Foreign Corrupt Practices

Foreign Corrupt Practices

The Foreign Corrupt Practices Act (FCPA) was enacted in 1977 to prohibit American businesses from paying bribes to foreign political figures and government officials for the purpose of obtaining business. The department of Justice is responsible for the enforcement of foreign and domestic companies, while the SEC is responsible for civil enforcement.  Companies are required to keep books that reflect their transactions made and maintain internal accounting controls.

In 2013 the SEC has issued $468 Million in fines for violations with the Foreign Corrupt Practices Act (FCPA) to date. Moving into 2014 enforcement of the FCPA will continue to be a high priority area for the SEC.

Source Intelligence can help you understand some of the key points surrounding this issue and what it means for consumers and companies in the United States.

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Content from this campaign

Forced Labor In Turkmenistan Cotton Harvest
Much like the highly publicized cotton harvest in Uzbekistan, thousands of citizens in Turkmenistan are forced into the cotton fields each autumn against their will.  Forced labor is still widely practiced throughout the country, with tens of thousands of Turkmen, many public sector employees, required to enter the fields during the harvest....
Jan 23, 2014 10:10 AM ET
Uzbekistan Cotton: Protect Your Brand
In the pit of Central Asia one of the largest exporters of cotton Uzbekistan, is responsible for grave Human Rights abuses and the enforcement of child labor. During cotton season the country recruits over a million civilians to work in the fields without compensation....
Jan 5, 2014 10:05 AM ET
Patriotic Service or Forced Labor
The Uzbekistan government calls it a patriotic service, comparing it to volunteering for the National Guard, but it is more like forced labor. Every fall, when the cotton harvest comes in, the government drafts about a million doctors, teachers, engineers and bureaucrats, to take to the fields to gather some 120 pounds of raw cotton daily.  Those who don’t comply to...
Dec 18, 2013 4:45 PM ET
Source Intelligence Unveils New Platform to support Foreign Corrupt Practices Compliance
In 2013 the SEC has issued $468 Million in fines for violations with the Foreign Corrupt Practices Act (FCPA) to date.  Moving into 2014 enforcement of the FCPA will continue to be a high priority area for the SEC.  This financial wake up call which comes on the heels of Wal-Mart’s high profile Mexican bribery case has the worlds most recognized multi-billion...
Nov 20, 2013 2:45 PM ET

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