On 2 March 2017 the National Agency on Corruption Prevention approved the Typical Anti-Corruption Programme for Legal Entities. Certain legal entities must adopt an Anti-Corruption Programme in line with the Typical Programme.
Notorious frauds at many Global Fortune Companies highlight the importance of internal controls. In spite of the Sarbanes-Oxley Act of 2002 (SOX or SOA), external auditors continue to disclose large numbers of material weaknesses in internal control systems of many public companies.
Baker McKenzie’s Aerospace & Defense Compliance Bullet highlights significant compliance developments relevant to companies in the Aerospace & Defense industry and offer practical guidance with respect to business operations in various regions.
Although issued without fanfare, the Evaluation Guidance represents the latest in a series of important communications by the Fraud Section outlining the DOJ’s expectations for effective corporate compliance programs.
In December 2016, Ukraine introduced a new procedure to the National Agency on Corruption Prevention before terminating an employee who was responsible for implementing the Anti-Corruption Program.
An Australian court’s decision is an important reminder to directors and officers of their continuing duty to make adequate inquiries in relation to issues that have the potential to harm the company and not to solely rely on the advice and information of others.
Following our summary in March 2015, we have again summarized the main compliance benchmarking surveys which have been published over the past 12 months and summarized their results.
Corporate compliance officers are used to facing pressure from within their companies to protect them from legal exposure, but increasingly, external pressure from regulators means that compliance officers themselves may face liability if something goes wrong.
Balancing corporate resolution of high-profile criminal and civil cases against companies for fraud and other misconduct with the prosecution of individuals has become a top policy priority for the U.S. Department of Justice (DOJ). On September 9, 2015, Deputy U.S. Attorney General Sally Yates issued a memo to all DOJ attorneys to provide guidance to prosecutors handling cases involving both companies and individuals. There are several significant developments directors should be aware of.
The Fraud Section of the U.S. Department of Justice (“DOJ”) has retained Hui Chen as its full-time, resident Compliance Counsel. Ms. Chen has a significant background in compliance at various multinational companies. The retention of Ms. Chen and accompanying commentary from leadership of the DOJ’s Criminal Division last week highlight the U.S. government’s distinct expectations with respect to compliance. This development also sends a clear message about how important the DOJ considers compliance in the resolution of enforcement matters and how closely a company’s program will be scrutinized during that process.