Definitions for "Foreign Corrupt Practices Act" Add To Word List
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U.S. law, enacted 1977, that prohibits U.S. firms from bribing foreign officials to obtain or retain business. The law permits, however, facilitating payments.
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Legislation that prohibits US firms from making payments to foreign officials in order to influence their actions or to assist the firm in obtaining business.
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In general, FCPA prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business.
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An amendment to the Securities Exchange Act created to sanction bribery of foreign officials by publicly held US companies.
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Provisions of the 1934 Act dealing with a company's requirements to (1) keep reasonably detailed accounting records and (2) devise and maintain appropriate internal accounting control systems. The FCPA also prohibits certain payments by a company or its representatives to foreign official, political parties, or candidates.
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Legislation requiring any company that has publicly-traded stock to maintain records that accurately and fairly represent the company's transactions; additionally, requires any publicly-traded company to have an adequate system of internal accounting controls.
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