One of the most important financial conglomerates in Colombia has agreed to pay a fine of over USD$40 million to settle Foreign Corrupt Practices Act (“FCPA”) breaches with the United States Securities and Exchange Commission (“SEC”).
The SEC sanctioned a bribery scheme where approximately $28 million in unauthorized payments were funneled to Colombian public officials, to secure contract extensions that would benefit to a subsidiary.
In a press release following the settlement, the SEC emphasized the significance of implementing controls and compliance programs to manage corruption risks associated with payments to third parties. In Colombia, the Transparency and Business Ethics Program stands out as one of the most important tools for this purpose.
