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Essay about The Foreign Corrupt Practices Act

Assignment id 1005475
Discipline Arts Entertainment
Assignment type Essay
Words 1958
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The Foreign Corrupt Practices Act, or FCPA, is an act that was put in to place in 1977 to control the dealings US persons or entities could have with overseas officials. The act make it illegal for any US celebration to pay, whether it's directly or indirectly, together with cash or anything else of value, to a foreign official in exchange for getting or retaining a company (FCPA Enforcement). Along with this, any company that trades securities in the united states must file periodic report to the Securities and Exchange Commission to get record of any business transactions in order to maintain effective internal controls (Department of Justice). In america, most contracts are formed privately allowing entities to control their company effectively preventing the issue the FCPA tries to resolve. No party is going to have a bribe that is not in their own benefit and most of entities do not have authority over the contracts of others to be able to take any control. In a number of other countries, however, it's fairly the contrary. It's the government that controls the contracts for major building and manufacturing. Because of this, several entities in these states will probably pay or bribe officials to be able to find business contracts in their own favor. Since this type of policy also applies to foreign entities doing business in these countries, many US businesses would follow this practice although in the US this was not the standard (Miller & Hollowell, 2011, p. 22). For this reason the FCPA has been created. It enabled the US to keep things from using foreign business as a way to pay their way into beneficial contracts that they could not in the US. It also prevents overseas entities from having this edge if doing business in the united states. The r.. .

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