What is the primary purpose of the Foreign Corrupt Practices Act?

What is the purpose of Foreign Corrupt Practices Act?

The FCPA has two primary provisions: (1) an anti-bribery provision which makes it unlawful for a U.S. company or citizen, and certain foreign issuers of securities, to make a corrupt payment to a foreign official for the purpose of obtaining or retaining business and (2) an accounting provision which requires companies …

What was the primary purpose of the Foreign Corrupt Practices Act of 1977?

The primary purpose of the FCPA is to prohibit the payment of bribes, in any form, to foreign officials in order to secure or retain business.

What is the purpose of the Foreign Corrupt Practices Act quizlet?

A US law passed in 1977, which prohibits US firms and individuals from paying bribes to foreign officials in light of a business deal. There is no minimum for punishment of a bribery payment. You just studied 8 terms!

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What was the primary purpose of the FCPA quizlet?

The primary purpose of this Act was to prevent the bribery of foreign officials in order to obtain business.

Who does the US Foreign Corrupt Practices Act apply to?

Who Is Covered by the FCPA? The FCPA applies to two broad categories of persons: those with formal ties to the United States and those who take action in furtherance of a violation while in the United States. U.S. “issuers” and “domestic concerns” must obey the FCPA, even when acting outside the country.

Which of the following best describes an important provision of the US Foreign Corrupt Practices Act?

Which of the following best describes an important provision of the U.S. Foreign Corrupt Practices Act? The internal accounting controls should be examined, and if material weaknesses are found, controls must be strengthened.

What does the Foreign Corrupt Practices Act have to do with accounting quizlet?

What law prohibits U.S. companies from paying bribes to foreign officials for the purpose of obtaining or retaining business? Foreign Corrupt Practices Act. … Illegal payments to foreign officials to assist in obtaining business. Transparency of accounting records reflecting all transactions.

Why was the Foreign Corrupt Practices Act criticized?

Passed in 1977, the Foreign Corrupt Practices Act (FCPA) was a rarity and was roundly criticized as creating an unfair playing field for US companies. … Technically the FCPA applies only to bribes paid (or offered) to foreign government officials to obtain or retain business, or develop an unfair competitive advantage.

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What is the purpose of DOJ opinion?

The DOJ Opinion process allows parties to submit information related to “specified, prospective – not hypothetical – conduct” and receive an opinion from the DOJ regarding whether the proposed conduct would be prosecuted under the FCPA.

What is the essence of the 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.

What is the main provision of the FCPA quizlet?

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.

Which is true for the Foreign Corrupt Practices Act?

Which of the following is true of the Foreign Corrupt Practices Act of 1977? It is designed to stop bribery of foreign officials by American citizens. Intermediaries, under the FCPA, are: prohibited from making payments that can go to a foreign official.