The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of ‘Compliance into the Weeds’, Tom Fox and Matt Kelly dive the recently released FCPA enforcement action involving Telefonica’s Venezuelan subsidiary.
They explore the bribery scheme used by Telefonica to win an auction for U.S. dollars in 2014, resulting in a significant criminal penalty. The episode delves into the complexities of compliance in high-risk jurisdictions, the importance of incorporating anti-corruption due diligence into supply chains, and the implications of the new enforcement landscape under different administrations. Key lessons include the surprising extent of supplier risk, the long tail of FCPA enforcement, and the financial benefits of robust compliance practices.
Key Highlights
- Details of the Bribery Scheme
- 02:58 Consequences and Penalties for Telefonica
- 03:39 Compliance Challenges and Lessons Learned
- 08:11 Risk Management in High-Risk Jurisdictions
- The Importance of a Robust Compliance Program
- Long-Term Implications of FCPA Violations
- Future of FCPA Enforcement
Resources
Matt in Radical Compliance
Tom in the FCPA Compliance and Ethics Blog
Tom
