Originally published January 26, 2011
Keywords: DOJ, fraud, FCPA enforcement, Serious Fraud Office, UK Bribery Act
On January 25, 2011, officials from the US Justice Department and the Securities and Exchange Commission reiterated their commitment to aggressive FCPA enforcement for the current year. Speaking at the FCPA Boot Camp in Houston, Texas, Nathaniel Edmonds, Assistant Chief of the Fraud Section at the Department of Justice, and Jason Rose, head of Enforcement for the SEC in the Texas region, predicted that the number of joint investigations between the DOJ and the UK's Serious Fraud Office would increase this year.
With the UK Bribery Act 2010 scheduled to become effective in April, Edmonds emphasized that the number of investigations and prosecutions will increase. He also specifically noted that there are more prosecutors assigned to FCPA cases and that the FBI maintains a dedicated squad of agents for FCPA investigations.
Speaking on the issue of compliance programs, Edmonds noted that to ensure overall compliance, the Justice Department would not credit "paper" programs but would evaluate programs based on the level of follow-though, commitment and attention shown. Edmonds warned companies to design and implement meaningful and legitimate compliance programs. Finally, Edmonds indicated that there will be several big FCPA enforcement announcements this spring and alluded to the conclusion of several long-standing investigations.
To learn more about our FCPA capabilities, please visit White Collar Defense & Compliance, Securities Litigation & Enforcement and Global Trade practices.
Visit us at www.mayerbrown.com.
Copyright 2011. Mayer Brown LLP, Mayer Brown International LLP, Mayer Brown JSM and/or Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.
Mayer Brown is a global legal services organization comprising legal practices that are separate entities (the Mayer Brown Practices). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales; Mayer Brown JSM, a Hong Kong partnership, and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.