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By Adam Turteltaub
adam.turteltaub@corporatecompliance.org
At one point earlier this year some people in the compliance and anti-corruption community started worrying that US enforcement of the Foreign Corrupt Practices Act (FCPA) had slowed down. But, Michael Hershman, President and CEO of the Fairfax Group, points out in this podcast that the 2019 and 2018 figures are remarkably similar, and there’s even a chance that 2019 will surpass the previous year.
The US continues to lead in the prosecution of foreign bribery, and, he notes that of the 44 OECD signatory countries, 21 have not yet concluded a foreign bribery enforcement action. However, there are some signs of increased activity. The UK, Brazil, and Germany have all been active, and, in the wake of the 1MDB scandal, so too has Malaysia. In addition, cooperation among prosecutors from OECD countries has been increasing.
What does the future likely hold? Michael sees continued difficulties as the European General Data Protection Regulation (GDPR) put restrictions on the ability to conduct investigations of both companies and individuals. Encrypted communication apps and employees using their own mobile phones will make it harder for businesses to meet their record-keeping requirements. Increased anti-money laundering enforcement and vigilance is pushing corrupt payments into alternative currencies and even sparking bribery with equity
Listen in as he outlines the challenge and what businesses can do to meet these new and emerging challenges.