The Top Foreign Corrupt Practice Act (FCPA) Cases in 2016

The Top Foreign Corrupt Practice Act (FCPA) Cases in 2016

An article dated February 25, 2017 in the Whistleblower News Review states that 2016 set new records for Foreign Corrupt Practices Act (FCPA) enforcement, with 27 companies paying over $2.48 billion in fines for 2016, the most significant Foreign Corrupt Practices Act.

What is the Foreign Corrupt Practices Act (FCPA)?

The Foreign Corrupt Practices Act (FCPA) is a federal law enacted in 1977. Part of the law requires accounting transparency and record keeping procedures as stated under the Securities Exchange Act of 1934. The FPCA is enforced by both the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).

The FCPA also has clear restrictions against the bribery of foreign officials. Foreign officials are defined differently in specific countries. The FCPA, then, defines a foreign official as: "any officer or employee of a foreign government or any department, agency, or instrumentality thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such government or department, agency, or instrumentality, or for or on behalf of any such public international organization.”

The Top 10 FCPA violations of 2016

According to Whistleblower News Review, the top 10 FCPA violations of 2016 are listed below in order of magnitude:

FCPA Case Amount Levied in Fines
1. VimpelCom Limited and its Uzbek subsidiary, Unitel LLC $795M
2. Teva Pharmaceuticals Industries Ltd. $519M
3. Odebrecht SA and Braskem SA $419.8M
4. Och-Ziff Capital Management Group LLC $412.1M
5. VimpelCom Ltd. $397.6M
6. JPMorgan Chase & Co. and a Hong Kong Subsidiar $264M
7. Embraer SA $205.5M
8. General Cable Corporation $75.75M
9. PTC Inc. $28M
10. Novartis AG $25M

 

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