Executives Discuss Compliance with the Foreign Corrupt Practices Act

On December 2nd, the International Business Council’s Economic Development Committee, along with sponsors Lockheed Martin and University of Texas at Dallas, hosted a Foreign Corrupt Practices Act (FCPA) Seminar as part of the Navigating Global Risk educational events series.

Joe Brand, partner for International Business, from Patton Boggs LLP Washington, gave a brief overview of the meaning of the Act and how its enforcement has changed throughout the years even though the law became effective in 1977. His discussion focused on record investigations, highest fines in history, increasingly aggressive Department of Justice and U.S. Security and Exchange Commission auditing, Targeted Industry Prosecutions, and how the Act could be an example for other countries based on the enforcement under the OECD and UN Convention Against Corruption.

The speakers of the seminar included: Erin Crockett, Dresser, Inc.; Scott Sullivan, Flowserve; and Zak Karamally, ACS. All speakers joined Brand in a moderated discussion where they talked about how to implement FCPA compliance programs for companies doing business globally. Also attorneys and in-house trade and compliance executives expressed different points of view on how to address diverse scenarios where corruption could be prevented, especially when dealing with companies in other countries.

Speakers and attendees shared an open question and answer session about how to advise their companies for program implementation, outsourcing and counsel.

About the Navigating Global Risk Series

The Dallas Regional Chamber’s International Business Council announced a new initiative focusing on global business risk mitigation titled “Navigating Global Risk”. The Series, co-sponsored by Lockheed Martin and the University of Texas at Dallas, include educational programs scheduled through 2011. These events are designed to provide tools to the North Texas executive towards successfully competing in the international marketplace while mitigating the associated risks. Topics in the Series range from country-specific programming to financial tools and policy know-how with executives participating primarily from medium to large companies. The Series will offer continuing education credits in accounting and other areas.

To learn more about the Navigating Global Risk series please visit www.dallaschamber.org/global or contact Anakarina Piña at (214)-712-1968 or apina@dallaschamber.org.