Foreign Corrupt Practices Act

It has recently come to light that Goldman Sachs has agreed to pay a settlement of $2.9 billion to the U.S. Department of Justice (“DOJ”) for violations of the Foreign Corrupt Practices Act (“FCPA) in connection with a $1.6 billion bribery scheme in Malaysia. The DOJ noted that the bribery scheme was serious and pervasive and involved high-level employees who ignored significant red flags. This settlement should serve as a reminder for companies to review their FCPA policies and procedures. V2 Global has the expertise, experience and local and global resources to assist institutions with, and law firms engaged in, FCPA matters.

The FCPA applies to U.S. companies, as well as to foreign entities with a nexus to the United States. The FCPA has two main components: (1) anti-bribery and (2) maintaining accurate books, records and internal controls so corrupt payments can be detected and not hidden. Although the FCPA may seem straightforward on its face, in practice, its applications and enforcement are not that obvious or simplistic.

Affected institutions should evaluate and audit their FCPA procedures, as well as all of their other related compliance policies, including their whistleblower program. It is not enough to have a compliance manual; institutions must be diligent in making sure their polices are understood, followed and are working, and that red flags are not ignored.

At V2 Global, we have a vast expertise in compliance matters, including the FCPA. We have worked with general counsels and outside counsel to provide the proper support and solutions for senior management and board of directors to make informed decisions.

Whether you need to audit your policies, test one or more of your controls, investigate a potential red flag or require litigation or investigatory support in a civil, criminal or regulatory matter, V2 Global can assist you. We specialize in identifying, remediating and monitoring risk across your enterprise; we work and understand your needs and concerns and know how to work closely with your internal or, if you prefer, outside counsel. Our team has many years of experience in law enforcement, as well as in regulatory, corporate, operational, legal and compliance matters across the globe.

Please feel to contact us at any time. We look forward to hearing from you and having an opportunity to work with you.