The 'TCA': Colombia's New Foreign Bribery Law
In this article, Matteson Ellis and Alice Hsieh discuss Colombia's recently enacted Transnational Corruption Act (TCA), the country's first foreign bribery law -- which applies to Colombian companies and Colombian subsidiaries of non-Colombian companies. The authors discuss critical components of the law that companies and their employees should consider when conducting business internationally. "The law helps Colombia meet its commitments under the OECD Anti-Bribery Convention. It bolsters the country's enforcement regime and creates corporate liability and individual liability for bribes paid within and outside Colombia," the authors said. "[The law] establishes explicit credit for companies with adequate anti-corruption compliance programs in place in calculating penalties for both domestic and foreign bribery violations."
This article also appeared in Corporate Compliance Insights on April 28, 2016.