Foreign Corrupt Practices

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Foreign Corrupt Practices

The Foreign Corrupt Practices Act (FCPA) was enacted in 1977 to prohibit American businesses from paying bribes to foreign political figures and government officials for the purpose of obtaining business. The department of Justice is responsible for the enforcement of foreign and domestic companies, while the SEC is responsible for civil enforcement.  Companies are required to keep books that reflect their transactions made and maintain internal accounting controls.

In 2013 the SEC has issued $468 Million in fines for violations with the Foreign Corrupt Practices Act (FCPA) to date. Moving into 2014 enforcement of the FCPA will continue to be a high priority area for the SEC.

Source Intelligence can help you understand some of the key points surrounding this issue and what it means for consumers and companies in the United States.

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Foreign Corrupt Practices Act: Important Details
In 2013 the SEC has issued $468 Million in fines for violations with the Foreign Corrupt Practices Act (FCPA) to date.  Moving into 2014 enforcement of the FCPA will continue to be a high priority area for the SEC.  This financial wake up call which comes on the heels of Wal-Mart’s high profile Mexican bribery case has the...
Mar 1, 2014 5:00 AM ET
Foreign Corrupt Practices: U.S. Industry Supply Chains
Foreign corrupt practices are becoming a loud issue in the spectrum of industry supply chain transparancy. In recent headlines Wal-mart has issued a hefty finincial projection for the following fiscal year regarding FCPA costs by an estimated 200 million. The retail tycoon reportedly spent 157 million in 2012 on expenses for federal compliance. Wal-mart is not the only large retailer...
Feb 26, 2014 6:00 AM ET
Uzbek Cotton: Protect Your Brand
In the pit of Central Asia one of the largest exporters of cotton Uzbekistan, is responsible for grave Human Rights abuses and the enforcement of child labor. During cotton season the country recruits over a million civilians to work in the fields without compensation. Schools are shut down and children along with working professionals are faced with torture and arrest if they refuse to pick...
Feb 20, 2014 2:00 PM ET
Human Rights Abuses Drive Turkmenistan Cotton
Much like the highly publicized cotton harvest in Uzbekistan, thousands of citizens in Turkmenistan are forced into the cotton fields each autumn against their will.  Forced labor is still widely practiced throughout the country, with tens of thousands of Turkmen, many public sector employees, required to enter the fields during the harvest....
Feb 15, 2014 8:00 AM ET
Human Slavery in Uzbekistan
The Uzbekistan government calls it a patriotic service, comparing it to volunteering for the National Guard, but it is more like forced labor. Every fall, when the cotton harvest comes in, the government drafts about a million doctors, teachers, engineers and bureaucrats, to take to the fields to gather some 120 pounds of raw cotton daily.  Those who don’t...
Feb 8, 2014 8:00 AM ET