3M Discloses Internal Investigation Into Potential FCPA Violation In China

(RTTNews) - 3M Co. (MMM) disclosed an "internal investigation" into potential violations of the U.S. Foreign Corrupt Practices Act.

"The company, through its internal processes, discovered certain travel activities and related funding and record keeping issues raising concerns, arising from marketing efforts by certain business groups based in China," 3M said in its filing with the U.S. Securities and Exchange Commission.

The company said it has retained outside counsel and a forensic accounting firm to help with the investigation. The company said it disclosed the investigation on July 23 to the U.S. Department of Justice and the SEC.