Main provisions of the foreign corrupt practices act

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(AGREE OR DISAGREE)

It is an Act which was signed into United States law in 1977.The main purpose of it was to end the bribery of foreign officials by American businesses. The act was amended in 1998 by the International Anti-Bribery Act of 1998 which was designed to implement the anti-bribery conventions of the Organization for Economic Co-operation and Development. The U.S. Foreign Corrupt Practices Act prohibits companies from giving large gifts to foreign government officials in order to win business favors over which that foreign official has authority. It relates to corporate social responsibility in big way as with the implementation of this act it will ensure that no wrong projects are passed which are not good for the society. All this will create more responsible and accountable behavior among all the companies which is benefits for the society. the business people who offered or accepted bribes they will be punished with help of law. it helps to protect the law and order in the nation, and helps to stop corruption.

The main provisions of the Foreign Corrupt Practices Act:

The foreign corrupt practices act has two main provisions, the first of which is the anti-bribery provision, which makes it unlawful for a U.S person or company to make a payment to a foreign official for the purpose of retaining business. This provision also prohibits foreign firms and individuals acting within the United States from bribing or seeking an advantage from a public official of another country.

The second provision is the accounting provision which requires organizations listed in the United States to address their accounting transparency requirements by keeping books and records that accurately reflect the transactions of the organization and maintaining an adequate system of internal accounting controls.

Reference no: EM131275689

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