This is a corporate policy document designed to meet the standards of the Foreign Corrupt Practices Act, a provision of the Securities and Exchange Act of 1934. FCPA generally prohibits payments by companies and their representatives to foreign (i.e., non-U.S.) government and quasi-government officials to secure business.
Puerto Rico Foreign Corrupt Practices Act - Corporate Policy
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As a general principle of the Foreign Corrupt Practices Act (FCPA), in the United States, firms and businesses in the US are prohibited from making any payments to foreign officials for routine governmental action. However, any payment that does not affect the decision of the foreign official is not considered a bribe.
The FCPA prohibits bribes to Non-US Public Officials (directly or indirectly) and mandates maintenance of accurate financial records.
Highlights. The Foreign Corrupt Practices Act prohibits bribery of foreign officials and also contains significant accounting requirements that apply to all activities of companies registered with the Securities and Exchange Commission (SEC).
U.S. Foreign Corrupt Practices Act. FCPA makes it unlawful for a U.S. person or company to offer, pay, or promise to pay money to any foreign official for the purpose of obtaining or retaining business.
Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay, or authorization of the payment of money or anything of value to any person, while knowing that all or a ...
For example, the FCPA allows certain ?facilitating? or ?expediting? payments to foreign officials in order to expedite or secure non-discretionary, ?routine governmental action.? Examples of this might include routine processing of governmental papers such as visas or work orders, unloading of cargo, mail pick-up and ...
Contrary to common misconception, the FCPA's anti-bribery provisions apply to both public and private companies. The FCPA also has important books and records provisions, which require entities to maintain accurate corporate records in operating their businesses.
The Foreign Corrupt Practices Act (FCPA) is a United States law passed in 1977 that prohibits U.S. firms and individuals from paying bribes to foreign officials in furtherance of a business deal. The FCPA places no minimum amount for a punishment of a bribery payment.