The Foreign Corrupt Practices Act

...

The international movement to prevent these types of transactions seeks to choke the supply side of bribery. The first such treaty was the Organization for Economic Cooperation and Development’s Convention on Combating Bribery of Foreign Public officials in International Business Transactions (“OECD Convention”) in 1998. The countries that have adopted signed the OECD convention or similar anti-bribery legislation has showed that they will hold their companies to a higher standard of business practices and corporate governance. The success of the FCPA requires mutual administration throughout the world and a stronger defined approach for companies to adhere to. It will take a resolute effort from every level of private and public officials to have a permanent impact that on business and to promote business practice. In recent years, countries around the world have increasingly recognized that unchecked corruption damages the global marketplace and harms development efforts; accordingly, they have entered into treaties such as OECD and enacted legislation aimed at eliminating bribery and other forms of corruption. The past several years have witnessed a proliferation of international anti-bribery measures at all levels. As enforcement efforts increase worldwide, there has been more cooperation among governments as they target multi-national companies. (O’Melveny, 2009, p 2)

---------------------------------------------------------------

References

Foreign Corrupt Practices Act. (2017, February 01). Retrieved July 01, 2017, from https://www.sec.gov/spotlight/foreign-corrupt-practices-act.shtml

Harris, A. (2011, April 25). The Impact of the Foreign Corrupt Practices Act on American Business from 1977-2010. Retrieved July 01, 2017, from http://scholarship.claremont.edu/cgi/viewcontent.cgi?

Koehler, M. (2012). The Story of the Foreign Corrupt Practices Act. Ohio State Law Journal, 73:5, 929-1013. Retrieved July 1, 2017, from: http://moritzlaw.osu.edu/students/groups/oslj/files/2013/02/73.5.Koehler.pdf

O'Melveny. (2009). Foreign Corrupt Practices Act. Retrieved July 1, 2017.

McGraw, S. M., & Rufe, S. E. (2014, March 21). Advertisement. Retrieved July 01, 2017, from: http://apps.americanbar.org/litigation/committees/insurance/articles/janfeb2014 -foreign-corrupt-practices-act.html

The FCPA And Its Impact On International Business Transactions— Should Anything Be Done. To Minimize The Consequences Of The U.S.’S Unique Position On Combating Offshore Corruption? (2011). New York City Bar. Retrieved July 1, 2017, from http://www2.nycbar.org/pdf/report/uploads/FCPAImpactonInternationalBusinessTransactions.pdf

Smith, Gambrell & Russell, LLP. (2006, April). Retrieved July 01, 2017, from http://www.sgrlaw.com/ttl-articles/836/