2009-11-10 16:23:02 -

Four dreaded words have begun striking fear in the hearts of business executives across the United States and around the world – Foreign Corrupt Practices Act. And since FCPA compliance often lands in the laps of anti-money laundering personnel, it has become one of the hottest topics in AML circles. The driving force behind the rush to comply with the

FCPA is the fact that the U.S. Department of Justice and the Securities and Exchange Commission have begun aggressively enforcing this law. Furthermore, the civil and criminal penalties for non-compliance can be nothing short of devastating.

As many AML professionals now know, Congress enacted the FCPA in 1977 in an effort to promote accounting transparency and bar the bribery of foreign officials. This anti-corruption law was revised in 1988, but it still was not on the radar of many in the AML world. Only during the past few years has FCPA enforcement caught the attention of most multinational businesses, including financial institutions.

In December 2008, Germany's Siemens AG agreed to pay $800m to settle FCPA charges related to its alleged bribery of officials around the world. Two months later, Halliburton Co and its former subsidiary, Kellogg Brown & Root LLC, agreed to pay $579m to settle FCPA allegations – the largest FCPA fine ever levied against a U.S. firm. Most recently, in September, a federal jury convicted two Los Angeles film makers on charges they conspired to violate FCPA and laundered the proceeds. And they were only the latest in a growing line of executives convicted of criminal charges for violating the FCPA.



The message is clear: firms must comply with the FCPA, and those that do not will face dire financial consequences and potential personal criminal liability. With these high stakes in mind, a panel at the 10 th Annual FIBA AML Compliance Conference : , will examine how banks can avoid getting caught up in an FCPA crisis.


About FIBA

Florida International Bankers Association (FIBA) : is a non-profit trade association founded in 1979, serving the international financial community. Its membership includes banks from 18 countries spanning 4 continents.


Florida International Bankers AssociationPat Roth, Executive

Director, 305-579-0086 fedra@fiba.net : mailto:fedra@fiba.net