Edward Molet, Louis Armstrong, Ellen Talley Kent Essay

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Edward Molet, Louis Armstrong, Ellen Talley

Kent Lauderdale

Weekly Reflection Team Bravo

"The federal Foreign Corrupt Practices Act (FCPA) in 1977 prohibits enterprises from obtaining business by paying bribes to foreign political figures and government officials" (Morley, Hadley, & Saulnier, p. 24-32, 2011). "The Act consists of two main provisions. (1) The Department of Justice enforces the anti-bribery provisions of The Act. (2) The Securities and Exchange Commission (SEC) enforces the accounting provisions of The Act. Under the act, the prohibition of improper payments occur for three entity types: Payment issuers, domestic concerns (the individuals), and foreign nationals/businesses.

FCPA provisions

The provisions of FCPA require enterprises to identify potential violations of the law, and to identify weaknesses in their internal control and compliance processes. FCPA recommends corporate practice include the development and implementation of stand-alone audit modules for ensuring compliance with anti-corruption practices, and the monitoring of a culture of compliance within corporate subsidiaries and joint venture operations.

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Transparency International's Corruption Perception Index (CPI) ranks countries by the degree to which corruption is apparent as existing among politicians and public officials" (Morley, et al., 2011).

"Underdeveloped countries have the worst scores on the Corruption Perception Index (CPI). A common myth is FCPA compliance is only a problem in third-world markets. Indeed, FCPA non-compliance is a concern in developing and more transparent markets. A representative example that refutes this myth may observe the number of enforcement actions with business activity in China. Given its economic position in world markets, China is no longer holds third-world status.

Global non-compliance rates

Global FCPA non-compliance rates are on the rise simultaneously with enforcement action. Since 2004, prosecutions, and enforcement action are increasing fivefold. In 2008, SEC, and DOJ penalties and fines for FCPA violations are roughly $2.8 billion and took….....

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