- WorldCompliance launched a tool enabling organizations to easily detect corrupt Foreign Officials within their business networks and to comply with the Foreign Corrupt Practices Act (FCPA).
Within the last two months, The United States Securities and Exchange Commission has sent letters to companies abroad to discover potential violations of the FCPA. The SEC asked several pharmaceutical and energy companies about their controls against bribery. This action follows the announcement by Lanny Breuer, chief of the Justice Department's Criminal Division, in November 2009, that bribery investigations in the drug industry are going to be a focus of his division.
To many organizations, this should not come as a surprise. The current number of indictments has quadrupled compared to 2008 and fines and settlements since 2009 have exceeded 2 billion USD. According to estimates more than 120 billion dollars are being diverted into corrupt channels every year in Africa alone. As such, the recent awakening of the United States and the United Kingdom in the fight against corruption is welcomed by many industry participants.
Easily detect corrupt Foreign Officials and comply with the FCPA
To aid in the fight against corruption, WorldCompliance has incorporated its global database of Foreign Officials into a screening solution, which allows customers to easily detect Foreign Officials and State Owned Enterprises within their business network. Clients can automatically verify who they are doing business with, benefit from integrated work flow features and run reports after automatically screening their business network against the most comprehensive database of Foreign Officials, State Owned Enterprises, their directors and senior executives. "Everything your compliance team needs is in one place, always accessible from anywhere. All you need is a browser and you are ready to go, there is no need for complex IT projects," said Dirk Mohrmann, CEO of WorldCompliance.
"Now, organizations can continuously monitor their business networks and efficiently detect corrupt Foreign Officials. It meets the due diligence needs of companies of all sizes, from the smallest to the largest international enterprise," added Mr. Mohrmann.
The result is a giant step towards compliance with FCPA regulations, a move to limit corruption with an efficient and cost effective tool for ongoing due diligence.
FCPA dedicated website
WorldCompliance has launched a website exclusively dedicated to the Foreign Corrupt Practices Act. To learn more about the Global FCPA List, go to: http://www.fcpa-worldcompliance.com
WorldCompliance has the most comprehensive database of individuals and organizations that may represent a risk to your organization's finances and reputation. Its solutions are used to identify entities linked to over twenty risk categories including terrorism, narcotics, money laundering, fraud, collateral crimes, politically exposed persons, foreign officials and state owned enterprises.
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