The Foreign Corrupt Practices Act (FCPA) – created in 1977- remains a law binding United States Federal document today that is known for its two main provisions. Initially, the FCPA addresses accounting transparency requirements under the Securities Exchange Act of 1934 and the other aspect of FCPA concerns the Bribery Act.
The anti- bribery act aspect of the FCPA prohibits issuers, domestic concerns, and any other persons from making use of the interstate commerce in a corrupt manner, in furtherance of an offer of payment (or bribe) of anything of value to a foreign body; in particular a political party, or candidate for government office, for the purposes of swaying any act of that foreign official in direct violation, or to secure any unfair, unlawful advantage in order to obtain further business.
The anti-bribery provisions of the FCPA make it wrongful for any US citizen to make payment to an official residing abroad for the purpose of either retaining or creating business. Since 1998, the FCPA also applies to foreign corporations who take receipt of such corrupt payment. The FCPA also requires companies whose assets are held in the US, to meet its accounting provisions and they must operate in tandem with the anti- bribery aspects of the FCPA documentation itself.
An increasing number of nationwide companies are taking additional steps in protecting their reputations by always adhering to the FCPA and Bribery Act by using FCPA risk assessing specialists who undertake in-depth reports that focus on both the customer and the country to ascertain a level of ‘risk’ with methods of reducing their openness to potential unlawful activity in their given sector.
If you are one of the people who feel like a fish out of water when contending with the FCPA and the Bribery act, visit www.garancie.com where you can get all the advice and guidance you will ever need from a team of dedicated professionals.
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