Navigating the Complexities of the Foreign Corrupt Practices Act – A Business Perspective

Summary:

The U.S. Foreign Corrupt Practices Act (FCPA) of 1977 is a crucial legislation that requires businesses with international operations to perform due diligence and implement internal controls to detect and deter corrupt behavior. Companies found in violation of the FCPA face significant legal repercussions, including fines, legal fees, and even imprisonment for individuals involved. The operational impact of the FCPA includes the need for risk assessment, upgrading accounting software, training staff, and possibly hiring compliance officers.