According to industry reports, an official at the US Department of Justice (“DOJ”) has indicated that it looks favorably upon companies that implement programs to ensure compliance with the Foreign Corrupt Practices Act (“FCPA”), an act designed to prevent corporate corruption and bribery with respect to business outside the US. The official cited guidance issued by the DOJ in November 2012 to show that companies with strong FCPA compliance programs, may, in some cases, avoid prosecution for FCPA violations that inadvertently arose despite existence of the compliance program, as such programs demonstrate a corporate commitment to upholding the principles of the FCPA. This underscores the importance for all US companies and foreign companies and their subsidiaries conducting business in or from the US, including insurance and reinsurance companies, to implement strong FCPA compliance programs.
Edwards Wildman Palmer LLP is well versed in issues surrounding the FCPA and has routinely been called upon to provide FCPA advice and design compliance programs. In connection with our FCPA practice, we would like to welcome our new partner, John Fusco, to our Stamford office. Fusco’s experience includes advising companies as to restrictions on doing business overseas, such as the FCPA, and rules stemming from the Committee on Foreign Investments in the US. Fusco also advises clients on compliance with various regulatory programs, such as the International Traffic in Arms Regulations and the Export Administration Regulations.
Click here to see the DOJ’s 2012 guidance with respect to FCPA compliance.