Lynn Marek of the National Law Journal reports:
The U.S. Securities and Exchange Commission expects in the next two to six months to slap larger penalties than in the past on a number of companies that have allegedly violated the Foreign Corrupt Practices Act, reminding lawyers in the field that the regulator is taking a tougher stance today on international bribery.
The largest FCPA penalty to date is $44.1 million paid by Baker Hughes last year. U.S. v. Baker Hughes Inc., No. 07-00130 (S.D. Texas). Siemens A.G., the German conglomerate has set aside $1.3 billion for settles bribery charges in the U.S. and Germany. [Siemens Reserves $1.3 Billion to Settle Corruption Charges]