India's Anti-Corruption Amendment and Other Anti-Corruption Developments in India

Description

In 2018, India's legislative body amended the Prevention of Corruption Act 1988 (PCA), the country's principal legislation for fighting bribery and corruption involving public officials. The amendment has significant implications for multinational corporations doing business in India, as it creates a substantive offence for bribery by companies using an obtain/retain business test and also establishes as a defence an effective compliance program. The amendment brings into its fold payment of bribes using third parties, while also holding key managerial personnel and others responsible for the affairs of the company liable in case the offence of bribery occurred with their consent or connivance.

New disclosure obligations established under the Companies Auditor's Report Order 2020 took effect in 2020 that impact how companies respond to whistleblower reports and conduct internal investigations.

Meanwhile, the U.S. Department of Justice and Securities Exchange Commission, and other foreign authorities, continue their robust enforcement of the Foreign Corrupt Practices Act and other anti-corruption laws relating to conduct in India.

Multinationals are now in the crosshairs of the PCA, the FCPA, the UK Bribery Act, and other similar laws. Despite the opportunity to mitigate exposure, multinationals face uncertainty regarding enforcement and how prosecutors will evaluate compliance programs. It is critical that companies and their counsel put in place policies, procedures, and compliance programs to minimize the legal risks of violating these anti-corruption laws.

Listen as the panel discusses India's anti-corruption law and amendment and other relevant laws. The panel will examine the implications for multinationals doing business in India. The panel will also discuss how the new law will be enforced and offer best practices for complying with the new law.