Chapter 1 - Foreign Corrupt Practices Act (FCPA) 1977 Flashcards
1
Q
What is the FCPA 1977?
A
US legislation against bribery of a foreign public official.
2
Q
What does the FCPA make illegal?
A
A US person or some foreign issuers of securities to make a corrupt payment to a foreign official for the purposes of obtaining or retaining business or directing business to any person.
3
Q
What sort of controls must firms have to comply with the FCPA?
A
- 3rd party due diligence
- Committees with senior executives to oversee risk of bribery and corruption that receive periodic MI.
- Training for staff
- General monitoring of processes and controls by independent risk, compliance and audit functions.
4
Q
Compliance with FCPA can help with compliance of what other legislation?
A
SOX
