FCPA (Foreign Corrupt Practices Act)
Definition
A 1977 US federal statute with two pillars: anti-bribery provisions that prohibit payments to foreign government officials to obtain or retain business, and accounting provisions requiring issuers to maintain accurate books and adequate internal controls. Enforced by the DOJ and SEC.
Related terms
- Conflict of interest
- A situation in which a person's private interests, financial, personal, or professional, could improperly affect their exercise of a duty to an...
- Politically exposed person (PEP)
- An individual who holds or has held a prominent public function, including senior government officials, judges, military officers, and their close family...
- Sole-source justification
- A documented explanation for awarding a contract without competitive bidding, typically claiming that only one supplier can meet a requirement. In bribery...
- Third-party due diligence
- The process of verifying the identity, ownership, reputation, and business legitimacy of agents, distributors, joint-venture partners, and other intermediaries. Required under the...
- UK Bribery Act 2010
- A UK statute that criminalises both public and private sector bribery, covers any person (not only government officials), and creates a strict-liability...
Explained in
- Auditing Bribery and Conflicts of InterestA 1977 US federal statute with two pillars: anti-bribery provisions that prohibit payments to foreign government officials to obtain or retain business, and ac...