Sanofi settles FCPA charges with SEC for $25.2 million
Journal of Investment Compliance
ISSN: 1528-5812
Article publication date: 4 April 2019
Issue publication date: 16 April 2019
Abstract
Purpose
To explain a recent enforcement action by the US Securities and Exchange Commission (SEC) highlighting risk factors for Foreign Corrupt Practices Act (FCPA) violations.
Design/methodology/approach
Summarizes the basis of the SEC’s enforcement action against Sanofi for violating the FCPA’s books and records and internal controls provisions, reviews the terms of the SEC’s resolution with Sanofi, explains Sanofi’s remedial efforts and cooperation with the SEC’s investigation, and discusses factors contributing to corruption risks in the healthcare industry.
Findings
The SEC’s enforcement action against Sanofi, and other recent enforcement actions, underscore the importance of comprehensive anti-corruption compliance programs and strong internal controls across large multinationals and their subsidiaries.
Practical implications
Companies operating in high-risk industries and markets should regularly assess and address corruption risks.
Originality/value
Practical guidance from experienced enforcement lawyers.
Keywords
Acknowledgements
Editor’s Note: This article was prepared with the assistance of Martine B. Forneret.
Citation
Park, J.K. and Mainoo, A. (2019), "Sanofi settles FCPA charges with SEC for $25.2 million", Journal of Investment Compliance, Vol. 20 No. 1, pp. 27-30. https://doi.org/10.1108/JOIC-01-2019-0005
Publisher
:Emerald Publishing Limited
Copyright © 2019, Cleary Gottlieb Steen & Hamilton LLP.