Sanctions Enforcement Harsher Than FCPA: Expert Guide for 2024
Steptoe & Johnson LLP partner Wendy Wysong and Control Risks principal Bliss Khaw have co-authored a chapter in the 2024 report 'Navigating the Global Sanctions Landscape' by Control Risks. The chapter, titled 'Sanctions Aren't the New FCPA - They're Harsher', delves into the complexities of sanctions enforcement and the Foreign Corrupt Practices Act (FCPA).
The authors highlight that companies with substantial ties to Europe, especially those engaged in international trade or strategically critical sectors, face more severe repercussions for sanctions violations and export control breaches than FCPA violations. This is due to the EU's robust enforcement mechanisms and anti-circumvention measures.
The chapter explores how the intersecting security, economic, and geopolitical factors driving sanctions regimes present more intricate challenges for businesses compared to FCPA and anti-bribery compliance. Companies may face harsher penalties for enforcement of export controls and sanctions violations, including being shut out of the U.S. financial system, loss of access to critical technology, asset freezing, and strict liability monetary fines.
Wendy Wysong and Bliss Khaw's co-authored chapter underscores the need for businesses to understand the harsher nature of sanctions enforcement compared to FCPA violations, particularly for companies with significant European ties. It serves as a crucial guide for navigating the complex global sanctions landscape in 2024.
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