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News

White paper available on the fight against corruption

Control Risks : 19 November, 2008  (New Product)
Anti-corruption white paper examines enforcement requirements in an environment of heightened corruption risk during financial crisis
Control Risks has released its latest Anti-Corruption White Paper. In the midst of the worst financial crisis in recent history, Control Risks predicts an era of tighter enforcement and increased government scrutiny to fight corruption.

"There will be no leniency from regulators in a time of recession," says Elaine Carey, National Director of Control Risks Corporate Investigations Department in North America. "The US Department of Justice (DOJ) and the Security Exchange Commission (SEC) have already increased their level of cooperation and other countries and international organizations, such as the Organisation for Economic Cooperation and Development (OECD), France, Germany and Japan are implementing more rigid anti-corruption regulations."

The White Paper shows that the number of parties involved in Foreign Corrupt Practices Act (FCPA) matters has exponentially grown from 1978 to 2008. In addition, multinational businesses listed in the US found in violation of the FCPA dictates may be subject to parallel investigations being prosecuted and fined by the DOJ, SEC and any government where the company's business and banking are done. The cases of FCPA non-compliance involving foreign companies listed on US stock exchanges has also increased in the last five years. The same is true for individual prosecutions, as is jail for those convicted.

"Only the companies with meaningful compliance programs in place will be spared by the DOJ," Carey says, "and unfortunately most of the companies claiming to have such programs in the US are unable to undertake effective due diligence and proper audits on their third parties or due diligence during merger and acquisition activities."

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