The Foreign Corrupt Practices Act of 1977 – An In-Depth Overview

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Summary:

The Foreign Corrupt Practices Act (FCPA) of 1977 is a US federal law aimed at preventing corrupt practices by companies and individuals abroad. The law prohibits bribery of foreign officials, mandates accurate financial records, and empowers agencies to enforce compliance. The FCPA has evolved to address criticisms, including its extraterritorial reach and compliance costs. Despite these limitations, the law remains crucial in promoting ethical business practices and fair competition globally.