Photo Credit: CIPE
In recent years, compliance has become an increasingly complex landscape. The need for strong anti-corruption controls, both in multinationals’ own operations and extending to their suppliers, distributors, and agents in emerging markets, has been clearly evident. Significant enforcement actions under the U.S. Foreign Corrupt Practices Act (FCPA), the great majority of which involved violations through third parties, sent a clear message to the global business community that corruption is no longer an acceptable part of conducting business. Similar laws passed by other countries, such as the UK Bribery Act (UKBA) or Brazil’s Clean Company Act, further emphasize this point. There is also a growing trend of regulators either requiring companies to put in place compliance programs – such as France’s Sapin II law – or providing what UKBA calls “adequate procedures” defense in hope of a reduced penalty.
Another important trend has to do with the authorities paying greater attention to other aspects of compliance such as human rights, labor, and environmental standards. Read More...