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.
Please note that this publication presents an overview of notable legal trends and related updates. It is intended for informational purposes and not as a replacement for detailed legal advice. If you need guidance tailored to your specific circumstances, please contact one of the authors to explore how we can help you navigate your legal needs.
For permission to republish this or any other publication, contact Amrita Kochhar at kochhara@bennettjones.com.
Bennett Jones