Self-reporting as well as taking timely and appropriate voluntary corrective actions is something that both the S.E.C. and Department of Justice definitely take into consideration
New York, NY (PRWEB) May 20, 2013
Following a news article by Christopher M. Matthews published on May 8th in the Wall Street Journal regarding MTS Systems Corp. voluntary FCPA disclosure to the U.S. Department of Justice and the Securities and Exchange Commission, popular news and technology blog DigitalOlympus.com hailed the company's efforts to ensure a culture of compliance through effective due diligence practices.
According to the Wall Street Journal article MTS Systems Corporation stated in a regulatory filing on May 6th that, “it had finished its investigation into potential violations of the U.S. Foreign Corrupt Practices Act and presented the results to the Department of Justice and the Securities and Exchange Commission.”
In response to the Wall Street Journal piece, DigitalOlympus.com researchers highlighted the increasing importance of companies having effective compliance programs that not only attempt to minimize possible FCPA misconducts, but also strive to actively help the government in foreign bribery cases.
“When companies approach possible FCPA violations the right way and conduct proper due diligence investigations there have even been precedents of Non-Prosecution Agreements,” said a lead researcher at DigitalOlympus.com. “Self-reporting as well as taking timely and appropriate voluntary corrective actions is something that both the S.E.C. and Department of Justice definitely take into consideration.”
DigitalOlympus.com researchers also believed that MTS Systems Corp. initiative to willingly turn over to U.S. authorities the findings of its internal investigation into alleged Foreign Corrupt Practices Act violations illustrates how due diligence is becoming a priority for all American companies looking to grow overseas.
Since the FCPA was enacted in the late seventies as part of a series of reforms that followed the Watergate scandal, this law –which bars American companies from offering or paying bribes to foreign officials in order to obtain business abroad– has become a priority in Washington over the last decade as U.S. corporations have expanded worldwide.
The Wall Street Journal article concluded by stating that MTS Systems Corp. had presented the results of its internal investigation and its subsequent remedial actions (like immediate changes to internal control procedures) to the proper authorities last January.
As a news and technology blog committed to the promotion of business intelligence, DigitalOlympus.com advises its readers to further analyse the most recent enforcement actions by the D.O.J. and the S.E.C., and urges all business leaders to hire outside firms to conduct due diligence investigations whenever FCPA misconducts are suspected within their organizations.
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.