Foreign Corrupt Practices Act

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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 ?
With over 15 years of experience investigating FCPA matters, Mr.
Sweden-based telecommunications provider Telia Company AB, which agreed to pay $965 million in a global settlement, along with the DOJ and Dutch and Swedish law enforcement, to resolve FCPA charges to win business in Uzbekistan;
FCPA enforcement has been -- and remains -- a top enforcement priority for the SEC and the U.
Small and medium sized companies and/or their owners are under heightened scrutiny for FCPA compliance.
A system of internal controls or an appropriate FCPA compliance program reasonably designed to address the risks of its new business model including checklists.
An adoption of FCPA anti-bribery provisions in all third-party contracts.
Teleco) (Esquenazi, 2014), which was a FCPA violation.
The goal of The Foreign Corrupt Practices Act in a New Era is to provide readers with what Koehler terms a pair of "FCPA Goggles"--a foundational understanding of the FCPA and a toolkit for risk assessment and compliance.
8) The Esquenazi case is therefore emblematic of several problems that have haunted FCPA enforcement in the last decade.