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Justice Dept launches corporate foreign bribery disclosure program
Source: Reuters
World | Tue Apr 5, 2016 12:25pm EDT
Justice Dept launches corporate foreign bribery disclosure program
WASHINGTON | BY SARAH N. LYNCH
The U.S. Justice Department on Tuesday unveiled a pilot program designed to encourage companies to self-report violations of foreign bribery laws in return for reduced penalties.
The Justice Department is taking steps to increase enforcement of the Foreign Corrupt Practices Act by hiring additional prosecutors in its FCPA unit and launching squads at the Federal Bureau of Investigation.
Assistant Attorney General Leslie Caldwell said the pilot program, which will run for one year, provides a clear road map that will help the public and companies better understand how and why some companies may face stricter penalties than others.
Caldwell said that a failure to promptly self-report and correct FCPA violations could lead to more severe results.
Under the pilot program, which spells out new guidance for prosecutors, companies that choose to self-report and remediate problems will be eligible for a full range of credit, including a reduction of up to 50 percent below the low end of the fines outlined in federal sentencing guidelines.
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Justice Dept launches corporate foreign bribery disclosure program
WASHINGTON | BY SARAH N. LYNCH
The U.S. Justice Department on Tuesday unveiled a pilot program designed to encourage companies to self-report violations of foreign bribery laws in return for reduced penalties.
The Justice Department is taking steps to increase enforcement of the Foreign Corrupt Practices Act by hiring additional prosecutors in its FCPA unit and launching squads at the Federal Bureau of Investigation.
Assistant Attorney General Leslie Caldwell said the pilot program, which will run for one year, provides a clear road map that will help the public and companies better understand how and why some companies may face stricter penalties than others.
Caldwell said that a failure to promptly self-report and correct FCPA violations could lead to more severe results.
Under the pilot program, which spells out new guidance for prosecutors, companies that choose to self-report and remediate problems will be eligible for a full range of credit, including a reduction of up to 50 percent below the low end of the fines outlined in federal sentencing guidelines.
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Read more: http://www.reuters.com/article/us-usa-corruption-idUSKCN0X21GE
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