Though it’s taken a while to gain steam, the Biden Administration’s approach to FCPA enforcement is becoming clearer. But as compliance expert Michael Volkov explains, prognostication over what DOJ and SEC will do next may be more complicated than it seems.
In following the DOJ and the SEC’s FCPA enforcement actions, I am always reminded of the popular phrase “reading the tea leaves,” also called tasseography, a fortune-telling method based on patterns in tea sediment. Despite a slow initial year in 2021, the Biden Administration’s stamp and push on FCPA enforcement is becoming clear.
Keep in mind, DOJ and SEC officials have promised a new, tougher approach to FCPA enforcement. Change in government enforcement policies and results take time. However, no one expected the changes to take this long. In addition, the initial enforcement push has raised some interesting questions concerning the specific steps taken by enforcement officials.
In looking at the most recent FCPA enforcement actions (Stericycle, Glencore and Tenaris), there are significant new trends and some questions that need to be examined. So, let’s take stock in where we are:
Independent compliance monitors
DOJ has stressed the importance of insisting on…
