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ARTICLE · 14 JANUARY 2021

FCPA Update: Enforcement Continues

Bass, Berry & Sims PLC
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In recent months, the U.S. Department of Justice (DOJ) and Securities & Exchange Commission (SEC) have announced several notable penalties for...

GlobalCorporate/Commercial Law
Lindsey Brown Fetzer
Lindsey Brown Fetzer
Thaddeus R. McBride
Thaddeus R. McBride

In recent months, the U.S. Department of Justice (DOJ) and Securities & Exchange Commission (SEC) have announced several notable penalties for violations of the U.S. Foreign Corrupt Practices Act (FCPA). The FCPA prohibits bribery of foreign government officials and requires issuers of securities on U.S. exchanges to keep and maintain accurate books and records and robust internal controls.

We have summarized a few of these enforcement actions below to serve as a reminder of the various ways in which companies can fall afoul of the FCPA.

Goldman Sachs Pays Largest-Ever FCPA Penalty

In October 2020, Goldman Sachs Group Inc. (Goldman Sachs) agreed to a $3.3 billion penalty to resolve allegations that the company and its Malaysian subsidiary violated the FCPA by making payments to a Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB). This represents the largest-ever FCPA penalty imposed on a company.

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