BCL partner, Richard Reichman‘s article, “Perils of self-reporting” has been published by Financier Worldwide.
Here’s a quote from the article*:
“The fight against fraud, bribery and corruption is never ending. Since the global financial crisis, authorities in the US, the UK and elsewhere have attempted to combat corporate malfeasance wherever it is found. Self-reporting has become one important mechanism, which, although risky, allows companies to benefit from deferred prosecution agreements (DPAs) and the reduced penalties they confer.
Enforcement authorities have been seeking to incentivise corporate self-reporting of fraud, bribery and corruption, but deciding whether to do so is a complex issue. Once a disclosure is made it cannot be undone. Even if the reported activity results in no significant action from the authorities, the report itself can have an impact on trading activity and market confidence. Any report, therefore, needs to be made following a detailed internal investigation dealing with a range of factors.”
*This article was originally published by Financier Worldwide. You can read the full article on their website.