Overview
Bloomberg BNA quoted Lucinda Low in a May 2 article titled “SEC Scrutiny of FCPA Violations Involving Hiring to Continue.” The article discusses the Securities and Exchange Commission’s (SEC) plans to continue to scrutinize companies' hiring practices in the wake of the agency's first-ever Foreign Corrupt Practices Act (FCPA) enforcement cases involving the hiring of interns. The SEC alleged that a financial institution provided three student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund. The FCPA prohibits companies from improperly influencing foreign officials with anything of value.
Ms. Low agrees the SEC is looking at intern hiring with more scrutiny compared with the past and advises companies to be mindful of fully implementing any internal policies regarding intern hiring. “The [enforcement] tools were really the internal controls provisions of the FCPA,” she says.
The full article can be read at Bloomberg BNA.