In the United States, the Foreign Corrupt Practices Act was passed during the 1970s following revelations that

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21-07-2022
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In the United States, the Foreign Corrupt Practices Act was passed during the 1970s following revelations that

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Tutorconsortium323 Tutorconsortium323 · Answer 1 · 2022-07-29T04:31:53+02:00

In the United States, the Foreign Corrupt Practices Act was passed during the 1970s following revelations that U.S companies had bribed government officials in foreign countries in an attempt to win lucrative contracts.

What is Foreign Corrupt Practices Act?

The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business. The FCPA can apply to prohibited conduct anywhere in the world and extends to publicly traded companies and their officers, directors, employees, stockholders, and agents. Agents can include third party agents, consultants, distributors, joint-venture partners, and others.

Its purpose was to prohibit US individuals and firms from paying bribes to foreign officials to get lucrative contracts. The law doesn't sets any limit on the bribery payment for punishment. It applies to the actions of US nationals that occur worldwide and to prevent abuse of power and corruption. The FCPA supervises the actions of directors, shareholders and officers of publicly traded companies.

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