Discuss the Main Provisions of the Foreign Corrupt Practices Act

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The Answer is The Foreign Corrupt Practices Act (FCPA)makes it both a civil and a criminal offense to bribe an official of a foreign government or ministry,or a member of a foreign political party or candidate for office.For violations of the law's bribery provisions,companies can be fined up to $2 million and up to twice the pecuniary gain they derived.They can also be prohibited from bidding on government contracts.Individuals can receive up to a $100,000 fine and five years in prison,although application of federal sentencing guidelines has resulted in higher penalties.Bribes paid by managers of one corporation to managers of another are legal under the FCPA,although they violate fraud statutes in almost every nation.In addition,the FCPA requires companies and subsidiaries they control to keep accurate records of transactions and to use accounting controls for detecting corrupt entries.Corporations that violate these accounting provisions can be fined up to $25 million.Individuals can be fined up to $5 million and imprisoned up to 20 years.The FCPA contains an exception for facilitating payments intended only to expedite "routine governmental action."

Discuss the Main Provisions of the Foreign Corrupt Practices Act

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Discuss the Main Provisions of the Foreign Corrupt Practices Act

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Correct Answer:
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