Following the announced amendments to Canada’s Corruption of Foreign Public Officials Act (CFPOA), which we wrote about here, there are changes that will likely bring more scrutiny for Canadians and Canadian businesses abroad.
The most significant parts of the CFPOA amendments will likely be the “books and records” offence and the increased maximum penalty for individuals from 5 to 14 years imprisonment.
The combination of potential criminal liability for inaccurate or misleading financial reporting coupled with increased personal exposure will likely provoke greater awareness and attention to compliance from senior management, particularly CFOs, controllers and others responsible for financial reporting.
