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Foreign Corrupt Practices Act |
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Foreign Corrupt Practices Act An amendment to the Securities Exchange Act created to sanction bribery of foreign officials by publicly held US companies.
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In particular, significant risks exist when companies neglect to monitor for violations of the Foreign Corrupt Practices Act (FCPA). In May 2004, Schnitzer's compliance department reportedly uncovered the improper payments and began investigating the potential violations of the Foreign Corrupt Practices Act of 1977. Totaling about $500,000, the payments were in direct violation of the Foreign Corrupt Practices Act. |
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