

    The Pilot Program in Practice: A Comparison of Pre- and Post-Program Resolutions

    The Department of Justice recently signaled major developments in its anti-bribery enforcement initiatives with the release of its Foreign Corrupt Practices Act Enforcement Plan and Guidance and the announcement of its yearlong pilot program. But, will the DOJ’s new and improved enforcement protocol result in benefits to companies who choose to self-report, cooperate and remediate? In a guest article, Ropes & Gray’s Ryan Rohlfsen, Timothy Farrell and Dante Roldan examine – and provide detailed charts illustrating – the differing outcomes of DOJ cases before and after the recent policy announcements. See also “Going Deep on the Fraud Section’s FCPA Pilot Program” (Apr. 20, 2016); “How Will the Fraud Section’s Pilot Program Change Voluntary Self-Reporting?” (May 4, 2016); and “Earning Cooperation Credit Under the Fraud Section’s FCPA Pilot Program” (May 18, 2016).

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  • From Vol. 5 No.11 (Jun. 1, 2016)

    SEC’s Brockmeyer, DOJ’s Kahn Discuss Recent FCPA Enforcement Trends

    So far, 2016 has been an eventful year in FCPA enforcement. During a recent PLI panel, the SEC’s Kara N. Brockmeyer and the DOJ’s Daniel S. Kahn shared their perspectives on the DOJ pilot program, the Yates Memo, voluntary disclosures, individual accountability, cooperation among regulators, internal investigations and commercial bribery. The panel also featured insights on the enforcement climate from private practitioners Charles E. Duross and Lucinda A. Low. See also The FCPA Report’s three-part series on the pilot program: Part One (Apr. 20, 2016); Part Two (May 4, 2016); and Part Three (May 18, 2016).

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  • From Vol. 5 No.10 (May 18, 2016)

    Earning Cooperation Credit Under the Fraud Section’s FCPA Pilot Program (Part Three of Three)

    The main purpose of the Fraud Section’s FCPA pilot program appears to be to encourage companies to step forward and self-report when they learn of a possible violation. Companies that do so will be rewarded – but only if they cooperate with the DOJ fully. Encouraging companies to cooperate in investigations has been an underlying theme of the government’s messaging for years, but exactly what constitutes such full cooperation has never been laid out as clearly as it is in the FCPA Unit Guidance. However, several questions remain for companies considering cooperation. This final article in The FCPA Report’s series taking a deep look at the new pilot program addresses these areas of ambiguity and how they might influence a company’s willingness to cooperate. See previously “Going Deep on the Fraud Section’s FCPA Pilot Program (Part One of Three)” (Apr. 20, 2016); “How Will the Fraud Section’s Pilot Program Change Voluntary Self-Reporting? (Part Two of Three)” (May 4, 2016).

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  • From Vol. 5 No.10 (May 18, 2016)

    Yates on the Yates Memo

    Depending on which client alert one reads from the defense bar, the DOJ’s new policy on pursuing individual wrongdoing has meant that the “sky is falling” or that nothing has changed at all, according to Deputy Attorney General Sally Q. Yates. In her remarks at the recent New York City Bar White Collar Crime Institute, she noted that “the truth, as it often is, is somewhere in the middle.” Conceding that before her eponymously titled memo, the DOJ sometimes gave companies cooperation credit even when companies didn’t identify any individuals, she described what has changed since the Yates Memo has taken effect. See “How Will the Yates Memo Change DOJ Enforcement?”: Part One (Sep. 23, 2015); Part Two (Oct. 7, 2015).

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  • From Vol. 5 No.9 (May 4, 2016)

    How Will the Fraud Section’s Pilot Program Change Voluntary Self-Reporting? (Part Two of Three)

    Over the last year, the DOJ has made a number of policy statements that make it abundantly clear that it wants companies’ help in identifying and prosecuting corruption. The Yates Memo and changes to the U.S. Attorneys’ Manual drove home the Department’s focus on prosecuting individuals. Its recent announcement of a pilot program, specific to the Fraud Section’s FCPA Unit, underlined the Department’s desire for companies to come forward and self-report FCPA violations. As discussed in the first article in this three-article series, while the program may not represent much of a change in enforcement, it was meant to increase transparency on how prosecution and settlement decisions are made within the FCPA Unit. However, several aspects of the program and the related guidance fail to clear up concerns companies have raised in the past and, in some instances, introduce greater confusion. The FCPA Report spoke with former DOJ prosecutors to get their insights on this uncertainty and how the pilot program might – or might not – change a company’s self-disclosure calculus. See “Ceresney and Caldwell Remarks Highlight New SEC Self-Reporting Policy, Cooperation, Remediation and Transparency” (Dec. 2, 2015).

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  • From Vol. 5 No.8 (Apr. 20, 2016)

    Going Deep on the Fraud Section’s FCPA Pilot Program (Part One of Three)

    The DOJ recently announced several changes to criminal FCPA enforcement that could shake up the anti-corruption space. At a press conference, Leslie R. Caldwell, Assistant Attorney General of the DOJ Criminal Division, explained that the changes represented “enhancements to our FCPA prosecution program in the Fraud Section here at the Criminal Division.” In order to evaluate the impact of these changes, The FCPA Report spoke with five former DOJ prosecutors who offered extensive analysis on the implications for companies. In this first article in a three-article series about the DOJ’s announcement, we unpack what is happening at the Fraud Section and to what extent it represents a change from previous practice. The second article in the series will examine the areas of uncertainty that remain for companies and how those uncertainties might alter incentives to self-report. The final article will discuss how the Pilot Program might impact companies cooperating witht the DOJ during an investigation. See previously “How Will the Yates Memo Change DOJ Enforcement?” (Part One of Two) (Sep. 23, 2015); Part Two (Oct. 7, 2015).

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  • From Vol. 5 No.5 (Mar. 9, 2016)

    Travel and Entertainment Corruption Risks: Five Hallmarks of an Acceptable Hospitality Expenditure (Part One of Three)

    Flying clients to visit factories, putting them up in hotels while they attend meetings and picking up the tab for their dinner can all be regular and acceptable business activities. But when those clients are officials of foreign governments, companies must tread carefully to ensure that genuine business expenses don’t become impermissible bribes. The abuse of travel and entertainment expenses was one of the first areas of focus for the government when it escalated FCPA enforcement over a decade ago and now many companies have established T&E compliance programs. However, as recent settlements involving T&E demonstrate, companies cannot afford to become complacent. This article, the first in a three-part series, sketches in the contours of the boundary between acceptable entertainment and corruption and identifies five hallmarks of appropriate travel and entertainment. Subsequent articles will address what a solid travel and entertainment policy should look like and how companies can actively monitor their T&E programs to prevent fraud and corruption. See also “A Guide to Detecting and Preventing Expense-Reimbursement Fraud (Part One of Three)” (Apr. 16, 2014); Part Two (Apr. 30, 2014); and Part Three (May 14, 2014).

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  • From Vol. 5 No.2 (Jan. 27, 2016)

    Former Prosecutor Nat Edmonds Discusses the Implications of the Recent Changes to the U.S. Attorneys’ Manual (Part Two of Two)

    The DOJ recently announced that it had revised its U.S. Attorneys’ Manual (USAM) to reflect the Department’s efforts to hold more individuals accountable for corporate criminal activity. Although the new guidelines may not represent a significant change in policy, even subtle shifts in the USAM language may affect how a company approaches anti-corruption compliance, former prosecutor Nat Edmonds, now a partner at Paul Hastings, told The FCPA Report. We share Edmond’s insights in this two-part series. See “How Will the Yates Memo Change DOJ Enforcement? (Part One of Two)” (Sep. 23, 2015); Part Two (Oct. 7, 2015).

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  • From Vol. 5 No.1 (Jan. 13, 2016)

    Former Prosecutor Nat Edmonds Discusses the Implications of the Recent Changes to the U.S. Attorneys’ Manual (Part One of Two)

    In November 2015, Deputy Attorney General Sally Quillian Yates announced that the section of the U.S. Attorneys’ Manual (USAM) codifying the principles governing the prosecution of business organizations had been updated to reflect the DOJ’s efforts to hold more individuals accountable for corporate criminal activity. Yates said the changes, which are publicly available, will give companies insight into how the government’s policy will be applied during the “everyday work” of federal prosecutors. Former prosecutor Nat Edmonds, now a partner at Paul Hastings, told The FCPA Report that the changes don’t indicate an actual “policy shift,” but rather a “formalization” of DOJ best practices. Yet, he emphasized, the subtle shifts in the USAM language may require a change in strategy when a company is faced with an FCPA investigation. We share his insight in a two-part series. See also “How Will the Yates Memo Change DOJ Enforcement? (Part One of Two)” (Sep. 23, 2015); Part Two (Oct. 7, 2015).

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  • From Vol. 5 No.1 (Jan. 13, 2016)

    Examining New DOJ Compliance Counsel Hui Chen’s Four Elements of a Successful Compliance Program

    Hui Chen, the first-ever compliance counsel to the Fraud Section at the DOJ, described her new role as a “bridge between the compliance community and the prosecutors at the Fraud Section” in remarks at the ACI FCPA Conference shortly after she started at the DOJ in late 2015. The former prosecutor and compliance officer outlined the elements of a healthy compliance program that she will be looking for as she makes her assessments. The FCPA Report discussed these elements with experts who have both in-house and prosecutorial experience to determine the reasonableness of these expectations and what else companies need for a strong program. See “DOJ Compliance Counsel Hui Chen Is on the Job and Looking for Key Aspects of Strong Compliance Programs” (Nov. 18, 2015).

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  • From Vol. 5 No.1 (Jan. 13, 2016)

    Whistleblower Advocate and Experts at Gibson Dunn Discuss the Current State of the Dodd-Frank Whistleblower Program

    According to top officials at both the DOJ and SEC, whistleblowers are an ever-increasing point of origination for FCPA cases. Whistleblowers and their attorneys are becoming more sophisticated about how – and when – they present information to the government, and the possibility of large awards based on the Dodd-Frank whistleblower program is attracting new tips from across the globe. A recent program sponsored by Securities Docket and Gibson, Dunn & Crutcher examined the state of the Dodd-Frank whistleblower program and provided practical insights on the reporting and award-claim process. The discussion was led by Gibson Dunn partner F. Joseph Warin and featured John W.F. Chesley, also a Gibson Dunn partner, and Erika A. Kelton, a partner at Phillips & Cohen who represents whistleblowers. For more from Chesley and Warin, see “Five Themes for General Counsel to Monitor With Respect to Dodd-Frank Whistleblowers and the FCPA” (Oct. 3, 2012).

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  • From Vol. 4 No.26 (Dec. 16, 2015)

    Brockmeyer and Stokes Offer Four Benefits of Cooperation and Four Ways Companies Can Go Wrong in Their Internal Investigations

    As government enforcers become increasingly sophisticated about business practices and bribery – and adjust their strategies accordingly – companies can be left befuddled as to what is expected from them.  In our previous issue, The FCPA Report analyzed the DOJ and SEC’s changing approaches in detail based on the “Year in Review” panel at this year’s ACI FCPA conference.  During that panel Kara Brockmeyer, Chief of the FCPA Unit of the Division of Enforcement of the SEC, and Patrick Stokes, Deputy Chief of the Fraud Section of the Criminal Division of the DOJ, also clarified their expectations for companies and their compliance programs.  The FCPA Report spoke to several anti-corruption defense experts to find out whether these expectations are reasonable and how companies can best meet them.  For coverage of last year’s panel, see “Top FCPA Enforcers Tout Voluntary Disclosure and Warn About International Cooperation; The Defense Bar Responds,” The FCPA Report, Vol. 3, No. 24 (Dec. 3, 2014); and “Top FCPA Officials Talk Compliance Tips and the Defense Bar Weighs In,” The FCPA Report, Vol. 3, No. 25 (Dec. 17, 2014).

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  • From Vol. 4 No.25 (Dec. 2, 2015)

    Top FCPA Enforcers Discuss Evolving and Diverging Enforcement Approaches and the Defense Bar Responds

    International cooperation and whistleblowers are changing the government’s investigations and resolutions according to top FCPA enforcers.  Due to these changes – and the ever-increasing sophistication of both the SEC and DOJ – the agencies’ goals, strategies and tactics continue to evolve and diverge based on their statutory remits.  At this year’s ACI FCPA conference, Kara Brockmeyer, Chief of the FCPA Unit of the Division of Enforcement of the SEC, and Patrick Stokes, Deputy Chief of the Fraud Section of the Criminal Division of the DOJ, distilled the government’s enforcement priorities in their “Year in Review” discussion, and The FCPA Report spoke to several anti-corruption defense experts for their reactions.  Stokes and Brockmeyer also discussed what they expect from compliance programs as well as the incentives they offer companies to self-report, cooperate and remediate, which will be discussed at length, with input from the FCPA bar, in our next issue.  For coverage of last year’s panel see “Top FCPA Enforcers Tout Voluntary Disclosure and Warn About International Cooperation; The Defense Bar Responds,” The FCPA Report, Vol. 3, No. 24 (Dec. 3, 2014) and “Top FCPA Officials Talk Compliance Tips and the Defense Bar Weighs In,” The FCPA Report, Vol. 3, No. 25 (Dec. 17, 2014).

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  • From Vol. 4 No.25 (Dec. 2, 2015)

    Ceresney and Caldwell Remarks Highlight New SEC Self-Reporting Policy, Cooperation, Remediation and Transparency

    The government’s keynote speeches at ACI’s recent FCPA Conference featured familiar tunes, but a few of the lyrics were new.  Andrew J. Ceresney, the Director of the SEC Division of Enforcement, and Leslie R. Caldwell, Assistant Attorney General of the DOJ Criminal Division, offered their views on their respective agency’s recent FCPA enforcement activity, focusing, as they usually do, on the benefits of self-reporting, cooperation and remediation by companies that discover misconduct.  Ceresney made an announcement about a new SEC policy regarding self-reporting and promised aggressive enforcement.  Meanwhile, Caldwell opined on the Yates memo and its effect on internal investigations and promised to continue increasing transparency.  For coverage of Ceresney and Caldwell’s speeches during the 2014 ACI program see “Caldwell and Ceresney Push Companies on FCPA Compliance, Cooperation and Self-Reporting,” The FCPA Report, Vol. 3, No. 24 (Dec. 3, 2014).

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  • From Vol. 4 No.24 (Nov. 18, 2015)

    The SEC’s Kara Brockmeyer Answers Hot-Button Enforcement Questions

    Are DOJ and SEC enforcement efforts taking different paths?  Will the SEC, like the DOJ, be issuing formal guidance emphasizing a focus on individuals?  Does the SEC plan to continue relying heavily on administrative proceedings?  During a recent panel at the Securities Enforcement Forum, Kara Brockmeyer, Chief of the SEC’s FCPA Unit of the Division of Enforcement, addressed these and other hot topics.  See also “FCPA Corporate Settlements of 2014: Details, Trends and Compliance Takeaways,” The FCPA Report, Vol. 4, No. 2 (Jan. 21, 2015).

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  • From Vol. 4 No.24 (Nov. 18, 2015)

    DOJ Compliance Counsel Hui Chen Is on the Job and Looking for Key Aspects of Strong Compliance Programs

    On November 3, 2015, Hui Chen began work at her new job as compliance counsel to the Fraud Section of the DOJ’s Criminal Division.  Since the DOJ announced the creation of the role in July, there has been no shortage of speculation about the meaning of the new position for FCPA enforcement.  Along with the announcement of Chen’s start, the DOJ has tried to answer that speculation with some guidance, offering further information on what the role will entail and outlining its key expectations for a strong compliance program.  See “DOJ’s New FCPA Compliance Counsel: A Fairer Assessment for Companies,” The FCPA Report, Vol. 4, No. 16 (Aug. 5, 2015).

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  • From Vol. 4 No.24 (Nov. 18, 2015)

    U.S. Attorneys’ Manual Changes Announced by Yates Push Companies to Provide More Information About Individuals

    Calling it a “big step forward” for the DOJ, Deputy Attorney General Sally Quillian Yates announced changes to the U.S. Attorneys’ Manual (USAM) on November 16, 2015 at the American Banking Association and American Bar Association Money Laundering Enforcement Conference in Washington, D.C.  “We don’t revise the USAM that often and, when we do, it’s for something important.”  The revised sections formalize the September 2015 Yates Memo by emphasizing the “primacy in any corporate case of holding individual wrongdoers accountable” including a change in cooperation credit.  See “How Will the Yates Memo Change DOJ Enforcement? (Part One of Two),” The FCPA Report, Vol. 4, No. 19 (Sep. 23, 2015); Part Two, Vol. 4, No. 20 (Oct. 7, 2015).

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  • From Vol. 4 No.23 (Nov. 4, 2015)

    Former DOJ Prosecutors Weigh In on Self-Reporting, Individual Prosecutions, International Cooperation and Enforcement Tactics

    Two former FCPA prosecutors who have moved to the other side of the table recently offered their candid views from the trenches of FCPA enforcement.  They discussed hot topics including whether the DOJ is targeting foreign companies, how international cooperation affects enforcement and how effective the government really is at evaluating compliance programs.  The former prosecutors also opined on the voluntary disclosure calculus, whether the Yates memo will increase individual prosecutions, how companies should “follow the money” to strengthen internal controls, and more.  The panelists, Nathaniel Edmonds, now a partner at Paul Hastings, and Stephen Spiegelhalter, now a principal in the Fraud Investigations & Dispute Services practice at EY, spoke during a panel at the recent SCCE Compliance and Ethics Institute in Las Vegas.

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  • From Vol. 4 No.21 (Oct. 21, 2015)

    A Defense Lawyer, a Prosecutor and a Witness Discuss Cooperating with the Government

    Anti-corruption officials have been emphasizing their use of traditional law enforcement methods – wiretaps, undercover agents, confidential informants – to pursue FCPA matters.  Individuals questioned by the government about participation in a bribery scheme should think about cooperation while companies must be aware that some employees may be cooperators.  The recent Yates memo also may mean that companies will be more actively providing information about individuals to the government.  In another installment of our candid conversation with parties who sat on all sides of the table during an FCPA case, we explore the government’s investigation process, from the company’s initial self-report through the settlement, through the prism of that case and the larger enforcement trends.  Then-head prosecutor, Billy Jacobson, now a partner at Orrick; the defendant, Richard Bistrong, who now operates anti-corruption consulting company Front-Line Anti-Bribery; and Bistrong’s attorney Brady Toensing, a partner at diGenova & Toensing, share their insights.  See “How Will the Yates Memo Change DOJ Enforcement? (Part One of Two),” The FCPA Report, Vol. 4, No. 19 (Sep. 23, 2015); Part Two, Vol. 4, No. 20 (Oct. 7, 2015).

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  • From Vol. 4 No.20 (Oct. 7, 2015)

    How Will the Yates Memo Change DOJ Enforcement? (Part Two of Two)

    Last month, Deputy Attorney General Sally Quillian Yates issued a memo to all United States Attorneys outlining “six key steps” designed to strengthen the DOJ’s “pursuit of individual corporate wrongdoing.”  The FCPA Report spoke to three former DOJ attorneys about how the Yates Memo may affect companies and their compliance programs.  The first article in this two-part series assessed how much of a policy shift the Yates Memo truly represents and how it may affect a target’s decision to cooperate with the government.  This second article focuses on two other major issues raised by the Memo: (1) the directive to gather information about individual culpability earlier and (2) a possible increase in the number of civil actions brought against individuals.  It also discusses whether companies should reconsider their internal investigation procedures. See also “FCPA Enforcement Officials and Defense Bar Debate FCPA Policy,” The FCPA Report, Vol. 4, No. 12 (Jun. 10, 2015).

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  • From Vol. 4 No.19 (Sep. 23, 2015)

    How Will the Yates Memo Change DOJ Enforcement? (Part One of Two)

    Under pressure to hold individuals accountable, the DOJ says it will be intensifying its focus on individuals by taking six key steps during investigations.  Deputy Attorney General Sally Quillian Yates issued a memo to all U.S. Attorneys outlining the steps she says will strengthen the DOJ’s pursuit of corporate wrongdoing.  Former DOJ attorneys talked to The FCPA Report about the implications of what the DOJ is characterizing as a policy shift.  The first article in this two-part series discusses the extent to which the memo may change the enforcement climate and the cooperation calculus for companies and individuals.  The second part addresses how focusing on individuals earlier in the investigations and the increased coordination of efforts between the DOJ’s civil and criminal divisions may affect internal investigations.  See “Top DOJ and SEC Officials Discuss FCPA Enforcement Priorities and Mechanics,” The FCPA Report, Vol. 3, No. 7 (Apr. 2, 2014).

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  • From Vol. 4 No.17 (Aug. 19, 2015)

    James Tillen of Miller & Chevalier Talks 2015 Enforcement Trends and Predictions

    The first half of 2015 is behind us, providing an opportunity to reflect on new trends in anti-corruption enforcement and what companies can expect going forward.  A number of FCPA actions have made the news this year, but identifying trends and making predictions requires a more careful look at the numbers.  As part of its FCPA Summer Review 2015, Miller & Chevalier has analyzed enforcement data and identified several trends in the first half of 2015, including a noticeable increase in the number of declinations by the DOJ.  The FCPA Report spoke with James Tillen, a member of M&C and vice chair of the firm’s international department, about these trends, how companies should use them to improve their compliance programs and their negotiating strategies with the government and his predictions for the second half of 2015.  See also “Government Officials and Defense Bar Offer Insights on FCPA Enforcement, Voluntary Disclosure and Cooperation,” The FCPA Report, Vol. 4, No. 14 (Jul. 8, 2015).

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  • From Vol. 4 No.16 (Aug. 5, 2015)

    DOJ’s New FCPA Compliance Counsel: A Fairer Assessment for Companies

    For companies in the unenviable position of waiting to see whether federal prosecutors will criminally charge their company – an often existential question – the Department of Justice may have just leveled the playing field, at least slightly.  It has just announced that it will hire a new in-house compliance counsel who will take an active role in determining key aspects of FCPA resolutions.  In a guest article, G. Derek Andreson and Thomas M. Buchanan, partners at Winston & Strawn, and Francesca M.S. Guerrero, an associate, explain how the position came to be, how it will affect companies with varying types of anti-corruption compliance programs and how companies can take advantage of the new program.  See also “Comparing and Contrasting Three FCPA Experts’ Advice on Negotiating FCPA Settlements,” The FCPA Report, Vol. 3, No. 17 (Aug. 20, 2014).

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  • From Vol. 4 No.16 (Aug. 5, 2015)

    Four Compliance Lessons from Lesser-Known FCPA Cases

    In today’s active FCPA enforcement environment, the compliance bar is always rising.  Although most compliance specialists are familiar with the details of the headline-grabbing cases such as PetroTiger and FLIR, smaller, less-publicized cases can also provide valuable insight on how best to avoid FCPA liability.  In a recent webinar hosted by the Society of Corporate Compliance and Ethics, Bill Currier, a partner at White & Case, and Sulaksh Shah, a partner in PwC’s forensic service practice, discussed how companies can use the SEC and DOJ’s enforcement activity in recent, lower-profile corruption cases to tailor their compliance programs to the unique needs, risks and structures of their businesses or industries.  See also “Best Practices for Reviewing Anti-Corruption Compliance Programs: Government Expectations, Scheduling and Staffing (Part One of Three),” The FCPA Report, Vol. 2, No. 16 (Aug. 7, 2013); “Challenges, Preparation and Risk Evaluation (Part Two of Three),” Vol. 2, No. 17 (Aug. 21, 2013); and “Implementation, Remediation and Documents (Part Three of Three),” Vol. 2, No. 18 (Sep. 11, 2013).

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  • From Vol. 4 No.14 (Jul. 8, 2015)

    Government Officials and Defense Bar Offer Insights on FCPA Enforcement, Voluntary Disclosure and Cooperation

    Companies should anticipate that the government will continue to reward self-reporting and cooperation, and that the SEC will routinely seek disgorgement, even when a company self-discloses, enforcement officials said at the Securities Enforcement Forum West 2015.  Along with members of the FCPA defense bar, they discussed the trajectory of FCPA enforcement and offered advice on how companies can receive the most cooperation credit possible.  See also “FCPA Enforcement Officials and Defense Bar Debate FCPA Policy,” The FCPA Report, Vol. 4, No. 12 (Jun. 10, 2015).

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  • From Vol. 4 No.13 (Jun. 24, 2015)

    FCPA Enforcement Officials and Defense Bar Advise on Anti-Corruption Compliance Policies

    What does the government really expect from a compliance program?  When will a company get cooperation credit?  These were among the questions tackled by FCPA experts in the private and public sectors during a recent program hosted by Practising Law Institute.  The panelists included Kara N. Brockmeyer, chief of the SEC’s FCPA Unit of the Division of Enforcement and Matthew S. Queler, an assistant chief in the Fraud Section of the DOJ’s Criminal Division.  Sharing the perspective of the defense bar were Kimberly A. Parker, a partner at WilmerHale; Jeffrey D. Clark, a partner at Willkie Farr & Gallagher and former Assistant U.S. Attorney in the District of New Jersey; and Mark F. Mendelsohn, a partner at Paul, Weiss, and former deputy chief of the Fraud Section of the DOJ’s Criminal Division.  A companion article, published in our last issue, contained the panelists’ discussion on hot topics such as international coordination of anti-corruption cases, a rising bar for cooperation credit and the availability of declinations.

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  • From Vol. 4 No.12 (Jun. 10, 2015)

    FCPA Enforcement Officials and Defense Bar Debate FCPA Policy

    FCPA enforcement officials answered hard questions from the defense bar on hot topics including international coordination of anti-corruption cases, a rising bar for cooperation credit and the availability of declinations during a recent program hosted by Practising Law Institute.  The panelists included Kara N. Brockmeyer, Chief of the SEC’s FCPA Unit of the Division of Enforcement; Matthew S. Queler, an Assistant Chief in the Fraud Section of the DOJ’s Criminal Division; and several prominent defense attorneys.  A companion article, which will be published in our next issue, will contain the panelists’ advice on forming effective compliance programs.  See also “Top FCPA Enforcers Tout Voluntary Disclosure and Warn About International Cooperation; The Defense Bar Responds,” The FCPA Report, Vol. 3, No. 24 (Dec.3, 2014).

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  • From Vol. 4 No.11 (May 27, 2015)

    Prosecutors and Defense Lawyers Discuss FCPA Risk Areas, Government Expectations and the Length of Investigations

    At ACI’s 9th Advanced Forum on FCPA and Anti-Corruption for the Life Sciences Industry, FCPA experts opined on enforcement for the second half of 2015 and the speed of government investigations, and warned that third parties and mergers and acquisitions still pose major risks.  The panel was moderated by Bret Campbell, a partner at Cadwalader, Wickersham & Taft, and included Daniel Kahn, assistant chief of the DOJ’s FCPA Unit and Timothy Peterson, a partner at Murphy & McGonigle and previously senior counsel in the SEC’s Division of Enforcement.  See also “Top FCPA Officials Talk Compliance Tips and the Defense Bar Weighs In,” The FCPA Report, Vol. 3, No. 25 (Dec. 17, 2014).

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  • From Vol. 4 No.9 (Apr. 29, 2015)

    Top FCPA Officials Discuss Government Tactics and Lessons from Enforcement Actions

    At this year’s Momentum ACES Compliance Summit, high-ranking FCPA officials from the DOJ and SEC confirmed that active FCPA enforcement is continuing, and advised companies to read the public statements they release.  Tracy Price, Assistant Director of the SEC’s FCPA Unit, and Leo Tsao, Assistant Chief of the DOJ’s FCPA Unit also discussed cooperation, self-reporting and interagency collaboration. 

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  • From Vol. 3 No.25 (Dec. 17, 2014)

    Top FCPA Officials Talk Compliance Tips and the Defense Bar Weighs In

    Selling your company’s business side on compliance; the key indicators of a successful compliance program; and the government’s view of M&A risks were all on the agenda of the FCPA enforcement officials' annual fireside chat with the FCPA defense community.  SEC Chief Kara Brockmeyer (FCPA Unit, Enforcement Division), and DOJ Deputy Chief Patrick Stokes (Fraud Section of Criminal Division) were both on hand for the “year in review” discussion at American Conference Institute’s recent International Conference on the Foreign Corrupt Practices Act.  The FCPA Report discussed the regulators’ presentation with prominent defense practitioners, who provided a few caveats to the regulators’ pronouncements.  In our previous issue, we covered Stokes’ and Brockmeyer’s discussion of enforcement priorities and the defense bar’s reaction.  Our coverage of last year’s “year in review” panel can be found here and here.

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  • From Vol. 3 No.25 (Dec. 17, 2014)

    Key Compliance Takeaways from the OECD Foreign Bribery Report

    For the first time, the Organisation for Economic Co-operation and Development has studied the entirety of the bribery cases (427 of them) brought by its 41 signatories over the past 15 years.  Calling the results of its Foreign Bribery Report a “new weapon in the global push to fight corruption,” the OECD says its Report seeks to “enable governments, companies and civil society to better understand and combat this insidious crime.”  Among other things, the Report found more bribery than many expected in wealthy countries and a drop in cases over the past two years.  FCPA experts Steven Michaels, counsel at Debevoise & Plimpton and Juan Morillo, a partner at Quinn Emanuel, talked to The FCPA Report about how compliance officers can use these findings.  See our previous coverage of the Report, “OECD Launches ‘New Weapon’ in Global Push to Fight Corruption,” The FCPA Report, Vol. 3, No. 24 (Dec. 3, 2014).

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  • From Vol. 3 No.24 (Dec. 3, 2014)

    Top FCPA Enforcers Tout Voluntary Disclosure and Warn About International Cooperation; The Defense Bar Responds

    At what has become a traditional annual speech summarizing the year in FCPA developments, Kara Brockmeyer, Chief of the FCPA Unit of the Division of Enforcement of the SEC and Patrick Stokes, Deputy Chief of the Fraud Section of the Criminal Division of the DOJ, beat the government self-reporting drum, warned about increasing international anti-corruption enforcement and cautioned companies to re-evaluate confidentiality agreements they use during internal investigations.  The FCPA Report talked to prominent FCPA practitioners to get their take on this year’s speech at American Conference Institute's International Conference on the Foreign Corrupt Practices Act.  They said the significance of the speech lay in the tone and topics emphasized.  See our coverage of last year’s speech here and here.

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  • From Vol. 3 No.24 (Dec. 3, 2014)

    OECD Launches “New Weapon” in Global Push to Fight Corruption

    The Organisation for Economic Cooperation and Development has released its first Report analyzing corruption cases of signatories of its Anti-Bribery Convention.  "For the first time, this Report measures and describes transnational corruption with reference to actual cases, rather than with statistics derived from econometrics, perception surveys or unsubstantiated allegations,” the OECD said.  Findings from the 427 cases dating from 1999 included: most bribes are of foreign public officials from wealthier countries; most are made through intermediaries; and most are paid by large companies with knowledge of senior management.  The OECD called the detailed Report a powerful tool to understand and combat corruption.  The release of the Report was accompanied by a panel discussion at OECD Headquarters.  

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  • From Vol. 3 No.14 (Jul. 9, 2014)

    Davis Polk FCPA Experts Assess Global Anti-Corruption Trends (Part Two of Two)

    The first half of 2014 brought significant anti-corruption enforcement developments in the U.S. and abroad.  In a recent webinar, attorneys from Davis Polk & Wardwell examined the trends that are shaping the global enforcement landscape and how companies can use them to improve their compliance programs.  In this, part two of the article series covering the webinar, Davis Polk attorneys discuss international cooperation in anti-bribery investigations and changes in the FCPA enforcement climate, including the increasing use of administrative proceedings by the SEC.  In part one, they compared and contrasted three recent FCPA resolutions and discussed the enforcement climate in Asia and other parts of the world.  See also “Davis Polk Lawyers and Morgan Stanley Compliance Director Discuss DOJ’s Decision Not to Prosecute Morgan Stanley for FCPA Violations,” The FCPA Report, Vol. 1, No. 10 (Oct. 17, 2012).

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  • From Vol. 3 No.13 (Jun. 25, 2014)

    Davis Polk FCPA Experts Assess Global Anti-Corruption Trends (Part One of Two)

    Midway through 2014, what is the state of global anti-corruption enforcement and what does it mean for multi-national companies?  In a recent webinar, attorneys from Davis Polk & Wardwell examined the trends that are shaping the enforcement and compliance landscape.  In part one of this article series, Davis Polk attorneys compare and contrast three recent FCPA resolutions and discuss the enforcement climate in Asia and other parts of the world and the accompanying compliance implications.  In part two, they discuss international cooperation in anti-bribery investigations and changes in the FCPA enforcement climate, including the increasing use of administrative proceedings by the SEC.  See “Davis Polk Lawyers and Morgan Stanley Compliance Director Discuss DOJ’s Decision Not to Prosecute Morgan Stanley for FCPA Violations,” The FCPA Report, Vol. 1, No. 10 (Oct. 17, 2012).

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  • From Vol. 3 No.10 (May 14, 2014)

    Global Enforcement Developments Evaluated by FCPA Experts

    What are the FCPA and global anti-corruption trends that companies should be focusing on as they review and enhance their compliance programs?  A recent panel at the Dow Jones Symposium, moderated by Rachel Ensign from the Wall Street Journal and featuring Martin T. Biegelman, an executive vice president at IPSA International, Michael J. Hershman, president and CEO of The Fairfax Group and Paul E. Pelletier, a member at Mintz Levin, highlighted some of the important developments.  See also “Assessing the Year in FCPA Enforcement and Looking Ahead,” The FCPA Report, Vol. 3, No. 2 (Jan. 22, 2014).

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  • From Vol. 3 No.9 (Apr. 30, 2014)

    FCPA Experts in the Public and Private Sector Share Seven Lessons from Recent Cases (Part Two of Two)

    At a recent panel discussion sponsored by the Knowledge Group, former senior FCPA prosecutors, a current SEC lawyer and an economist shared advice on various critical aspects of an internal anti-corruption investigation, including factors to consider at the outset, whether to voluntarily disclose the investigation to the government, how to handle reporting to multiple jurisdictions, and calculating the “benefit of the bribe” for penalty purposes.  The first article in this two-part series contained the seven lessons the panelists extracted from recent FCPA settlements and trends; the initial decisions that a company faces when it discovers a potential violation; and the role of whistleblowers in revealing potential violations. See also “Top DOJ and SEC Officials Discuss FCPA Enforcement Priorities and Mechanics,” The FCPA Report, Vol. 3, No. 7 (Apr. 2, 2014).

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  • From Vol. 3 No.9 (Apr. 30, 2014)

    Deputy Attorney General James Cole Discusses the Hallmarks of Successful Compliance Programs and Individual Prosecutions

    The FCPA is now in the “DNA of the Department,” Deputy Attorney General James Cole said at the recent Dow Jones Global Compliance conference. Noting the explosion in cases over the past five years, Cole addressed several related issues, including how the DOJ evaluates corporate compliance programs and its increased focus on individual prosecutions.  See also “DOJ FCPA Unit’s John Buretta and Shearman & Sterling’s Dan Newcomb Offer Public and Private Perspectives on Key FCPA Challenges,” The FCPA Report, Vol. 2, No. 22 (Nov. 6, 2013).

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  • From Vol. 3 No.7 (Apr. 2, 2014)

    Top DOJ and SEC Officials Discuss FCPA Enforcement Priorities and Mechanics

    At this year’s Momentum Global Anti-Corruption Congress, Charles Cain, Deputy Chief of the SEC’s FCPA Unit and Jeffrey H. Knox, Chief of the Fraud Section of the DOJ, Criminal Division, lifted the veil on the government’s thinking in FCPA investigations.  The discussion, led by David H. Resnicoff, a member at Miller & Chevalier, covered a range of topics on the minds of FCPA practitioners and compliance officers, including the timing of voluntary self-disclosures, the kinds of cases the government may decline to pursue, effective cooperation with FCPA investigations, the role of audit committees in compliance strategies and the programmatic success of the FCPA Guidance released in 2012.  See “When Should a Company Voluntarily Disclose an FCPA Investigation?,” The FCPA Report, Vol. 3, No. 4 (Feb. 19, 2014); and “DOJ and SEC Officials Provide Candid Insight into the Recently Issued FCPA Guidance,” The FCPA Report, Vol. 1, No. 13 (Nov. 28, 2012).

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  • From Vol. 3 No.3 (Feb. 5, 2014)

    Gibson Dunn Attorneys Take the Pulse of Anti-Corruption Risks in Emerging Markets

    The anti-corruption enforcement landscape is changing and emerging markets, with their endemic cultures of corruption and vast economic opportunity for many multi-national companies, are at the forefront of that change.  Many are implementing and enforcing their own laws, but the deep-seated risks of corruption still exist.  A recent panel of emerging market experts from Gibson Dunn & Crutcher LLP highlighted the current anti-corruption initiatives and trends in key foreign markets.  The presentation, “FCPA Trends in the Emerging Markets of China, the Middle East and Africa, Russia and India,” featured Gibson Dunn partners F. Joseph Warin, Benno Schwarz, Kelly S. Austin and Peter Gray.  See also “Lessons from the Latest Anti-Corruption Developments in the U.K., Brazil and China,” The FCPA Report, Vol. 2, No. 7 (Apr. 3, 2013).

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  • From Vol. 3 No.2 (Jan. 22, 2014)

    Assessing the Year in FCPA Enforcement and Looking Ahead

    Following a relatively flat enforcement landscape and some bumps in the 2013 prosecutorial road, the DOJ and the SEC appear poised to spring back into action on FCPA and related anti-corruption enforcement.  Other nations have also ramped up activity in this arena by fortifying their laws and enforcement outlooks, including by bringing “carbon copy” actions.  In a guest article, T. Markus Funk and Sambo “Bo” Dul, partner and associate, respectively, at Perkins Coie LLP, take a look at the major FCPA and anti-corruption developments of 2013, as well as what may be in store for 2014.  See also “A Perspective from the FCPA Defense Bar on Brockmeyer and Duross’ ‘Year In Review’: Interview with Danforth Newcomb, of Shearman & Sterling,” The FCPA Report, Vol. 3, No. 1 (Jan. 8, 2014); and “FCPA Corporate Settlements of 2013: Details, Trends and Compliance Takeaways,” The FCPA Report, Vol. 2, No. 25 (Dec. 18, 2013).

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  • From Vol. 2 No.24 (Dec. 4, 2013)

    Four Ways the SEC Enforcement Landscape Is Changing and Why They Matter to FCPA Practitioners

    The judiciary and others have recently attacked the SEC’s longstanding “neither admit nor deny” policy, which allows defendants to settle without admitting any of the allegations leveled against them, and new SEC Chairwoman Mary Jo White has announced plans to end that policy in selected egregious cases.  How much will this change affect companies?  In the $13 billion settlement reached between JP Morgan and the SEC on November 19, 2013 over the sale of mortgage-backed securities, for example, the government recited agreed-upon facts, but some have called that weak tea, characterizing the facts as vague, and saying companies should have to make it clear why they are paying a fine.  Others say forcing defendants to admit allegations will squeeze the SEC’s resources, limiting it to bringing fewer enforcement actions as companies refuse to settle and go to trial.  The admissions policy change comes alongside a few other notable trends, including the increased use of administrative enforcement actions, a greater focus on cooperation tools and a greater judicial scrutiny of settlement agreements – for the “neither admit nor deny” provision and other settlement provisions, such as the fine and the reporting requirements.  During a recent webinar hosted by the Berkeley Research Group, Paul Hastings LLP and The FCPA Report, H. David Kotz, Managing Director at BRG, and Thomas Zaccaro, partner at Paul Hastings, discussed the development of these four trends and the implications for companies and individuals.  Rebecca Hughes Parker, Editor-in-Chief of The FCPA Report, moderated the event.

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  • From Vol. 2 No.22 (Nov. 6, 2013)

    DOJ FCPA Unit’s John Buretta and Shearman & Sterling’s Dan Newcomb Offer Public and Private Perspectives on Key FCPA Challenges

    At Momentum’s recent Anti-Corruption Experts conference in New York City, John Buretta – Principal Deputy Assistant Attorney General and Chief of Staff for the Criminal Division of the DOJ – reinforced the DOJ’s emphasis on continued vigorous FCPA enforcement.  “There’s no question you will see plenty of activity this year and also next year and into the foreseeable future,” Buretta said.  “You’ll be hearing about both resolutions or charges that involve all different manner of defendants at different levels of companies in various industries.”  In addition, Buretta discussed: increasing FCPA prosecution of individual defendants; enhanced DOJ resources committed to the FCPA; increased cooperation between the SEC and the DOJ, and between the DOJ and its non-U.S. counterparts; the DOJ’s view on explaining declinations; parent-subsidiary liability; and the DOJ’s perspective on travel expenses and foreign officials.  Danforth Newcomb, Of Counsel at Shearman & Sterling LLP, engaged Buretta in a clarifying dialogue on how the DOJ’s policies, perspectives and activities should inform corporate compliance efforts.  See also “Top Government and Private FCPA Practitioners Discuss Global Enforcement, Self-Reporting, Facilitation Payments, M&A Due Diligence, Jurisdiction and NPAs,” The FCPA Report, Vol. 2, No. 11 (May 29, 2013).

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  • From Vol. 2 No.13 (Jun. 26, 2013)

    OECD Working Group’s 2013 Report on Global Anti-Bribery Efforts Shows Lackluster Performance

    The OECD’s Working Group on Bribery recently released its Annual Report on Activities Undertaken in 2013.  It is clear from the Report that, while many nations have taken steps to implement the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (Anti-Bribery Convention), and a few countries (such as the U.S.) have active enforcement regimes, most have not actively enforced the anti-bribery laws that they adopted pursuant to the Anti-Bribery Convention.  This article summarizes the key takeaways from the Report.  See also “Transparency International Reports ‘Inadequate’ Worldwide Enforcement of OECD Anti-Bribery Convention,” The FCPA Report, Vol. 1, No. 8 (Sep. 19, 2012).

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  • From Vol. 2 No.13 (Jun. 26, 2013)

    Acting Assistant Attorney General Raman Highlights DOJ Commitment to FCPA Enforcement

    At Momentum’s recent Global Anti-Corruption Congress in Washington, D.C., Acting Assistant Attorney General Mythili Raman reinforced the DOJ’s emphasis on the FCPA, its enforcement successes and the growth of international cooperation in fighting corruption.  Raman took over in March of this year as head of the Criminal Division, replacing Lanny Breuer.

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  • From Vol. 2 No.11 (May 29, 2013)

    Top Government and Private FCPA Practitioners Discuss Global Enforcement, Self-Reporting, Facilitation Payments, M&A Due Diligence, Jurisdiction and NPAs

    It’s been a busy year in FCPA compliance and enforcement – including leadership changes at the DOJ; the SEC’s first-ever NPA; an apparent decline in enforcement actions followed by a recent upswing; a growing, active global anti-corruption community; a new Canadian anti-corruption regime; and increased emphasis on merger and acquisition due diligence in the private sector, among other things.  At a recent panel hosted by the Practising Law Institute during its “Foreign Corrupt Practices Act and International Anti-Corruption Law Developments 2013” program, distinguished FCPA lawyers in both the private and public spheres distilled the most important trends in the field – and sometimes disagreed about what they mean for both outside and in-house counsel who deal with anti-corruption issues.  Mark Mendelsohn, partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP moderated the May 2, 2013 panel, with help from Richard Grime, a partner at O’Melveny & Myers LLP.  The panel was comprised of Roger Witten of WilmerHale and Danforth Newcomb of Shearman & Sterling LLP on the private side, and Jason Jones, Assistant Chief of the FCPA Unit, Fraud Section, Criminal Division at the DOJ, and Charles Cain, Deputy Chief, FCPA Unit, Division of Enforcement at the SEC, on the public side.

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  • From Vol. 1 No.13 (Nov. 28, 2012)

    Top Government Officials Discuss FCPA Enforcement Actions Initiated During 2012 and Their Significance

    On November 16, 2012, at ACI’s 28th Annual FCPA Conference, top regulators from the DOJ and SEC discussed FCPA enforcement developments in a lively panel called the “2012 FCPA Overview.”  The panelists discussed, among other things, the “message” from recent cases, including the much-touted Morgan Stanley case and the “rogue employee” defense; the benefits of self-reporting; the increased capacity of the government to detect misconduct; and whether requirements for financial reporting are expanding.  The 2012 overview panel was moderated by Lucinda A. Low, a partner at Steptoe & Johnson, LLP, and head of its FCPA practice.  It featured the SEC’s Kara Novaco Brockmeyer and the DOJ’s Charles Duross.  Brockmeyer has been Chief of the SEC’s FCPA Unit since September 2011.  Prior to that, she served as Assistant Director of its Enforcement Division and in other capacities since 2000.  Duross is Deputy Chief of the Fraud Section in the DOJ’s Criminal Division and is in charge of all of the DOJ’s FCPA cases.  He previously served as an Assistant U.S. Attorney.

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