Foreign Corrupt Practices Act

(redirected from Foreign Corrupt Practices Act of 1977)

Foreign Corrupt Practices Act

An amendment to the Securities Exchange Act created to prohibit bribery of foreign officials by publicly held US companies.

Foreign Corrupt Practices Act

Legislation in the United States, passed in 1977, that banned U.S. corporations and others from bribing foreign officials in order to secure better business conditions. Prior to the passage of this Act, many American companies made unethical payments to high government officials in other countries to secure a contract or perhaps a legal change that would make it easier for an American company to conduct business in the foreign country. The Act also increased transparency requirements for some security issuers. It was amended by the International Anti-Bribery Act of 1998.

Foreign Corrupt Practices Act

A 1977 amendment to the Securities Exchange Act that sets penalties for those engaging in bribery of foreign government officials or foreign personnel and that requires adequate records and internal controls in all publicly held companies.
References in periodicals archive ?
For example, the Foreign Corrupt Practices Act of 1977, while primarily directed at preventing bribery, also requires that company assets, including business records, be maintained and protected.
Maintenance of a system of internal accounting controls that meets requirements such as those established by the Foreign Corrupt Practices Act of 1977.
The United States further alleged that these payments, well in excess of allowable expenses under Federal Travel Regulations, were, in effect, unrestricted payments of cash and other things of value to the Chairman, an official of a foreign government, in violation of the Foreign Corrupt Practices Act of 1977.
See generally The Accounting Provisions of the Foreign Corrupt Practices Act: An Analysis, Foreign Corrupt Practices Act of 1977 Release No.
Under the Foreign Corrupt Practices Act of 1977, the United States Department of Justice and the Securities and Exchange Commission are investigating and prosecuting alleged bribery and corruption overseas by US pharmaceutical and medical device companies.
is facing an investigation in the United States under the Foreign Corrupt Practices Act of 1977.
THE Foreign Corrupt Practices Act of 1977 (FCPA) is no longer a seldom used and little known statute.
Officials Under the Foreign Corrupt Practices Act of 1977, in THE
Continuing a trend that started late in the last decade, the Securities and Exchange Commission this year continues to raise the bar on the enforcement of the Foreign Corrupt Practices Act of 1977.
Among the criminal allegations handed down in the 94-page indictment from the Justice Department are charges that Jefferson violated the Foreign Corrupt Practices Act of 1977, committed wire fraud, solicited bribes, and laundered money.
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.
No deduction shall be allowed under subsection (a) for any payment made, directly or indirectly, to an official or employee of any government, or any agency or instrumentality of any government, if the payment constitutes an illegal bribe or kickback or, if the payment is to an official or employee of a foreign government, the payment is unlawful under the Foreign Corrupt Practices Act of 1977.

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