What was the FCPA amended in 1988?
Since its passage, the FCPA has been subject to controversy and criticism, namely whether its enforcement discourages U.S. companies from investing abroad. The Act was subsequently amended in 1988 to raise the standard of proof for a finding of bribery.
What are the main features of the 1977 Foreign Corrupt Practices Act FCPA )?
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.
Why was the Foreign Corrupt Practices Act of 1977 enacted?
The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. (“FCPA”), was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business.
When was the FCPA last amended?
1998
In 1998, the FCPA was amended once again to implement the requirements of the Anti-Bribery Convention.
Who is legally responsible under the FCPA for a bribe?
[2] Accordingly, U.S. corporations and nationals can be held liable for bribes paid to foreign officials even if no actions or decisions take place within the United States.
What are the two main provisions of the Foreign corrupt Practices Act?
The FCPA has two primary provisions: (1) an anti-bribery provision which makes it unlawful for a U.S. company or citizen, and certain foreign issuers of securities, to make a corrupt payment to a foreign official for the purpose of obtaining or retaining business and (2) an accounting provision which requires companies …
What are the two main provisions of the Foreign Corrupt Practices Act?
Who does the US Foreign Corrupt Practices Act apply to?
Who Is Covered by the FCPA? The FCPA applies to two broad categories of persons: those with formal ties to the United States and those who take action in furtherance of a violation while in the United States. U.S. “issuers” and “domestic concerns” must obey the FCPA, even when acting outside the country.
What led to FCPA?
The statute was enacted in the wake of the “Watergate” scandal in the United States, which led to the resignation of President Richard Nixon in 1974 and resulted in a dramatic plunge in Americans’ overall trust in government.