U.s. Foreign Corrupt Practices Act Of 1977 - 764 Words

The FCPA (Foreign Corrupt Practices Act of 1977 was passed to ensure that U.S. firms do not engage in illegal bribing of foreign government officials to assist in obtaining or retaining business. Specifically, this act prohibits any offer, promise to pay, payment or even authorization of payment to a foreign official to influence it, secure any advantage or to assist in obtaining or retaining business. The presenting team used the Walmart case as basis for the debate as it is relevant to the issue in question. In April 2012, the NYT reported that the Walmart management in Mexico paid bribes of $24 million and $16 million in â€Å"†donation† to Mexico local government to help expand the business there. In their debate that team chose to explore the possibility of expansion to China while debating the pros and cons of bribery/ â€Å"pay for play† in China in order to succeed there. The arguments that resonated with me the most were the ethical arguments as I found myself agreeing with both sides of the argument. On one hand, it is obviously unethical to break the law and bribe but more importantly from a utilitarian perspective, this action will hurt the greater good or â€Å"stakeholders† who are the whole society. Bribing corrupt authorities will only perpetuate the corruption in those countries and once a company or individual has gone down that road it is very difficult to return. Bribery also encourages unfair competition that hurts the economy which eventually affects the wholeShow MoreRelatedGifts Bribes1260 Words   |  6 Pagescultural practices pertaining to gifts, bribes, and any other kind of payments have become part of accepted business norms. In the United States, through the Foreign Corrupt Practices Act (FCPA) of 1977, â€Å"companies cannot make payments of this nature while knowing or having reason to know that any portion of the funds will be transferred to a forbidden recipient to be used for corrupt purposes† (Fadiman, 1986). This paper aims to discuss, briefly, why bribery might become a problem for U.S. managersRead MoreBusiness Law Reflection693 Words   |  3 Pageswith the Foreign Corrupt Practice Act of 1977 (FCPA). What is Foreign Corrupt Practice Act? For those who don’t know might ask, well, the Foreign Corrupt Practice Act of 1977 which was introduced in the U.S Senate as S.303 by Mr. William Proxmire (D.W) and signed into law by president Jimmy Carter on December 19, 1977 is a United States Federal Law known primarily for two of its main provisions. One that addresses accounting transparency requirements under the Securities Exchange Act of 1934 andRead MoreForeign Corrupt Practices Act :1275 Words   |  6 PagesRunning Head: FOREIGN CORRUPT PRACTICES ACT 1 FOREIGN CORRUPT PRACTICES ACT BUSINESS LAW Katherine Hall-Blair Keiser University FOREIGN CORRUPT PRACTICES ACT 2 FOREIGN CORRUPT PRACTICES ACT In the face of improper payments to officials abroad, the United States introduced the Foreign Corrupt Practices Act (FCPA) of 1977. This act was a pioneer step for the government of the United States to combat illegal bribes by not only U.S. companies, but overseas companiesRead MoreStopping Fraud and Illegal Activities in Organizations that Conduct Their Business Internationally1415 Words   |  6 Pageshappening there are a few acts and documents that have been enabled. The Foreign Corrupt Practices Act (FCPA) is a law that congress primarily passed in 1977. This act prohibits businesspersons from bribing foreign officials to secure advantageous contracts. The United States also regulates payments to foreign officials. Giving cash or kind benefits to foreign government officials to obtain business contracts and other favors, this is actually often considered a normal practice to do. To reduce suchRead MoreThe Foreign Corrupt Practices Act654 Words   |  3 PagesThe Forei gn Corrupt Practices Act The Foreign Corrupt Practices Act (FCPA) of 1977 and the corresponding amendments set forth by the Omnibus Trade and Competitiveness Act of 1988 and Amendments of 1998 have tremendous ramifications for U.S. multinational companies at large, their subsidiaries, and foreign partners.   While the main purpose of the original policy was to make it â€Å"unlawful to bribe foreign government officials to obtain or retain business†, the many statutes, their exceptionsRead MoreForeign Corrupt Practices Act1207 Words   |  5 PagesFCPA PAPER The Foreign Corrupt Practices Act of 1977 (FCPA) evolved from investigations by the Office of the Special Prosecutor that provided evidence of illegal acts perpetrated by U.S. firms in foreign lands. More than 400 U.S. companies admitted to making questionable payments to various foreign governments and political parties as part of an amnesty program (U.S. Department of Justice http://www.usdoj.gov). Given the environment of the 1970s and the proliferation of white-collar crimes (e.gRead MoreThe Consequences Of The Foreign Corrupt Practices Act?1518 Words   |  7 PagesIn 1977, Congress passed the Foreign Corrupt Practices Act (FCPA), which makes it unlawful for U.S. businesspersons or companies to pay, with money or anything else of value, to foreign officials to secure beneficial contracts. The anti-bribery requirements of the FCPA have applied to all U.S. persons since 1977. In 1998, certain amendments were revised and the anti-bribery requirements now apply to foreign firms and persons who cause an act in continuance of bribery within the United States. TheRead MoreThe Foreign Corrupt Practices Act1551 Words   |  7 PagesThe foreign Corrupt Practices Act prohibits paying or offering anything of value to foreign officials for the purpose of obtaining or keeping a business. The FCPA was enacted by congress in 1977 due to various reports that were made by the Security and Exchange Commission (SEC). The Security and Exchange Commission (SEC) reported different issues concerning bribery and illegal payments by United Sates companies. The FCPA states that it’s unlawful to make payments to foreign officials; having a corruptRead MoreWeek 5 Reflection Paper655 Words   |  3 Pages2013 Erikka Hise The Foreign Corrupt Practices Act This assignment instructed us to read four articles concerning Legal Issues in International and Domestic Business Foreign Corrupt Practices Act. Within this assignment it discussed the crisis in corporation’s unethical practices. The Foreign Corrupt Practices Act of 1977 sparked the argument that United States companies are disadvantaged in international markets. The act has been controversial since its enactment, withRead MoreEthical Vs. Legal Business Issues949 Words   |  4 PagesIssues in the Workplace course. The topic for this assignment consists of the differences between ethical and legal business issues. This paper will provide answers to questions related to employee behavior away from the office, and the Foreign Corrupt Practices Act and bribes. Both topics have been presented in the form of video cases (video 93 and 98) found in the Cengage digital video library. My Time, Company Time? Jim’s Gym is growing, and as the Gym grows it is experiencing some growing pains