London, UK (PRWEB) February 18, 2010
The arrest of 22 executives last month in the U.S. highlights the need for extra vigilance when dealing with foreign agents and intermediaries. The executives reportedly agreed to pay a 20% commission to a sales agent they thought represented the defense minister of a foreign country, and now stand accused of Foreign Corrupt Practices Act (FCPA) violations, and conspiracy to commit money laundering.
Clearly, knowing who you are really doing business with is critical, as ignorance or reckless disregard is not a viable defence. There are a number of actions that businesses should take in order to reduce the likelihood of an FCPA violation, among them are maintaining an anti-corruption culture and undertaking detailed research on potential business partners.
"As part of a comprehensive compliance solution, World-Check's FCPA reports can highlight red flags in business partnerships and make recommendations for further due diligence where appropriate," said Daniel Peak, Chief Executive Officer of World-Check. The reports, based on jurisdictional, business sector and operational risks, have an industry-leading turnaround time and can be ordered and tracked online. To successfully navigate the FCPA, these IntegraScreen Due Diligence reports are a cost-effective business tool for established multinationals, as well as companies taking the first steps in doing business overseas."
Under the FCPA, a business entity as well as its officers, directors, employees, agents or shareholders acting on behalf of the entity may be penalized. However, this highly publicized case supports the U.S. Department of Justice's stated intention to target individuals for prosecution and not only focus on companies.
Trusted by more than 3,800 institutions in over 160 countries, including 49 of the world's top 50 banks, World-Check offers an end-to-end solution for assessing, managing and remediating financial, regulatory and reputational risks. World-Check's global database of Politically Exposed Persons (PEPs) and heightened risk individuals and entities, due diligence reports, passport verification and country risk assessment tools provide the means to address the full spectrum of risk across all markets and industries. Represented across five continents, World-Check's international research team monitors emerging risks in more than 50 languages, covering over 240 countries and territories worldwide.
For more information visit http://www.world-check.com/
World-Check Media Desk