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"FOREIGN CORRUPT PRACTICES ACT"
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Strategies for minimizing risk under the Foreign Corrupt Practices Act and related laws
\"In the minds of some, complying with the U.S. Foreign Corrupt Practices Act and related laws is easy: 'you just don't bribe.' The reality, as sophisticated professionals should know, is not so simple. This book is for professionals across various disciplines who can assist in risk management and want to learn strategies for minimizing risk under aggressively enforced bribery laws. Written by a leading expert with real-world practice experience, this book elevates knowledge and skills through a comprehensive analysis of all legal authority and other relevant sources of information. It also guides readers through various components of compliance best practices from the fundamentals of conducting a risk assessment, to effectively communicating compliance expectations, to implementing and overseeing compliance strategies. With a focus on active learning, this book allows readers to assess their acquired knowledge through various issue-spotting scenarios and skills exercises and thereby gain confidence in their specific job functions. Anyone seeking an informed and comprehensive understanding of the modern era of enforcement of bribery laws and related risk management strategies will find this book to be a valuable resource including in-house compliance personnel, FCPA and related practitioners, board of director members and executive officers.\"-- Provided by publisher.
Book
Foreign Corrupt Practices Act
\"This book is a practical business guide for managers and executives covering bribery and FCPA compliance issues that they need to understand to ensure they are not exposing their organization to charges. While it stands alone and is a great resource for those interested in understanding these issues for their own professional growth, it is also meant to be used as a training tool by organizations who wish to mitigate their risk to FCPA violations. The author plans to include a certification page that employees sign and return for inclusion in their personal files\"--
eBook
Severity of US sanctions against foreign firms: evidence from the FCPA enforcements
Purpose
The purpose of this study is to examine whether foreign firms pay disproportionately higher monetary penalties after controlling for factors that affect the sanctioning of the firm.
Design/methodology/approach
In this paper, a cross-sectional data analysis has been used to examine the enforcement actions of the Foreign Corrupt Practices Act (FCPA) against all private and public companies from 1978 to 2019.
Findings
The findings indicate that that foreign firms pay disproportionately higher monetary penalties than domestic firms after controlling for factors that affect the sanctioning of firms. On average, foreign firms pay $43.3m more to the US government than US firms pay. This is a considerable difference in monetary penalties and equal to 68.95% of the average monetary penalty.
Originality/value
This paper shows that the US government treats US firms more favorably than foreign firms in monetary sanctions. Because the FCPA is not applied equally, this is contrary to US government guidelines and to the rule of law. The government needs to reconsider the consequences of imposing disproportionately higher penalties on foreign firms. Given the lack of judicial scrutiny of the FCPA settlement amounts against foreign firms, prosecutorial harshness against them can be remedied by amending the FCPA to eliminate the unequal treatment of foreign entities.
Journal Article
Foreign corrupt practices act compliance guidebook
Foreign Corrupt Practices Act Compliance Guidebook shows readers how the Foreign Corrupt Practices Act (FCPA) has grown to critical importance to any U.S. company that does business in a global environment, as well as foreign companies that supply or have agency agreements with U.S. companies. It provides an overview of the business risks and guidance on spotting potential red flags regarding FCPA violation. Business professionals are provided with practical guidance on managing FCPA requirements as part of an overall compliance program.
eBook
The Foreign Corrupt Practices Act: Why It Fails to Deter Bribery as a Global Market Entry Strategy
Recent studies (Cragg and Woof, Bus Soc Rev 107(1):98–144, 2002; Weismann, J Bus Ethics 88:615–66, 2009) revealed that in the first 28 years of its existence, the Foreign Corrupt Practices Act was not enforced by the federal government. The Weismann study further concluded that the FCPA, designed by Congress as a self-regulatory model of corporate governance, failed to achieve the regulatory goal of deterring global bribery by U.S. companies. The current article addresses the reasons that the FCPA remains an ineffective measure to control bribery as a global market entry strategy despite the highly publicized 2006 Department of Justice initiative to increase prosecutions and tighten enforcement efforts. The failure arises out of both the increased use of informal dispositions of case prosecutions, (including non-prosecution and deferred prosecution agreements), which has made \"getting caught\" merely an increased \"cost of doing business\" and the failure to close the regulatory gaps in the statute that permit violators to slip through the enforcement net. The article updates and compiles the case prosecution data for every reported case prosecuted between 1977 and 2011. That data are then compared to the results of a 2010 integrity risk survey performed by Deloitte Financial Advisory Services and Forbes which reveal a widely held global business perception that compliance and integrity risks appear to be rising sharply and that the FCPA is ineffective in deterring bribery and corruption in foreign markets. The article aims to serve as a predictive tool for policy makers and business professionals in assessing risk in the global markets, particularly as commerce intensifies in the BRIC countries, notable for bribery and corruption.
Journal Article
Banning Bribes Abroad: US Enforcement of the Foreign Corrupt Practices Act and its impact on the global governance of corruption
The USA vigorously enforces its Foreign Corrupt Practices Act (FCPA), increasingly on an extraterritorial basis. The application of the FCPA to persons and circumstances outside the territory of the US shapes international anti-corruption efforts in ways that may run counter to effective governance practices and meaningful anti-corruption reform in the global economy. This short essay explores three aspects of FCPA enforcement which detract from the broader goals of global anti-corruption governance: the narrow conception of corruption upon which the FCPA is based, the strategic trade frame which underlies the FCPA’s internationalization, and the legitimacy problems these raise.
Journal Article
The Foreign Corrupt Practices Act: The Failure of the Self-Regulatory Model of Corporate Governance in the Global Business Environment
The American regulatory model of corporate governance rests on the theory of self-regulation as the most effective and efficient means to achieve corporate self-restraint in the marketplace. However, that model fails to achieve regular compliance with baseline ethical and legal behaviors as evidenced by a century of repeated corporate debacles, the most recent being Enron, WorldCom, and Refco. Seemingly impervious to its domestic failure, Congress imprinted the same selfregulation paradigm on legislation restraining global business behavior, the Foreign Corrupt Practices Act. This anti-bribery initiative prohibits unethical and illegal payments made to foreign public officials in an effort to eradicate bribery as a rational-choice global market entry strategy. However, this paper illustrates, using newly complied statistics from 1977 to 2008, that the FCPA has not had a dramatic impact on U. S. global corporate behavior despite its recent high profile coverage and the tough regulatory rhetoric about corporate compliance. The paper also extends the prior Cragg and Woof FCPA efficiency study and provides current empirical evidence to resolve several unanswered questions raised by that earlier study.
Journal Article
DANGEROUS LIAISONS: CRIMINALIZATION OF \RELATIONSHIP HIRES\ UNDER THE FOREIGN CORRUPT PRACTICES ACT
On August 17, 2013, the 'New York Times' published a front page story on JPMorgan Chase and Co. that cast the firm at the center of an international bribery scandal and sparked a media firestorm. The article reported that the U.S. Securities and Exchange Commission (SEC) had opened a bribery investigation into the firm's hiring practices in China pursuant to the Foreign Corrupt Practices Act (FCPA), a statute that regulates bribery and public corruption in foreign countries. The story continued to garner national attention in the weeks following the article's release, especially after the Department of Justice (DOJ) joined the SEC's investigation. At the center of the controversy was the unusual nature of the investigation itself: unlike most FCPA bribery investigations, which target financial payments to foreign officials in exchange for business advantages, the central issue underpinning the JPMorgan investigation was the firm's apparent practice of hiring well-connected children of Chinese business and political leaders. More specifically, the government's investigation targeted the firm's \"Sons and Daughters\" program in China, a hiring program that allegedly favored children of Chinese owners of state-controlled enterprises in China. JPMorgan purportedly relied on this hiring process to gain a competitive advantage in China, where state-owned enterprises dominate the economy.
Journal Article
Corporate Reputation's Invisible Hand: Bribery, Rational Choice, and Market Penalties
Drawing upon rational choice and investor attention theories, we examine how accusations of corporate bribery and subsequent investigations shape market reactions. Using event study methodology to measure loss in firm value for public firms facing bribery investigations from 1978 to 2010, we found that total market penalties amounted to $60.61 billion. We ran moderated multiple regression analysis to examine further the degree to which the unique characteristics of bribery explain variations in market penalties. Companies committing bribery in less corrupt host countries and with the involvement of compromised executives experienced greater market penalties than did other companies. After partitioning share value losses into components for regulatory penalties, class action settlements, and loss to reputation, we found that reputational penalties account for 81.8c̷ of every dollar of share value loss. Omission of reputational penalties in rational choice calculus underestimates bribery costs by 4.5 times. The results suggest that firms should not underestimate the importance of market-imposed reputational penalties by merely considering regulator-imposed fines and sanctions.
Journal Article
The Role of the OECD and EU Conventions in Combating Bribery of Foreign Public Officials
The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the OECD Convention) obligates signatory nations to make bribery of foreign public officials a criminal act on an extraterritorial basis. The purposes of this article are to describe the nature and consequences of bribery, outline the major provisions of the OECD Convention, and analyze its role in promoting transparency and accountability in international business. While the OECD Convention is not expected to totally eliminate the seeking or taking of bribes, there are hopes that a uniform set of rules will curtail corrupt behavior, as long as those rules are both enforceable and enforced.
Journal Article