The number of investigations into corporate violations of the Foreign Corrupt Practices Act is dramatically increasing, with the two agencies charged with enforcement of the act — the Securities and Exchange Commission and the Department of Justice — pursuing more than 120 investigations. Between the act’s passage in 1977 and 2005, fewer than 60 anti-corruption cases had been pursued.
For companies subject to the federal legislation, a rigorous compliance program is critical. The act’s anti-bribery provisions prohibit U.S. companies and citizens or any foreign company listed on a U.S. stock exchange from corruptly paying, or offering to give anything of value to a foreign official to obtain or retain business.
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