Executive Briefings

Many Officials Don't Know if Their Companies Comply with Foreign Corrupt Practices Act

Although the Foreign Corrupt Practices Act has been in effect for 35 years as of Dec. 19, many companies still have a long way to go in complying with it. Indeed, 44.6 percent of professionals say either that their companies are not making improvements to prevent and detect corrupt activity or that they don't know if their company is doing so, according to a survey by Deloitte.

The 55.4 percent that do have plans to improve their corruption programs are "in line with the government's expectations," says Bill Pollard, a partner in the FCPA consulting practice of Deloitte Financial Advisory Services LLP.

The number of companies making improvements, however, is steadily increasing, he adds, "because the government's vigilance in enforcing the FCPA is driving behavior." But the number is still not where it needs to be, given the fact that "almost half of the companies that were part of our survey were not planning, or didn't know if they were planning to make any changes," Pollard observes.

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The 55.4 percent that do have plans to improve their corruption programs are "in line with the government's expectations," says Bill Pollard, a partner in the FCPA consulting practice of Deloitte Financial Advisory Services LLP.

The number of companies making improvements, however, is steadily increasing, he adds, "because the government's vigilance in enforcing the FCPA is driving behavior." But the number is still not where it needs to be, given the fact that "almost half of the companies that were part of our survey were not planning, or didn't know if they were planning to make any changes," Pollard observes.

Read Full Article