What is the purpose of the 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 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.
What are the two main components of the Foreign Corrupt Practices Act FCPA?
This act had three major parts: (1) it required the keeping by corporations of accurate books, records, and accounts; (2) it required issuers registered with the Securities and Exchange Commission to maintain a responsible internal accounting control system; and (3) it prohibited bribery by American corporations of …
What is the US Foreign Corrupt Practices Act?
Under the Foreign Corrupt Practices Act (FCPA), it is unlawful for a U.S. person or company to offer, pay, or promise to pay money or anything of value to any foreign official for the purpose of obtaining or retaining business.
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.
What is the purpose of criminal law quizlet?
The primary purpose of criminal law is to help maintain social order and stability.
Which of the following is the making of threats for the purpose of obtaining money or property?
Attempting to obtain money or other valuables by means of a threat is extortion. Extortion occurs when someone attempts to obtain money or property by threatening to commit violence, accuse the victim of a crime, or reveal private or damaging information about the victim.
Who are whistleblowers quizlet?
What is Whistleblowing? Whistleblowing is “[t]he disclosure by a person, usually an employee in a government agency or private enterprise, to the public or to those in authority, of mismanagement, corruption, illegality, or some other wrongdoing.”
What was the purpose of the Foreign Corrupt Practices Act of 1977 was the act successful?
The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. §§ 78dd-1, et seq. (“FCPA”), was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business.
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 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.