The Justice Department is stepping up enforcement of the FCPA, with over 120 FCPA investigations currently underway including Sun Microsystems and Royal Dutch Shell. Siemens AG was recently punished with a hefty fine for FCPA violations.
UBS, Switzerland’s largest bank, has agreed to settle charges of conspiracy to commit fraud against the U.S. and the IRS. UBS will pay $780 million and name names of some of its biggest clients. Raoul Weil of USB was recently declared a fugitive after failing to surrender to U.S. authorities on conspiring to help Americans shield assets from the IRS.
Siemens AG has been charged with bribery and corruption by the U.S., and has agreed to settle the charges by paying $800 million, in addition to other penalites. Siemens AG violated anti-corruption and anti-bribery laws by paying $1.36 million in bribes.
