November 13, 2024

Understanding the Telefónica Venezolana FCPA Enforcement Action

27 minutes

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of ‘Compliance into the Weeds,’ Tom Fox and Matt Kelly dive into the recently released FCPA enforcement action involving the Telefónica Venezolana subsidiary.

They explore the bribery scheme used by Telefónica Venezolana to win an auction for U.S. dollars in 2014, resulting in a significant criminal penalty. The episode delves into the complexities of compliance in high-risk jurisdictions, the importance of incorporating anti-corruption due diligence into supply chains, and the implications of the new enforcement landscape under different administrations. Key lessons include the surprising extent of supplier risk, the long tail of FCPA enforcement, and the financial benefits of robust compliance practices.

Key highlights:

Details of the Bribery Scheme

Consequences and Penalties for Telefónica Venezolana

Compliance Challenges and Lessons Learned

Risk Management in High-Risk Jurisdictions

The Importance of a Robust Compliance Program

Long-Term Implications of FCPA Violations

Future of FCPA Enforcement

Resources:

Matt in Radical Compliance

Tom in the FCPA Compliance and Ethics Blog

Tom