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Topic: Foreign Corrupt Practices Act

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	Foreign Corrupt Practices Act - Wikipedia, the free encyclopedia
		The Foreign Corrupt Practices Act of 1977 (15 U.S.C. §§ 78dd-1, et seq.) is a United States federal law requiring any company that has publicly-traded stock to maintain records that accurately and fairly represent the company's transactions; additionally, requires any publicly-traded company to have an adequate system of internal accounting controls.
		The abuses ran the gamut from bribery of high foreign officials to secure some type of favorable action by a foreign government to so-called facilitating payments that allegedly were made to ensure that government functionaries discharged certain ministerial or clerical duties.
		The antibribery provisions of the FCPA make it unlawful for a U.S. person, and certain foreign issuers of securities, to make a payment to a foreign official for the purpose of obtaining or retaining business for or with, or directing business to, any person.
	en.wikipedia.org /wiki/Foreign_Corrupt_Practices_Act (527 words)

	DOJ-DOC Brochure (Site not responding. Last check: 2007-09-12)
		A foreign company or person is now subject to the FCPA if it causes, directly or through agents, an act in furtherance of the corrupt payment to take place within the territory of the United States.
		Corrupt intent-- The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person.
		The Attorney General or the SEC, as appropriate, may also bring a civil action to enjoin any act or practice of a firm whenever it appears that the firm (or an officer, director, employee, agent, or stockholder acting on behalf of the firm) is in violation (or about to be) of the antibribery provisions.
	www.usdoj.gov /criminal/fraud/fcpa/dojdocb.htm (2641 words)

	Foreign Corrupt Practices Act's Antibribery Provisions
		Corrupt intent -- The legislative history, expressly referring to domestic bribery law, states that "corruptly" was used in order to make clear that the payment must be intended to induce the recipient to misuse his official position in order wrongfully to direct business to the payor.
		The FCPA defines "foreign official" to mean any officer or employee of a foreign government or any department, agency, or instrumentality thereof, or any person acting in an official capacity for or on behalf of such government or department, agency, or instrumentality.
		The Court held that act of state doctrine was inapplicable because the charge was based upon the foreign official's unlawful motivation in awarding the contract, not an invalid act of the foreign sovereign.
	www.lectlaw.com /files/bur21.htm (5085 words)

	THE FOREIGN CORRUPT PRACTICES ACT’S CONSEQUENCES FOR U
		The FCPA has two main groups of provisions: The accounting provisions, which are contained in section 102 of the Act, and the anti-bribery provisions, which are embodied in section 103 and 104 of the Act (Codified at U.S.C. 78m(b)(2) (supp.
		Corruption should be understood within the context of the socioeconomic, political and cultural orientations of individual countries.
		Corrupt payments are made in both developed and developing nations They are also made in socialist and capitalist societies, but with more visible intensity in the latter which sometimes accepts bribery as a business strategy.
	www.afbis.com /analysis/corruption.htm (5126 words)

	Center for Corporate Policy: Corporate Crime and Abuse
		Foreign governments followed the U.S. government's early lead in cracking down on bribery in 1998, when the OECD Convention on Combating Bribery of Foreign Public Officials (loosely modeled on the FCPA) was signed.
		Responsibility for enforcement of the FCPA is divided between the Fraud Section of the Department of Justice's Criminal Division (which deals with criminal enforcement of the FCPA) and the SEC's Division of Enforcement (which deals with civil enforcement, particularly with the record-keeping and accounting provisions of the FCPA).
		Evidence of weak enforcement of the FCPA by the SEC and Department of Justice includes a March 2003, the Senate Finance Committee report which reveals the two agencies "failed to act" on "serious allegations" of bribery associated with an Enron power project in Guatemala raised by an IRS audit team.
	www.corporatepolicy.org /issues/FCPA.htm (1792 words)

	Foreign Corrupt Practices Act (Site not responding. Last check: 2007-09-12)
		By far the most important, and certainly the best known, reflection of this concern is the Foreign Corrupt Practices Act of 1977 (the FCPA or the Act), which imposes criminal penalties on American enterprises that bribe officials of foreign governments.
		Although these statutes have largely been eclipsed by the FCPA, at least insofar as they might apply to the bribery of foreign officials, they are part of the legal context within which the FCPA is enforced, and from which the FCPA arose.
		The FCPA originally was silent on the issue of the legal responsibility of an issuer for compliance by subsidiaries with the accounting requirements.
	www.abanet.org /genpractice/lawyer/spring97/johnson.html (750 words)

	CRS Report to Congress
		The Foreign Corrupt Practices Act of 1977 was enacted principally to prevent corporate bribery of foreign officials.
		The 1977 Act also prohibits the payment of money to any person by a business if the business knew or had reason to know that the payment was to be used to bribe a foreign official for his influence in obtaining or retaining business.
		Critics of the Act have argued for precise and specific guidelines to be enacted as to what is prohibited and what particular conduct is permitted, instead of the vague standards of the 1977 Act, and have argued for precise statutory language to effectuate Congress's original intent to allow "grease" payments.
	www.fas.org /irp/crs/Crsfcpa.htm (2207 words)

	The Foreign Corrupt Practices Act: Practicable Considerations for U.S. Corporations
		Subsection (a)(1) thereof makes it unlawful to give a bribe to a foreign official for the purposes of influencing a decision of such foreign official in her official capacity or inducing such foreign official to use her influence to affect a governmental decision in order to assist one in obtaining or retaining business.
		As is obvious from the previous section's citation of the operative provisions of the act and this writer's attempt to reduce the act to its component parts, the first challenge for the practitioner is to grasp the elements of the offense proscribed.
		From an FCPA perspective, the fact that an agent is prepared to engage in local fraud violations (and, in the process, involve its principal) does not provide the requisite comfort to the U.S. principal that the agent's written compliance representations are meaningful or that it will adhere to the agreement's strictures against bribery.
	www.mobar.org /journal/1999/janfeb/knoten.htm (2968 words)

	Article 4 What's in the Case? The Foreign Corrupt Practices Act
		However, the FCPA also establishes a much broader requirement for public companies to keep accurate records so that bribes may not be concealed or disguised in the corporate books.
		Companies convicted of FCPA violations can be fined up to $2 million, and individuals can be fined from $10,000 to $100,000 and sentenced to up to five years in prison.
		Foreign subsidiaries of US companies are not included in the direct provisions of the act, but the domestic parent that engages in bribery of foreign officials indirectly through foreign subsidiaries is liable.
	www.cpeonline.com /cpenew/articles/bribery.asp (593 words)

	Utah Bar Journal: A Guide to The Foreign Corrupt Practices Act
		Under the Act, a foreign official is anyone who acts in an official capacity for a foreign government and who exercises some discretionary authority.
		Also covered are payments to induce a foreign official to use his or her influence to, in turn, influence another foreign official.
		In the end, most companies know that successful foreign trade is not dependent on "questionable payments" to foreign officials, but rather on those things that have always mattered most in business relations - the quality of the goods, services, and expertise that companies offer their customers.
	www.utahbar.org /barjournal/archives/000353.html (2240 words)

	Ice Miller LLP: Publications
		The Act also allows facilitating or expediting payments (also known as "grease payments") the purpose of which is to expedite or to secure the performance of a routine governmental action.
		Congress's explanation for this exception to the general antibribery provisions of the Act is the fact that while grease payments are, technically, bribes, they are distinguishable from (and, apparently, less offensive than) bribes used to obtain or maintain business, since they merely facilitate performance of duties that the recipients are already obligated to perform.
		Caution is advisable whenever a foreign government official is concerned, because the Act makes it clear that a United States corporation cannot shield itself from liability under the Act by purposefully remaining ignorant of the actions of its agents and representatives.
	www.icemiller.com /publication_detail/id/45/index.aspx (1075 words)

	(P) Appendix A: Foreign Corrupt Practices Act - Antibribery Provisions
		The 1988 Trade Act directed the Attorney General to provide guidance concerning the Department of Justice's enforcement policy with respect to the Foreign Corrupt Practices Act of 1977 ("FCPA"), 15 U.S.C. §§ 78dd-1, et seq., to potential exporters and small businesses that are unable to obtain specialized counsel on issues related to the FCPA.
		The guidance is limited to responses to requests under the Department of Justice's Foreign Corrupt Practices Act Opinion Procedure (described below) and to general explanations of compliance responsibilities and potential liabilities under the FCPA.
		To avoid being liable for corrupt third party payments, U.S. companies are encouraged to exercise due diligence and to take all necessary precautions to ensure that they have formed a business relationship with reputable and qualified partners and representatives.
	www.state.gov /p/inl/rls/rpt/fgcrpt/2001/3159.htm (2515 words)

	Foreign Corrupt Practices Act
		The Foreign Corrupt Practices Act (FCPA) was enacted in 1977 and substantially revised in 1988.
		The anti-bribery provisions of the FCPA are enforced by the Department of Justice (DOJ).
		Not only were foreign competitors permitted to offer bribes to foreign government officials, they were also allowed to deduct these payments as business expenses on their income tax returns.
	library.findlaw.com /1997/Jan/1/126234.html (775 words)

	New England International and Comparative Law Annual - 1999 - The Foreign Corrupt Practices Act
		The amendments to the FCPA passed in 1988 as part of the Omnibus Trade Act were made primarily in response to harsh criticism, particularly regarding vagueness, by the business community.
		Other critics of the FCPA assert that the Act represents yet another example of American cultural or moral imperialism and fails to respect the different moral codes of other cultures in which bribery is more-or-less accepted as part of the practical realities of doing business.
		Pines notes that a survey of the FCPA litigation from December 1982 to January 1992 reported in the Foreign Corrupt Practices Act Reporter reveals this to be the case, (citing 2 Foreign Corrupt Pracs.
	www.nesl.edu /intljournal/vol5/caggiano.htm (4841 words)

	Foreign Corrupt Practices Act Compliance Policy (Site not responding. Last check: 2007-09-12)
		Notwithstanding the foregoing, expenditures for meals, entertainment and other normal social amenities with respect to foreign officials are permitted provided they are not be extravagant and otherwise conform to the laws and customs of the country in which the expenditures are incurred.
		While the FCPA and related laws do not prohibit legitimate business relationships with business enterprises owned or controlled by foreign officials, great care must be taken to avoid any association with any such enterprise in circumstances that might constitute an evasion of the FCPA.
		No person acting on behalf of Enterasys may enter into any transaction with agents, contractors, consultants, lawyers or other persons that is intended or designed to permit such persons to circumvent currency, tax or other laws of a foreign country.
	www.enterasys.com /corporate/governance/fcpa.html (1001 words)

	Foreign Corrupt Practices Act Antibribery Provisions
		The 1988 Trade Act directed the Attorney General to provide guidance concerning the Department of Justice's enforcement policy with respect to the Foreign Corrupt Practices Act of 1977 ("FCPA"), to potential exporters and small businesses that are unable to obtain specialized counsel on issues related to the FCPA.
		Individuals employed by or acting on behalf of such foreign-incorporated subsidiaries may, however, be subject to the antibribery provisions if they are persons within the definition of "domestic concern." In addition, U.S. nationals employed by foreign-incorporated subsidiaries are subject to the antibribery provisions of the FCPA.
		You should consider utilizing the Department of Justice's Foreign Corrupt Practices Act Opinion Procedure for particular questions as to the definition of a "foreign official", such as whether a member of a royal family, a member of a legislative body, or an offi- cial of a state-owned business enterprise would be considered a "foreign official."
	www.bisnis.doc.gov /bisnis/fcp1.htm (1979 words)

	Precision Drilling - Investor Relations - Corporate Governance - Foreign Corrupt Practices Act (Site not responding. Last check: 2007-09-12)
		The definition of a foreign public official is very broad and, in addition to the foregoing described individuals also includes a person who performs public duties or functions for a foreign government, as well as a person employed by a board, commission, corporation or other body or authority owned or controlled by a foreign government.
		The Acts also prohibit a payment to any person with the intention that all or a portion of that payment will be offered or given, directly or indirectly, to any such foreign public official for any such purpose.
		Violation of the Acts is a criminal offence, subjecting any officer, director, employee or agent acting on behalf of the Company who is involved with such illegal act to possible imprisonment and fines.
	www.precisiondrilling.com /Investor_Relations/Corporate_Governance/Foreign_Corrupt_Practices_Act (382 words)

	Foreign Corrupt Practices Act (FCPA) (Site not responding. Last check: 2007-09-12)
		When passed in 1977, the FCPA was characterized by the American Bar Association as the most extensive application of federal law to the regulation of business since the passage of the 1933 and 1934 securities acts.
		In fact, the FCPA is actually an amendment to the 1934 Securities Exchange Act and is generally administered by the Securities Exchange Commission.
		The prohibitions apply when the recipient is a foreign official, a foreign political party, a party official, a candidate for a foreign political office or any person who will transmit some or all of the payment or gift to an illegal recipient.
	www.smartagreements.com /bltopics/Bltopi33.html (595 words)

	US CODE: Title 15,78dd–2. Prohibited foreign trade practices by domestic concerns
		Subsections (a) and (i) of this section shall not apply to any facilitating or expediting payment to a foreign official, political party, or party official the purpose of which is to expedite or to secure the performance of a routine governmental action by a foreign official, political party, or party official.
		(4) The Attorney General shall, to the maximum extent practicable, provide timely guidance concerning the Department of Justice’s present enforcement policy with respect to the preceding provisions of this section to potential exporters and small businesses that are unable to obtain specialized counsel on issues pertaining to such provisions.
		Such guidance shall be limited to responses to requests under paragraph (1) concerning conformity of specified prospective conduct with the Department of Justice’s present enforcement policy regarding the preceding provisions of this section and general explanations of compliance responsibilities and of potential liabilities under the preceding provisions of this section.
	www.law.cornell.edu /uscode/15/78dd-2.html (1748 words)

	The Foreign Corrupt Practices Act: Competing and Complying in Foreign Markets
		An outgrowth of the Watergate era, the Foreign Corrupt Practices Act was principally adopted to prohibit the offer or payment of bribes to foreign officials to obtain or retain business.
		Deming was asked to return to the Department of Justice to serve as one of the special prosecutors in a highly sensitive and complex investigation involving many members of Congress of the United States and their use of the banking facility at the U.S. House of Representatives.
		He has repeatedly Co-Chaired the ABA's National Institutes on the Foreign Corrupt Practices Act; he was until recently the Co-Chair of the ABA's Task Force on International Standards for Corrupt Practices, and he is a member of the Board of Editorial Advisors to the Foreign Corrupt Practices Act Reporter.
	www.wtc-no.org /programs/2005/fcpa4-22.htm (823 words)

	Coudert Brothers LLP :: Practices (Site not responding. Last check: 2007-09-12)
		The FCPA was enacted in 1977 in the wake of reports that many U.S. businesses were making large payments to foreign officials to secure business.
		Although the FCPA has been somewhat controversial in the American business community, it is clear that it is here to stay.
		In some cases, a U.S. company may unknowingly subject itself to risks under the FCPA simply because the local employees of that company's overseas offices are unfamiliar with the FCPA, its requirements and ramifications for violating these requirements.
	www.coudert.com /practices?action=practicedetails&id=63 (886 words)

	Baker Hughes Foreign Corrupt Practices Act
		In general terms, the FCPA makes it a crime to pay or offer to pay anything of value, directly or indirectly, to any non-U.S. official, including employees of state-owned oil companies, non-U.S. political candidates or anyone acting on behalf of a public international organization.
		The Act also requires that all publicly-traded companies, which includes Baker Hughes, maintain a system of internal controls and books and records that accurately reflect every transaction.
		Therefore, any failure to comply with the FCPA creates exposure for the Company under the FCPA and, separately, under the Order.
	www.bakerhughes.com /investor/about/fcpa.htm (435 words)

	The Bribe Payers' Index
		Country Corruption - Nothing is Rotten in the State of Denmark Corruption survey labels Scandinavian country the world's...
		corrupt practices - corrupt practices, in politics, fraud connected with elections.
		Keeping bribery at bay: firms subject to the U.S. Foreign Corrupt Practices Act are legally bound to prevent illegal payments.
	www.infoplease.com /ipa/A0778797.html (290 words)

	[No title]
		Such circumstances include the relative degree of the issuer's ownership of the domestic or foreign firm and the laws and practices governing the business operations of the country in which such firm is located.
		Subsections (a) and (g) of this section shall not apply to any facilitating or expediting payment to a foreign official, political party, or party official the purpose of which is to expedite or to secure the performance of a routine governmental action by a foreign official, political party, or party official.
		(B) Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who violates subsection (a) or (g) of section 30A of this title shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission.
	usinfo.state.gov /usa/infousa/laws/majorlaw/fcpa.htm (4865 words)

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