Originally published on 9 March 2023. Kept as written; the law it describes may have moved since.
Today the Securities and Exchange Commission announced it charged global mining and metals company, Rio Tinto plc, for violating the Foreign Corrupt Practices Act. The investigation unearthed a bribery scheme in which a consultant hired to act as Rio Tinto’s agent, attempted to make an improper payment of at least $822,000 to a Guinean government official.
This was in effort to aid Rio Tinto to retain its mining rights. The payments were not accurately reflected in Rio Tinto’s books and records, and the company did not have internal controls to prevent misconduct.
Rio Tinto agreed to pay $15 million to settle the charges.