News and technology blog DigitalOlympus.com commented on a New York Times news article that reported on the latest probe into top financial services company JP Morgan Chase over alleged FCPA violations in China.
Seattle, WA -- (SBWIRE) -- 09/12/2013 -- On September 11, news and technology blog Digital Olympus.com commented on a New York Times news story called “Hiring in China By JPMorgan Under Scrutiny,” written by Jessica Silver-Greenberg, Ben Protess and David Barboza. The news article reported that Federal authorities had opened a bribery probe into JPMorgan Chase over a possible violation of the Foreign Corrupt Practices Act in China.
The New York Times news piece stated that –according to a confidential United States government document–, JPMorgan Chase might have hired family members of influential Chinese officials, and head executives at state-owned companies, in the hope of helping the bank win profitable business and other contracts in China, a country that has recently become a booming nation.
If these allegations were in fact true, it would represent a direct violation of the Foreign Corrupt Practices Act (FCPA), a law enacted in 1977 that bars American companies from bribing officials overseas to influence any decision for business gain. However, as pointed out by DigitalOlympus.com lead researchers, bribery can take many forms under the FCPA.
“This regulatory probe into JPMorgan, one of the largest firms in the Banks sector, should serve as a cautionary tale for all companies doing business abroad,” said a DigitalOlympus.com spokesperson. “The fact that hiring a family member of a government official is considered a form of bribery, it shows just how broad the definition of bribery is under the FCPA.”
The team of researchers at DigitalOlympus.com also took the opportunity to remind their readers that the definition of “government official” (under the Foreign Corrupt Practices Act) is broader than it was initially thought: “The only way to be sure that a company is in compliance with this anti-bribery law is to employ experts in FCPA that can properly conduct comprehensive and timely due diligence investigations.”
As a leading news and technology blog, DigitalOlympus.com is always encouraging its readers to look into expert firms, specialize in anti-corruption, that can aid them in developing successful compliance programs and help them gain a better understanding of U.S. anti-bribery laws and regulations.
Digitalolympus.com is a news blog dedicated to educating its readers on the latest technology advances. They are committed to gathering information on up and coming technologies that will enhance the lives of their readership. Digitalolympus.com is always at the forefront of technology news and events guiding its readers to accurately determine the best course of action for themselves and their businesses.