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FCPA Compliance Guidance for Global Businesses
On March 7, the Department of Justice (DOJ) announced a new whistleblower reward program intended to help prosecutors bring more foreign corruption cases. Under the new program, individuals who report corporate misconduct can earn a share of any resulting DOJ forfeiture. This comes on the heels of one of the world's largest commodity trading firms agreeing to pay about $661 million after admitting to bribing Ecuadorean officials. These events reinforce anti-bribery and corruption laws as one of the significant compliance risks that companies face in an increasingly competitive global marketplace.
The Biden administration and its Justice Department have established countering corruption as a core U.S. national security interest, highlighting the threat that global corruption poses to prosperity, competition, and democracy. Violations in 2023 continued to rebound from their COVID slump, with approximately $770 million in fines, penalties, and disgorgement. That trajectory is expected to continue through 2024 and beyond. While companies competing for new markets grapple with surging tariffs, sanctions, and other trade restrictions, the risk of failing to implement compliance programs can increase as well.
Companies with any international operations should ensure they have a robust written policy and compliance program focused on anti-bribery and corruption. Compliance risk touches nearly all industries, including materials, industrials, financials, health care, consumer services, energy, and information technology. This is especially true where companies have foreign subsidiaries or engage third parties in foreign countries for sales, consulting, and other activities.
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