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Opinions and views from expert CFOZone members.

Tag >> bribery
Mar 31
2011

More companies say bad ethics cost them business

Posted by Stephen Taub in RiskethicsDow JonesDealscompliancebribery

Stephen Taub

Potential ethical issues are playing a major role among US companies that conduct business overseas.

According to a new survey, the number of companies claiming to have lost business due to competitors acting unethically has surged to 40 percent from just 10 percent as recently as 2009.

Aug 06
2010

SEC settles three more bribery cases

Posted by Stephen Taub in Securities and Exchange Commissionsecforeign corrupt practices actcompliancebribery

Stephen Taub

The SEC is clearly not letting up with its crusade against bribery.

The regulator has brought three fresh bribery cases in the past two days, including another one stemming from the UN’s oil for food program in Iraq, which is fast-appearing to be one of the greatest get-rich schemes in corrupt third world country (sorry for the redundancy) history.

Jul 27
2010

GE to pay $23.4M in UN oil for food bribery

Posted by Stephen Taub in UN Oil for Food ProgramUNsecGeneral Electricforeign corrupt practices actcompliancebribery

Stephen Taub

General Electric agreed to pay more than $23.4 million to settle bribery charges with the Securities and Exchange Commission stemming from the UN Oil for Food Program in Iraq at the beginning of the millennium.

The SEC had filed Foreign Corrupt Practices Act books and records and internal controls charges against GE and two of its subsidiaries-Ionics, Inc. (currently GE Ionics) and Amersham plc (currently GE Healthcare).

May 30
2010

The three biggest risks you face

Posted by SherylNash01 in risksIT Securitygovernment regulationsFCPAcareer/managementbribery

SherylNash01

What will cost CFOs' the most sleep in the second half of the year? Risk experts say corruption abroad, information security and government regulation are most likely to keep you awake.

The US isn't the only  country cracking down on bribery and other forms of corporate corruption in foreign markets. Consider the UK, where a new law takes effect later this year. Like the Foreign Corrupt Practices Act of the US, it applies to any company doing business in the country, but the UK law is broader and easier to trigger, experts say.

Apr 27
2010

Obama Admin cracking down on bribes

Posted by Stephen Taub in Securities and Exchange Commissionsecforeign corrupt practices actcompliancebribery

Stephen Taub

If you are thinking about slipping a few hundred million bucks to some foreign government official to secure a business deal, think again.

The Obama Administration has made it very clear that it is cracking down on bribes.

According to a recent report sent to clients by the law firm Willkie Farr, in the first three months of 2010 alone, the U.S. government brought or resolved FCPA (Foreign Corrupt Practices Act) charges against 36 companies and individuals.

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