The podcast dives into the Trump administration's efforts to weaken key compliance regulations, sparking confusion among compliance officers. It highlights a disturbing shift in enforcement priorities, with a focus on drug trafficking over corporate compliance issues. Experts warn businesses about the risks of global bribery as extraterritorial laws continue to apply. Despite relaxed enforcement, the importance of maintaining robust compliance programs and ethical standards remains crucial for U.S. businesses navigating international markets.
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volunteer_activism ADVICE
Maintain Compliance Despite Pauses
Remember that laws remain in effect even if enforcement is paused.
Maintain compliance duties to avoid future risks.
insights INSIGHT
Trump's Misunderstanding of the FCPA
Trump's dislike of the FCPA and belief that it hinders businesses are driving his actions.
However, the FCPA gives US businesses a competitive advantage.
volunteer_activism ADVICE
Global Bribery Risks
Bribery violates laws worldwide, exposing companies to legal action in those jurisdictions.
US companies engaging in bribery abroad risk arrest and prosecution.
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The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this Compliance into the Weeds episode, Tom Fox and Matt Kelly review the Trump Administration’s attempts to end enforcement by the CFPB and corruption under the FCPA.
Last week, significant alterations were made to enforcement policies related to the Foreign Corrupt Practices Act (FCPA) and the Consumer Financial Protection Bureau (CFPB), resulting in a noticeable reduction in enforcement efforts and a shift in focus towards issues like corporate bribery associated with drug cartels and human trafficking. These actions will create risks for U.S. businessmen in countries like China, who might face false charges due to the de-emphasis on traditional FCPA enforcement, and these policy shifts might expose U.S. companies to anti-corruption investigations leveraged by other countries in retaliation to Trump’s trade policies.
Matt Kelly emphasizes the need for businesses to maintain robust compliance programs despite the enforcement rollback, warning that legal risks remain due to the statute of limitations, and stresses the importance of upholding corporate compliance and ethical standards to prevent corruption. Through their extensive experiences in compliance and corporate governance, both Tom and Matt highlight the complexities and potential repercussions of these enforcement changes on global business operations.
Key highlights:
Introduction: Unpacking the Current Situation
Emphasis on Corporate Bribery in Enforcement Changes
Compliance into the Weeds