The Foreign Corrupt Practices Act: Criticisms and Calls for Reform

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Summary:

The Foreign Corrupt Practices Act (FCPA) has been the subject of praise and criticism since its enactment in 1977. Criticisms include the complexity and vagueness of the Act, disproportionate penalties for violating it, and the extraterritoriality of the law. The need for reform is highlighted, with proposals including clarifying definitions, scaling penalties, and considering international collaboration. A recent case study of the DEF Corp settlement adds to the debate, with critics arguing that the fine was too high. Overall, the FCPA serves an essential purpose in combating overseas corruption, but there are valid calls for reform to make it more effective.