Were the voluntary disclosure, an internal probe and steps the company took to enhance its anti-corruption compliance program
New York, NY (PRWEB) April 09, 2013
On April 1st, Finance and technology research firm DigitalOlympus.com comments on a recent Wall Street Journal article regarding the Department of Justice’s decision not to prosecute DynCorp over allegations of Foreign Corrupt Practices Act (FCPA) violations on the basis of the company’s voluntary disclosure, their thorough internal investigation, and remedial measures taken to enhance anti-corruption policies.
According to the Wall Street Journal article, among the reasons stated by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) for ending a three-year FCPA investigation into DynCorp and deciding not to prosecute the company, “were the voluntary disclosure, an internal probe and steps the company took to enhance its anti-corruption compliance program.”
Responding to the Wall Street Journal article, DigitalOlympus.com researchers highlighted the importance of transparency when facing allegations of Foreign Corrupt Practices Act violations. “If DynCorp had not voluntarily disclosed in 2009 the results of its own investigation into payments made on its behalf by two subcontractors to accelerate visa processing from a foreign government agency, in a violation of the FCPA, the consequences might have been much worse.”
DigitalOlympus.com believes the investigations carried out by DynCorp exemplify how a thorough due diligence process can effectively mitigate FCPA risk. “Now that the Foreign Corrupt Practices Act is being aggressively enforced by the Justice Department to police the conduct of American companies abroad, U.S. corporations need to be more mindful than ever of the real impact of business intelligence practices,” said a lead researcher at DigitalOlympus.com.
Adopted in 1977, the FCPA –a law that prohibits the payment of bribes to foreign officials by American companies– has been one of the centerpieces of the Department of Justice’s focus on anti-corruption over the last decade. At this day and time, many experts consider it to have changed the very landscape of American business.
As a finance and technology research firm, DigitalOlympus.com is committed to promoting the adoption of due diligence policies and procedures that can help companies improve their practices with respect to records and internal controls. The investigation, conducted by DynCorp, can be considered an example of the importance of employing specialists in due diligence who are capable of helping companies develop compliance solutions and programs to prevent unlawful activities, especially fraud, bribery and corruption.
Digitalolympus.com is a news blog dedicated to educating its readers on the latest technology advances. They are committed to gathering information on up and coming technologies that will enhance the lives of their readership. Digitalolympus.com is always at the forefront of technology news and events guiding its readers to accurately determine the best course of action for themselves and their businesses.