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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