Topic: International Contracting
Original Air Date: Thursday, September 22, 2011
Program Code: 170039
This webinar on International Compliance will focus on two statutory and regulatory schemes that are at the center of any international compliance effort: the Foreign Corrupt Practices Act (FCPA) and the economic sanctions regimes enacted under the Trading with the Enemy Act (TWEA) and the International Emergency Economic Powers Act (IEEPA).
The FCPA, which was enacted to prohibit bribery of foreign officials has a scope that goes far beyond that simple prohibition and potentially has an impact on every dealing by a U.S. company with not only a foreign government or agency but also with employees of state-owned enterprises. Paying for travel, lodging, gifts, meals and entertainment, routine in certain countries and industries, can easily be turned from a simply act of hospitality for a foreign person to a criminal act under U.S. law.
The economic sanctions regimes, enabled by IEEPA and TWEA, are administered by the Treasury Department's Office of Foreign Assets Control ("OFAC") and the Commerce Department's Bureau of Industry and Security and prohibited all dealings with certain countries and designated companies, individuals and vessels. Significant liability may be imposed on companies without any finding that the violation was intentional, thereby mandating that companies put into place due diligence procedures designed to make unintentional violations less likely.
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- A basic primer on the scope and coverage of the FCPA;
- What state-owned enterprises ("SOEs") are covered and who in those SOEs is covered;
- Exceptions to the FCPA, including facilitation ("grease") payments and bona fide promotional expenses;
- Problems posed under the FCPA by employment of agents and distributors and their dealings with government agencies and SOEs, including due diligence requirements;
- Overview of the U.S. economic sanctions regulations;
- Application of these regulations to foreign parents and subsidiaries of U.S. companies; and
- Red flags and compliance procedures.
Robert Clifton Burns, Bryan Cave LLP
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