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Foreign Corrupt Practices Act
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Foreign Corrupt Practices Act
October 8, 2003
Executive Summary
Global companies are steadily growing in importance to the world economy and these companies are increasingly being examined for their social and ethical behaviors while conducting business abroad. With expansive business opportunities to exploit, a myriad of obscure laws and regulations to adhere to, and innumerable cultures each with a unique interpretation of business ethics, global enterprises often come in contact with business practices inundated with various forms of corruption. ... One potentially unethical business practice, while customarily accepted in many cultures, involves the use of bribery or other forms of payment designed to influence an official to act favorably to the payer. ... Also discussed will the Foreign Corrupt Practices Act (FCPA) and its requirements and restrictions against such business practices. ...
Bribery
Bribery can be described as “the payment or the promise of money or other lucrative consideration to induce another to act as the briber shall prescribe” (Catholic Encyclopedia, 2003). In China’s recent history, many state officials demanded bribes of foreign company officials in order for the company to obtain or maintain business dealings with a Chinese agency. ... “There existed a ‘culture of corruption’ in which such activities constituted the norm, even if they were recognized as corrupt” (Sherman & Zdon, n.
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Paper Information
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Title: Foreign Corrupt Practices Act
Words: 1013
Rating: None
Pages: 4.1
submitted by: TTUbruce
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