Main purpose of fcpa

This course provides a comprehensive overview of the Foreign Corrupt Practices Act (FCPA), a U.S. federal law known primarily for two of its main provisions–accounting transparency and bribery of foreign officials. As institutions widen their global work and participate in international partnerships and payments, understanding the FCPA becomes especially important. The course provides learners with an introduction to the FCPA, understanding FCPA violations, and mitigation and monitoring best practices. Additionally, the course discusses significant overseas activities that can affect organizations, particularly universities and research organizations. It includes a digestible outline of the act, strategies to avoid violations, case studies, quizzes, and additional resources. Personnel at all levels of an institution, especially those directly or indirectly involved in international financial transactions or contracts on behalf of their organization, can benefit from this course. Additionally, individuals in administrative, leadership, general counsel, finance, and other operational departments may find the course helpful. This course was authored by Wendy Epley, MCc-RTC, ECoP-EAR & ITAR, Epley Consulting. It was peer-reviewed by experts. Language Availability: English Suggested Audiences: Administrators, Compliance Professionals, Faculty, Finance Professionals, General Counsel, Graduate Students, International Affairs Staff, Lawyers, Post-Doctoral Fellows, Research Adminis...

What's New • Our Purpose Exceptional organizations are led by a purpose. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. • Day in the Life: Our hybrid workplace model See how we connect, collaborate, and drive impact across various locations. • Deloitte Open Talent Find your next project—and the ones after that. Learn how Deloitte Open Talent centers the ongoing needs of contractors and highlights the best projects available across all our businesses. Within the current regulatory landscape, multinational companies can expect continued, if not intensifying, scrutiny of transactions and relationships by authorities seeking to thwart official bribery and level the commercial playing field. Strengthening basic FCPA controls and accelerating the use of automated monitoring tools and continuing efforts to prevent improper payments can help companies enhance their financial well-being, business reputation, and potential for growth and success—and show authorities and stakeholders that they are committed to doing business the right way. Finding the holy grail The compliance demands imposed on businesses by the US Foreign Corrupt Practices Act (FCPA) have evolved and expanded over the FCPA’s nearly 40-year existence, the change intensifying since the turn of the century. Enacted in 1977 in response to disclosures of widespread bribery of public officials by US companies and affiliates, the FCPA establishes ci...

The FCPA Accounting Provisions The FCPA Anti-Bribery Provisions The anti-bribery provisions of the FCPA prohibit a number of forms of bribery of foreign government officials. Far beyond direct cash payments, such bribery sanctions also include the prohibition of indirect payments through third parties and the offer, promise, or authorization of payment through cash or anything else of value in exchange for an unfair business advantage or in order to obtain or retain business opportunities. Because the scope of foreign bribery is so vast, the crackdown on such practices requires the cooperation of entities within the federal government and abroad. The responsibility of FCPA enforcement lies mostly with What Constitutes Bribery? There is no concrete value set on what constitutes a bribe; however, it is the intent behind a gift or payment that establishes the illegality of the action or transaction. While it is fully allowable for a business to award a gift to a foreign official as a token of gratitude or esteem, a gift that is given with the expectation that an unfair business advantage will be given in return makes such “gift” a bribe. A payment made with the sole intention of persuading a foreign official to use his or her influence or political power to gain business, retain business, or receive a business or financial advantage is a clear violation of the FCPA. When determining whether or not a gift or payment is legitimate and lawful, it is wise to consider what is know...

FCPA 101 Much of the content on FCPA Professor assumes a certain level of knowledge and understanding of the Foreign Corrupt Practices Act and its enforcement. However, not all readers of FCPA Professor are familiar with such issues. The below Q&A’s do not address every issue that may arise under the FCPA, but rather are designed to provide useful information to better understand the FCPA and its enforcement. Like other features of FCPA Professor, this FCPA 101 page is offered as a free public resource. If your knowledge and understanding of the FCPA and its enforcement have been elevated by the below Q&A’s, please consider supporting FCPA Professor through a A. The FCPA was enacted and signed into law by President Jimmy Carter in December 1977. In the mid-1970’s, Congress held numerous hearings in the aftermath of news and disclosures of questionable foreign corporate payments to a variety of recipients and for a variety of reasons. Congressional attention was focused on payments made by, among others, Lockheed Aircraft Corporation, Gulf Corporation, United Brands Company, Northrop Corporation, Ashland Oil, and Exxon Corporation. Each of these instances involved allegations or admissions of payments directly or indirectly to traditional foreign government officials or foreign political parties in connection with a business purpose. Congress soon discovered that such payments were not directly prohibited under U.S. law, even if certain existing laws – such as tax and secur...