Settlements In Brief: Regulators Issue High Monetary Penalties In Combatting Financial Crime

Enforcement actions by criminal and supervisory authorities are settled regularly. In light of these developments, companies are advised to take appropriate measures. This month we highlight recent settlements with companies and individuals in the US and the UK. The first settlement concerns violation of the US Foreign Corrupt Practices Act. Employees of technology developer FLIR Systems allegedly provided unlawful travel, entertainment and expensive watches to foreign government officials in Saudi Arabia to obtain or retain business. According to the SEC, FLIR lacked sufficient internal controls to detect and prevent the improper travel and gifts.

The US Department of Justice also charged four companies and five individuals with facilitating the illegal export of several commodities. The DOJ, and other US and UK regulators, also reached a settlement with Deutsche Bank AG for the bank's alleged involvement in the manipulation of the London interbank offered rate. The