The Foreign Corrupt Practices Act Made Simple
In 1977, Congress passed the Foreign Corrupt Practices Act, or FCPA, as a result of widespread corruption in foreign trade. It requires all U.S. businesses be forthright and honest in their international dealings. After all, bribes and kickbacks given to government officials are commonplace in many countries. These actions threaten market growth and limit the opportunities for more law-abiding business owners. This video-based training provides further information concerning the FCPA, its terms, and the possible ramifications for violating those terms.
The FCPA has two main components: anti-bribery and accounting. Under the law, it is illegal for businesses or individuals to order, offer, or assist another party in giving bribes or kickbacks to foreign government officials in order to gain a business advantage within a particular country. These bribes can come in many forms, and even promising something of value, regardless of whether it is actually given, is illegal. This course explains what constitutes a bribe, so employees know what to look out for. The FCPA also requires publicly traded companies keep truthful and accurate records, including filing with the Securities and Exchange Commission, in order to prevent possible corruption.
The reach of the FCPA covers those working in an official capacity for the government, as well as third party companies or individuals who assist businesses in a foreign country. Foreign companies in the U.S. may also be prosecuted. This course explains these distinctions, as well as the risks involved in dealing with certain parties. After all, the U.S. government rarely loses FCPA cases. Utilize the information presented in this training lesson and recognize both the legal and practical implications of dealing with foreign businesses under the FCPA.