31 days for more effective compliance programs: Day 1 – What has 2021 brought to compliance? | Thomas Renard

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2021 has been a very important year for every compliance practitioner and compliance program. While there was little FCPA enforcement action within companies, all three enforcement actions were important, with multiple lessons for the compliance professional. At Deutsche Bank, we learned about the costs of a corrupt culture and recidivism; in Amec Foster Wheeler, we saw what happens to a company that pays bribes and then tries to get out; the criminals they deal with put them in an untenable position that they must continue to See more +

2021 has been a very important year for every compliance practitioner and compliance program. While there was little FCPA enforcement action within companies, all three enforcement actions were important, with multiple lessons for the compliance professional. At Deutsche Bank, we learned about the costs of a corrupt culture and recidivism; in Amec Foster Wheeler, we saw what happens to a company that pays bribes and then tries to get out; the criminals they deal with put them in an untenable position that they must continue to pay bribes and how the catastrophic failure of pre- and post-acquisition due diligence can lead to massive breaches of the law. FCPA. Finally, in WPP, we saw how accepted business incentives can become perverse; what happens when you ignore whistleblowers. However, there have been two major policy announcements from the Biden administration that every business compliance should be aware of and investigate and implement solutions based on those announcements.

At the end of October, Deputy Attorney General Lisa O. Monaco delivered a keynote speech at the 36th ABA National Institute on White Collar Crime (Monaco speech). The main changes announced in Monaco’s speech were as follows: (1) “today, I order the department to restore the prior guidelines specifying that to be eligible for any cooperation credit, companies must provide the department with all the non-privileged information about the individuals involved or responsible for the misconduct in question. To be clear, a company should identify everyone involved in the misconduct, regardless of their position, status or seniority. This portends a return to the restrictions of the Yates Memo. (2) “The second change I’m announcing today deals with the issue of past corporate misconduct and how that affects our decisions regarding the appropriate resolution of the business. (3) The final one The change I’m announcing today relates to the use of enterprise monitors. “This latest change rejects the restrictions in the Benczkowski Memo regarding the DOJ’s use of enterprise monitoring.

In November, the Biden administration released the United States Anti-Corruption Strategy (the “Strategy”); captioned “In Accordance with National Security Study Memorandum on Establishing Anti-Corruption as a Core National Security Interest of the United States”; in response to President Biden’s prior statement that corruption was a US national security concern. Although it focuses on the role of the US government in the fight against corruption, the whole document portends a radical change in the approach to the fight against bribery and corruption, literally in the global scale. For that reason alone, it should be investigated by all compliance professionals. This more holistic approach is welcome. Corruption does more than steal money from the global economy.

Three key points to remember:

1. The Biden administration has released its anti-corruption strategy.

2. Deputy Attorney General Lisa Monaco delivered a speech refocusing DOJ efforts on the FCPA and other white collar crimes.

3. Even with a paucity of FCPA enforcement actions, there were several lessons for the compliance professional. See less –

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