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Wal-Mart's voluntary disclosure of a possible Foreign and Corrupt Practices Act is a nod to the government's incentivization for compliance, Buchanan Ingersoll & Rooney Litigation Shareholder Matthew J. Feeley told The New York Times in an article published December 9, 2011.

Read the full article.

“It’s expressly stated that [the SEC and Justice Department] will give credit for that voluntary disclosure,” he said. That "credit" can include "the government’s declining to take action, its asking the company to issue a press release or file a court report about the facts of the case, or its levying heavy fines and asking for a guilty plea," he explained.

The company's disclosure did not include bribery, but "whether certain matters, including permitting, licensing and inspections were in compliance" with the FCPA.

“Those are certainly red-flag areas for bribery in the F.C.P.A. context — anything that has governmental involvement is a risk area,” Feeley concluded.