BENTONVILLE, Ark. (AP) - Wal-Mart has opened an internal investigation to determine whether its overseas operations have complied with U.S. federal law as it pertains to permitting, licensing and inspections.
The Bentonville, Ark., retailer offered few details about the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission.
The company said that it opened the investigation after reviewing policies, procedures and internal controls tied to its global anti-corruption program. It said that it is taking "appropriate remedial measures."
"We are taking a deep look at our policies and procedures in every country in which we operate," said Wal-Mart spokesman Dave Tovar in an email.
All companies doing business overseas must comply with the U.S. Foreign Corrupt Practices Act, which broadly deals with bribery and accounting rules.
Wal-Mart Stores Inc. has hired outside lawyers and other advisers and has notified the U.S. Department of Justice and Securities and Exchange Commission.
The issue will not have a material impact on business, the company said.