Foreign Corrupt Practices Act
Definition of 'Foreign Corrupt Practices Act'
The FCPA applies to any person or company that is subject to the jurisdiction of the United States, including U.S. citizens, companies, and subsidiaries of U.S. companies. The FCPA also applies to foreign companies that are listed on U.S. stock exchanges or that have securities that are traded in the United States.
The FCPA prohibits the following activities:
* Bribing foreign government officials to obtain or retain business.
* Paying foreign officials to influence their official acts.
* Making false statements to U.S. government agencies about foreign corrupt practices.
The FCPA has a broad reach and can apply to a wide range of activities. For example, the FCPA could apply to a U.S. company that pays a foreign government official to obtain a contract to build a bridge in a foreign country. The FCPA could also apply to a foreign company that pays a U.S. government official to influence the outcome of a trade negotiation.
The FCPA is enforced by the U.S. Department of Justice and the Securities and Exchange Commission (SEC). The FCPA has been used to prosecute a number of companies and individuals for violations of the law. In recent years, the FCPA has been used to prosecute companies such as Siemens, Halliburton, and Pfizer.
The FCPA is an important law that helps to protect the integrity of the U.S. business environment. The FCPA sends a message that the United States will not tolerate corruption and that companies that engage in corrupt practices will be held accountable.
The FCPA has also been a model for other countries that have enacted anti-corruption laws. The FCPA has helped to raise awareness of the issue of corruption and has led to increased cooperation between countries in the fight against corruption.
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