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Top Companies and International Law Enforcement Agencies Appear on TRACE's Anti-Bribery Training DVD
March 26, 2009
ATRACE International, Inc., a provider of anti-bribery compliance solutions for companies and their commercial intermediaries, today released its new anti-bribery training video "Toxic Transactions: Bribery, Extortion and the High Price of Bad Business." The hour-long video is a tool to educate employees on anti-bribery laws around the world, helping to protect businesses from the multi-million dollar penalties and criminal convictions that can result from violations.
"Toxic Transactions" features high-profile anti-bribery case studies and original interviews with senior executives at companies such as Siemens, GE and Tyco, as well as high-ranking Department of Justice, Securities and Exchange Commission, World Bank, OECD, and UK Serious Fraud Office officials and other legal experts. The video takes a close look at how to avoid running afoul of the U.S. Foreign Corrupt Practices Act (FCPA), which prohibits any U.S. company from paying bribes to foreign government officials. The law also applies to foreign companies listed on a U.S. stock exchange.
Navigating the business environments and cultures of foreign countries often presents companies with complex questions in terms of ethical conduct. While paying or offering cash in exchange for favors is obviously a violation of law, there are countless other, more nuanced situations that require a thorough understanding of the FCPA and other international regulations. "Toxic Transactions" educates employees at all levels of multi-national companies on exactly what their responsibilities are in regard to ethical, lawful business dealings. The video also spells out the consequences for a failure to comply, including criminal prosecutions and prison sentences for convicted employees who thought they were "only following orders."
The interviews include discussions of anti-bribery compliance with FCPA enforcement officials Mark Mendelsohn, Deputy Chief, US Department of Justice; Michael Mines, Deputy Assistant Director, Federal Bureau of Investigation; and Cheryl Scarboro, Associate Director, Division of Enforcement, US Securities and Exchange Commission. International anti-bribery experts Richard Alderman, Director, UK Serious Fraud Office, and Ngozi Okonjo-Iweala, Managing Director, World Bank, give their perspectives on the worldwide bribery epidemic. Siemens General Counsel Peter Solmssen offers a first person account of what went wrong at the German engineering giant. Matt Tanzer, Chief Compliance Counsel at Tyco, details what it takes to turn an offending company around.
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