Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act is a United States federal law founded in 1977. The FCPA restricts corrupt foreign practices for anyone with any type of connection with the United States. Therefore, this act applies to all U.S. businesses, corporations, trading securities, citizens, and residents.
A person does not have to be physically present in the United States to be found guilty of a FCPA violation. This act restricts all types of foreign corruption practices, such as, payments or gifts to foreign officials and parties along with any other type of bribe given to foreign officials, which can be classified as a corrupt practice.
“Foreign official” can be interpreted in many ways. For instance, under this act a foreign official can be an owner of a bank, multiple doctors at government owned hospitals, employees of the United Nations and employees of any government owned institutions.
Bribes and payments can be anything of value.