India's Anti-Corruption Amendment and Other Anti-Corruption Developments in India: Implications for Multinationals

Description

In late July 2018, India’s legislative body amended the Prevention of Corruption Act 1988 (PCA), which is the country’s chief legislation for fighting bribery and corruption involving public officials. The amendment has significant implications for multinational corporations doing business in India.

The amended PCA creates a separate offense for giving or offering an undue advantage to another person to induce or reward a public servant for performing a public function improperly. The government worker does not have to accept or act. Under the amendment, companies and individuals can be liable for the conduct of third parties working on their behalf. Further, the amended PCA limits immunity to the payers of bribes.

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.