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With the increasing globalization of our economy, companies are faced with new challenges as well as new opportunities. Part of this new environment is compliance with laws such as the Foreign Corrupt Practices Act, or FCPA, that regulate the way U.S. companies transact international business. Enacted in 1977, the FCPA was a response to government findings that hundreds of U.S. companies, including many of the Fortune 500, were using cash and "slush funds" to make questionable or illegal payments to foreign government officials, politicians and political parties. The purpose of the statute is to halt the bribery of foreign officials and restore public confidence in the integrity of the American business system.
Recent international initiatives, including the Inter-American Convention Against Corruption and the OECD's Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, have refocused the world's attention on anti-bribery issues. Major U.S. trading partners have now promised that they, too, will enact legislation similar to the FCPA. In fact, at least 21 signatories of the OECD convention have already done so. These international efforts to battle corruption mean that U.S. companies can compete on the merits with increasing certainty that they will not be undercut by a competitor's illicit payment to a foreign-government purchaser. They also mean that there is an increased emphasis on enforcement of anti-corruption legislation worldwide, and particularly of the FCPA within the U.S., making company compliance more important than ever.
This program explains the FCPA in simple, understandable terms. The topics covered in the program include: