This guest post is by Juan Carlos Tristan, a lawyer at BLP law firm in Costa Rica.
Costa Rica has intensified its regulatory policies regarding transnational bribery. On July 21st, the Costa Rican Congress approved the Reform Bill amending the “Transnational Bribery Criminal Offense”, codified in Article 55 of the Anti-Corruption and Illicit Enrichment Law. This change was made to punish international bribery crime pursuant to the highest international standards. Through this reform, some conduct that was previously not addressed is now covere... Read more
This is particularly relevant considering the levels of investment between these countries. For decades, United States companies have been operating in Brazil, taking advantage of Brazil’s generally open and encouraging foreign investment climate. In fact, the United States is the lead foreign investor in Brazil, with an accumulated foreign direct investment stock of around $80 billion per year. More recently, Brazilian companies have been making their own investments in the United States, where they are also establishing operations. Companies making these foreign inv... Read more
When U.S. enforcement officials review fact patterns related to FCPA violations, they do so with the benefit of 20/20 hindsight. At the time that the violation occurs, however, in the context of a fast-paced business environment, certain red flags might not stand out. Transactions in the moment might not seem as questionable as they do after the fact. Compliance missteps might appear minor and excusable at the time, only to become more meaningful when the larger picture is considered.
The SEC’s August FCPA enforcement actions against Key Energy Services could be a case in point. That action resulted in the payment of $5 million in disgorgement by the company. In that case, the SEC explained that the company’s Mexican subsidiary “made improper payme... Read more