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What are the FCPA requirements?

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What are the FCPA requirements?

In order to constitute an FCPA violation, a payment must be intended to cause an official to take an action or make a decision that would benefit the payor’s business interest. Note that the business to be “obtain[ed] or retain[ed]” by the corrupt payment need not be with the government or a government-owned entity.

What is FCPA compliance?

The Foreign Corrupt Practices Act (“FCPA”) prohibits companies from bribing foreign officials in an effort to obtain or retain business, and it requires that companies maintain adequate books, records, and internal controls to prevent unlawful payments.

How do you comply with the FCPA?

Top 5 tips

  1. Ascertain and formally determine your level of FCPA risk.
  2. Create and maintain an FCPA compliance policy.
  3. Create an FCPA-based compliance team.
  4. Ascertain the anti-corruption/bribery legislation in other countries.
  5. Implement and maintain an adequate set of internal audit controls.

What are the two components of FCPA?

FCPA has two components, anti-bribery provisions and maintaining accurate books, records, and internal controls so bribes cannot be hidden.

What are some examples of Foreign Corrupt Practices Act violations?

Here are the four most common violations of the Foreign Corrupt Practices Act.

  1. You bribed a foreign business to secure a business contract.
  2. You bribed a doctor for endorsement.
  3. You bribed a foreign politician or official to increase business.
  4. Your company’s bookkeeping is questionable.

What is the FCPA and what does it prohibit?

The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business.

What is considered a bribe under FCPA?

Bribery. According to FCPA Section 30A(a), it is prohibited for an issuer to make a corrupt “offer, payment, promise to pay, or authorization of the payment of any money, or offer, gift, promise to give, or authorization of the giving of anything of value” to a foreign official.

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