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 ?
In this CLE webinar, the Knowledge Group has assembled a panel of key thought leaders to provide the audience with an in-depth analysis of Successor Liability under Foreign Corrupt Practices Act.
In 2009, the Department of Justice set a record for numbers indicted and tried for Foreign Corrupt Practices Act violations, yet the enforcement momentum in 2010 has actually escalated.
Another article, from William Olsen at Grant Thornton, looks at the Foreign Corrupt Practices Act (FCPA) and its place in corporate risk management.
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.
The ALI-ABA (Philadelphia, PA) is releasing "The Corporate Compliance Series," a set of video webcast programs that examine preventive strategies for specific areas of legal risk (such as the Foreign Corrupt Practices Act, Antitrust, and Government Contracting) using the compliance and ethics program elements set forth by the Organizational Sentencing Guidelines.
Among the many changes in the legal and business landscape following the Enron scandal and the Sarbanes-Oxley Act of 2002 has been a dramatic increase in the pace and ferocity of enforcement of the Foreign Corrupt Practices Act (FCPA), which prohibits improper payments to influence foreign officials who have the power to affect a company's business.
Under the Foreign Corrupt Practices Act, multinational companies have had programs for more than 30 years enabling employees to report cases of illegal payments.
InVision may have violated the Foreign Corrupt Practices Act.
pled guilty in July to criminal violations of the Foreign Corrupt Practices Act.
Lucent Technologies Inc yesterday revealed that four top executives at its China unit had been "separated" from the company after it had uncovered activities that could potentially violate the US' Foreign Corrupt Practices Act.
Totaling about $500,000, the payments were in direct violation of the Foreign Corrupt Practices Act.
law, the Foreign Corrupt Practices Act (FCPA), enacted in 1977, also contributed to the drive to ensure that foreign offices toed the line.

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