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Foreign Corrup Practices Act

In: Business and Management

Submitted By Idk2013
Words 3049
Pages 13
This Foreign Corrupt Practices Act was established in 1977. This act is a United States federal law; it is widely known primarily for two of its main requirements. The first one called Trade Act, addresses accounting transparency requirements that were under the Act of Securities Exchange of 1934. The other one concerns bribery of foreign officials. The Trade Act intended for the Attorney General to give guidance concerning the branch of justice's enforcement guidelines with respect to the Act to possible exporters and small businesses that are not able to obtain specialized counsel on facts related to the foreign corrupt practices. The United States of American firms in search of doing business in foreign markets must be conversant with the Foreign Corrupt Process Act since it tackles corrupt paying of money to foreign officials for the principle of obtaining or keeping business. Adding up, other statutes such as, the wire fraud and mail statutes accept the federal prosecution of infringement of state commercial bribery statutes.
As a result of Security and Exchange Commission investigations in the early 1970's, over 300 United States of American companies accepted doing doubtful or unlawful paying in excess of millions of United States dollars to foreign government officials, political parties, and politicians. The abuse ran the scale from buying-off the high foreign officials to make safe some type of favorable action by a foreign government to what they called facilitating payments that were made to make sure that government functions discharged certain clerical duties. This Act was to bring to a stop the bribery...

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