Aggressive FCPA Enforcement, a DOJ/SEC Priority

WorldCompliance Launches Revised FCPA Pocket Handbook

Aug 18, 2011, 06:00 ET from WorldCompliance

MIAMI, Aug. 18, 2011 /PRNewswire/ -- FCPA enforcement actions nearly doubled from 40 the previous year to 74 in 2010. 48 of these actions were initiated by the Department of Justice, while the remaining 26 were from the Securities and Exchange Commission. In line with this, 2010 also saw the greatest increase in terms of monetary settlements with a total of $1.8 Billion being levied. For the record, eight of the top ten monetary settlements in FCPA history were reached during 2010.

Meanwhile on July 1st of this year, the UK Bribery Act went into effect; signaling both U.S. as well as UK based companies as to the urgency to implement anti-corruption policies into their business processes.  

FCPA/UK Bribery pocket handbook

Last year WorldCompliance launched a combined FCPA/UK Bribery pocket handbook. This unique reference guide is a summary of the Foreign Corrupt Practices and UK Bribery Acts. It's designed to provide you with the key highlights to either acts provisions, with the objective of outlining a roadmap towards creating a due diligence plan for your organization.

Proper due diligence requires an organization to vet all third parties and maintain that these contacts are not controlled by foreign governments, and just as importantly, not linked to a corruption investigation. WorldCompliance is the leader in anti-corruption due diligence as they maintain the largest database of foreign officials and their contacts as well as state owned enterprises and their executives.  

Best practice elements for an effective compliance program

Today WorldCompliance announced that they have launched an updated version of the handbook. The new edition contains the recommended best practice elements for an effective compliance program, as prescribed by the Department of Justice to a company as recommendations in a deferred prosecution agreement.

Third Party Risk Assessment

The handbook also contains new information concerning assessing third party risk in reference to the UK Bribery Act. The new guidelines stress having a balance between initial screening and continuous monitoring to ensure to stay abreast of changes in a third parties profile or status.  

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About WorldCompliance

WorldCompliance maintains a global database of State Owned Enterprises, Foreign Officials and Politically Exposed Persons; enabling their customers to perform efficient initial due diligence of Third Parties, such as suppliers, vendors, agents and distributors as well as empowering clients to set up an automated ongoing due diligence screening process. Fast and automated detection of Foreign Officials and State Owned Enterprises amongst Third Parties helps comply with FCPA, UK Bribery Act and other Anti-Corruption legislations. More than 2000 clients in over 100 countries rely on WorldCompliance solutions.

SOURCE WorldCompliance