TransPerfect Legal Solutions Hosts Panel Discussion on the Foreign Corrupt Practices Act (FCPA)


TransPerfect Legal Solutions Hosts Panel Discussion on the Foreign Corrupt Practices Act (FCPA)

Panel of Experts Discuss Challenges Arising from the New Key Investor Information Documents (KIIDs) – December 21, 2010

TransPerfect Legal Solutions (TLS), the world’s leading provider of global legal support service, hosted a panel discussion in New York to address current trends and best practices associated with the Foreign Corrupt Practices Act (FCPA). The panel featured industry experts and was attended by approximately 100 representatives from leading Fortune 500 companies and firms nationwide.

“The DOJ’s FCPA Crackdown on the Pharmaceutical and Medical Devices Industry.”

The Foreign Corrupt Practices Act of 1977 is a United States federal law that makes it unlawful for US corporations to make payments to foreign government officials for the purpose of obtaining or keeping business.¹ The FCPA also requires companies whose securities are listed in the United States to devise and maintain an adequate system of internal accounting controls that accurately and fairly reflect the transactions of the corporation.²

The current number of active FCPA investigations in the Department of Justice (DOJ) pipeline stands at more than 120—a single-year record since its enactment. The overall dollar volume in fines in 2010 alone has exceeded all previous years combined. Furthermore, Lanny Breuer, the U.S. Assistant Attorney General for the Criminal Division, has made a point to root out widespread bribery in the pharmaceutical sector, and as a result, cases are picking up steam globally.³

According to TLS Senior Vice President of Global Sales, Brooke Christian, “With FCPA investigations taking such a drastic upswing in 2010, many companies are taking a fresh look at their compliance programs and wondering what more they can do to protect themselves. Our goal for this panel was to arm attendees with best-practice strategies that they could immediately implement across their organizations.”

The discussion featured the following panel of experts:

Barry Sabin – Partner, Latham & Watkins LLP

David Stanton – Partner, Pillsbury Winthrop Shaw Pittman LLP

Elizabeth Zechenter – Senior Counsel, GlaxoSmithKline

Joseph Lee – Partner, Munger, Tolles & Olson LLP

Noreen M. Fierro – Vice President, AML/FCPA Compliance Officer, Prudential Financial Inc.

Sharie Brown – Partner, DLA Piper

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