Bloomberg Law
Dec. 8, 2020, 11:31 AM

Vitol Settlement Previews CFTC’s Foreign Corruption Crackdown

Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

The U.S. derivative regulator’s settlement with oil trader Vitol Inc.'s U.S. unit portends more of its foreign bribery enforcement actions coming under the Biden administration.

The Commodity Futures Trading Commission partook in the U.S. government and Brazilian authorities’ more than $160 million settlement over claims that Vitol and its affiliates bribed foreign officials. It marks the CFTC’s first foreign bribery enforcement action.

The CFTC’s involvement is noteworthy because the agency doesn’t have the authority to enforce the main U.S. anti-bribery law, the Foreign Corrupt Practices Act. The agency announced in March 2019 that it will use the Commodities Exchange Act ...

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