November 15, 2012
By: Jisha V. Dymond
SEC and DOJ Issue Resource Guide to Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business. The FCPA Resource Guide, released yesterday, provides information helpful to companies engaging in transactions abroad. The guide addresses a number of topics including: 1) who and what is covered by the FCPA's anti-bribery and accounting provisions; 2) the definition of a "foreign official"; 3) what constitute proper and improper gifts, travel, and entertainment expenses; and 4) the hallmarks of an effective corporate compliance program.