FCPA/Anti-Corruption

Summary

Companies that do business internationally must comply with a growing array of anti-corruption laws and conventions. Among these are the US Foreign Corrupt Practices Act (FCPA) and the new UK Bribery Act, as well as the Inter-American Convention against Corruption and the OECD's Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Together, these laws and conventions regulate the way companies all over the world transact international business.

While each of the anti-corruption laws and conventions is somewhat different in scope and reach, the corrupt activities they prohibit — and the basic anti-corruption principles they embody — are much the same. In the international anti-corruption framework, a payment, offer or promise of anything of value is considered "corrupt" if it was intended to secure an improper business advantage.

Sanctions for violating these laws can be significant. For example, a violation of the FCPA can lead to fines of up to $2 million for companies, and fines of up to $100,000 and/or imprisonment for individuals. There is no limit on the amount of fines that a company could face for violating the UK Bribery Act.

© WeComply/Thomson Reuters

Key Resources

For your convenience, ACC has compiled the following key resources to assist you in your compliance efforts.

For more try searching ACC's online library for "Anti-Corruption"

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