Bribery doesn't exist in a vacuum. In order for funds to change hands improperly, the bribing party needs access to those funds and a way to disguise how they're truly being used. Meaning: if there's fraud going on in your organization, internal controls are quite possibly lacking and your internal auditing system leaves something to be desired, ...
Certain company processes might not constitute traditional notions of “internal controls,” but FCPA enforcement officials have taken the position that a wide range of activities is covered by the term.
Anti-corruption compliance is not as hard as it looks. In fact, by taking a step back, compliance professionals can gain insights. At the direction of compliance professionals, companies like to develop and adopt compliance policies and procedures. Compliance policies and procedures give the Board, senior managers and the CCO a feeling of comfort.
Under the FCPA, companies can be punished not only for the wrongful things they do, like paying bribes, but also for certain things they don’t do. In particular, the FCPA’s accounting provisions require companies to have internal controls in place. When companies do not have certain protections, such as appropriate accounting systems and anti-corruption policies, procedures and processes, ...
Keeping the cards close to the vest is not the best strategy for casinos trying to avoid being used as money laundering outlets. Rather, transparency trumps secrecy. This is particularly true for casinos operating in the Asia Pacific region.
In the wake of continuing press reports about the role of bribery in international commerce, many corporate directors and senior executives are asking for a fresh look at their company’s exposure to the risks of violating the U.S. FCPA, the U.K. Bribery Act, and similar laws around the world. A team of K&L Gates attorneys have identified eight key ...
As the saying goes, a chain is only as strong as its weakest link. This adage rings true in many situations. In regard to risk, for example, there are countless points at which various individuals might contribute to the overall strength of an organization’s management of risk. The antithesis of the “it’s-not-my-job” mentality, this mindset is all about a corporate consciousness […]
As part of the Compliance Done Right series that spotlights those corporations and compliance teams and professionals that are doing something right, here is a case study on how BAE Systems integrated internal controls.
Thomas Fox reviews the FCPA violation allegations against Morgan Stanley's former managing director Garth Peterson and why the DOJ and SEC chose not to prosecute the company.
John Hanson wraps up his series on the Fraud Triangle, today focusing on the perception factor, which though not part of the Fraud Triangle, may be an overriding factor in a person’s decision whether to violate a compliance policy, act unethically or commit a fraud, even when risk levels are high within the three Fraud Triangle factors.