Nearing its halfway mark, 2019 is on track for record penalty amounts under the Foreign Corrupt Practices Act, a trend that should worry multinational corporations navigating compliance challenges both stateside and abroad.
Last year, more than a dozen companies paid out $2.89 billion to settle cases initiated under FCPA, noted Risk Advisory in its annual Corruption Challenges Index survey.
While first quarter 2019 FCPA enforcement actions were up slightly from the same period last year, the penalty amounts showed a dramatic upward shift.
“In the first quarter of 2019 alone, the Securities and Exchange Commission and Department of Justice racked up more than $1.1 billion in total corporate penalties and disgorgement,” Steptoe & Johnson attorneys Lucinda Low, Brittany Prelogar, and John London told Bloomberg Law. Read more.