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ARTICLE · 05 AUGUST 2014

SEC Pulls The Trigger On Smith & Wesson: Anti-Bribery Lessons For Canadian Companies

DLA Piper
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American gun manufacturer Smith & Wesson became the latest high-profile target of the Securities & Exchange Commission’s enforcement of the FCPA.

CanadaInternational Law
Graham Erion
Graham Erion
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Well-known American gun manufacturer, Smith & Wesson Holding Corporation ("Smith & Wesson"), became the latest high-profile target of the Securities & Exchange Commission's enforcement of the Foreign Corrupt Practices Act ("FCPA") on July 28, 2014 when the company agreed to a $2 million settlement for FCPA violations. As Canadian authorities step up enforcement of Canada's version of the FCPA, the Corruption of Foreign Public Officials Act ("CFPOA"), the Smith & Wesson example provides some invaluable lessons for Canadian companies on how to avoid violating anti-corruption laws and what to do if violations are discovered.

Guns as Gifts

According to the SEC, Smith & Wesson's problems began in 2007 when the company sought to break into new high-risk markets by retaining third-party agents, who made improper gifts and bribes to public officials to win contracts. For example, a Smith & Wesson agent in Pakistan was reportedly authorized to provide more than $11,000

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