Global Investigations Review - The law and practice of international investigations


Thursday, 27 March 2014

FCPA Professor launches consulting service

Mike Koehler, who runs the FCPA Professor blog, has set up a consulting service aimed at legal professionals. The service, called FCPA Connect, provides advice on FCPA enforcement and compliance issues to lawyers, in-house counsel and compliance officers. You can find out more about the service here.

UBS suspends six traders amid forex probe

Swiss bank UBS has suspended six forex traders in New York, Zurich and Singapore as it continues to conduct an internal investigation of allegations concerning currency benchmark rigging, according to The Financial Times. Regulators in the US, Europe and Asia are also looking into concerns that traders from banks all over the world tried to manipulate foreign exchange benchmarks. According to a report in Bloomberg last month, UBS is trying to seek leniency in the EU and US to limit the potential level of fines it may receive for forex manipulation.

Walmart FCPA cost reaches US$439 million

Supermarket chain Walmart has spent US$439 million investigating allegations of bribery around the world in the last two years, the company revealed in its latest SEC filing. In 2011, the company disclosed possible FCPA violations to US authorities concerning its activities in Mexico. The investigation has since expanded to Brazil, China and India, among other countries. “Expenses incurred for the FCPA inquiries and investigations, as well as our global compliance program and related organizational enhancements, were US$282 million and US$157 million for fiscal 2014 and 2013, respectively,” Walmart said in the filing.

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