The costs are high for organizations accused of offering bribes and conducting misleading accounting. Just ask executives at Smith & Wesson Holding Corp., which announced Monday it is handing over a $2 million settlement to the U.S. Securities and Exchange Commission over allegations the company bribed foreign officials for several years in exchange for overseas contracts, in violation of the Foreign Corrupt Practices Act.
The SEC and U.S. Department of Justice continue to crack down on FCPA enforcement, so when the Feds come knocking, companies should be able to prove they’ve taken appropriate compliance measures. A recent webinar from Pepper Hamilton and global risk management firm Freeh Group International Solutions, “Antibribery and Corruption Compliance: The Role of Transactional Testing and Accounting Controls in a Proactive Environment,” showed how companies can implement the sorts of policies that will help satisfy regulators and potentially stave off penalties.
