Practical advice for starting an anti-corruption compliance program for your company. The participation of Vietnam’s Deputy Inspector General, the Managing Director of Kroll Business Intelligence and Investigations, and Siemens Vietnam’s Head of Compliance in addition to legal experts make this program outstanding.
While the Foreign Corrupt Practices Act was enacted in 1977, the FCPA became a much bigger threat to public companies in 2010.
Between 2004 and 2007, the Department of Justice and the SEC issued less than $ 350 million in FCPA-related fines. While totals for 2010 have not yet been tallied, fines of nearly $ 1.7 billion had been imposed as of mid-November, more than double the amount in 2009.
In 2009 the SEC and DOJ prosecuted 42 individuals for FCPA violations, up from 16 in 2008. While year-end statistics aren’t available, through the third quarter of 2010, the DOJ and SEC had already charged more than 30 individuals with violations of the FCPA, so the final number will likely be greater than the 2009 figure.
The FCPA affects small companies as well as large multinationals. For example, executives and employees of a U.S. company operating in Vietnam were sentenced by a U.S. court in Sep 2010 to up to 16 months in prison and fines for paying bribes of more than $ 250,000 to Vietnamese government officials from 1999 – 2008 in exchange for contracts with the Vietnamese agencies and companies for which the bribe recipients worked. In addition to prison terms and fines, the firm agreed to cease operations.
The FCPA also affects non-American companies: Siemens, Daimler AG, BAE Systems, Innospec have each agreed to large settlements following lengthy investigations by U.S. regulators, often with cooperation from governments abroad. The unit responsible for enforcing the FCPA is set to grow by as much as fifty percent over the next few years, and the SEC’s newly-created FCPA Unit is continuing the SEC’s focus on charging individuals and companies for FCPA violations.
All of this underscores that U.S. companies who interact with foreign government agencies or do business in high risk locales must take steps to adopt and enforce strict FCPA policies and procedures or risk costly investigations and significant penalties.
Any company with overseas operations, joint ventures, or sourcing, even on a project basis, needs to be vigilant in that sphere. Managing the issue is time-consuming and expensive and especially important in the scope of M&A activity.
|60 USD/Members||70 USD/Non-Members|
|08:30||Registration and refreshments|
|09:00||Opening Remarks, Tran Duc Luong, Deputy Inspector General|
|09:15||International and Vietnamese Anti-Corruption Laws: The Legal Environment|
|09:15||Fred Burke, Baker & McKenzie: FCPA and US Legislation|
|09:35||Luu Hoang Ha, LDV Lawyers: Vietnamese Anti-Corruption Law|
|09:55||Milton Lawson, Freshfields: UK Bribery Act|
|10:15||Developing a Compliance Program and Internal Controls|
|.||Sesto E. Vecchi, Russin & Vecchi|
|.||Orsolya Szotyory-Grove, Russin & Vecchi|
|11:15||Third Parties and Due Diligence|
|.||Jack Clode, Managing Director, Kroll Business Intelligence & Investigations|
|12:00||Lunch: Creating the Right Culture|
|.||Hu Li Li, Head of Compliance, Siemens Vietnam|
|13:30||Breakout Sessions: Role Playing and Hypotheticals|
|.||Vu Lam Thao, Intel, Group A Leader|
|.||Hu Li Li, Siemens Vietnam, Group B Leader|
|.||Sesto E. Vecchi, Russin & Vecchi, Group C Leader|