EFFECTIVE INTERNATIONAL COMPLIANCE: COPING WITH THE AGGRESSIVE ENFORCEMENT OF INTERNATIONAL REGULATIONS IN THE TRUMP ADMINISTRATION
The Trump administration has imposed three of the 10 largest Foreign Corrupt Practices Act (FCPA) penalties, and the largest export controls penalty of all time. With the Department of Justice (DOJ), Federal Bureau of Investigation (FBI), and US Securities and Exchange Commission (SEC) continuing to use dedicated resources to identify violations and to prosecute US laws governing US exports and international conduct, international regulatory risk management is a paramount concern for most multinational organisations.
To help deal with the current aggressive enforcement environment, this article lays out steps that most organisations should take to allow them cope with the current aggressive enforcement of US export controls, economic sanctions, anti-money laundering (AML) and anti-corruption laws.
Securing buy-in at the top
Although most companies start with drafting compliance policies, there are a number of key steps that should occur first. Among the most important is securing the buy-in of senior management for a comprehensive compliance push. Without the support of senior management, compliance efforts often languish. Even if a comprehensive programme is put into place, it will not be effective if company personnel do not believe that compliance is taken seriously at all levels of the business. Senior management must understand the importance of a consistent and reinforced compliance message, and so must set a strong example.
Jan-Mar 2019 Issue
Foley & Lardner LLP