In 2022, the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) imposed over $1.5 billion in sanctions in Foreign and Corrupt Practices Act (FCPA) cases, according to a new report by FCPA Clearinghouse. Overall the report shows an increase in FCPA activity compared to 2021, though figures remain below those posted in 2016-2020.
This figure is a dramatic increase from the $360 million in sanctions imposed in 2021. However, the 2022 figure falls short of the 10-year average and pales in comparison to the record $6.1 billion in sanctions imposed in 2016.
Likewise, the 25 FCPA-related Enforcement Actions filed in 2022 is an increase over the 20 filed in 2021 but remains below the 10-year average. 18 of the 25 actions were filed by the DOJ while the remaining 7 were filed by the SEC.
The FCPA prohibits the payment of anything of value to foreign government officials in order to obtain a business advantage. It also contains accounting provisions which require publicly traded corporations to make and keep books and records that accurately reflect the transactions of the corporation. In 2010, the Dodd-Frank Act (DFA) added whistleblower provisions to the FCPA. Individuals can disclose information relevant to potential FCPA violations to either the SEC or the Commodity Futures Trading Commission.
Through the SEC and CFTC Whistleblower Programs, qualified whistleblowers, individuals who voluntarily provide the SEC or CFTC with original information that...
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