Video 1: What is the FCPA?

||Video 1: What is the FCPA?

Video 1: What is the FCPA?

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If you and your team are just learning about the Foreign Corrupt Practices Act, this introductory video provides a great overview of the act.  Specifically addressing who does the act cover? What constitutes a bribe? Who is covered under the act?  Are there any exceptions and what are the financial and prison penalties involved?

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If you and your team are just learning about the Foreign Corrupt Practices Act, this introductory video provides a great overview of the act. Specifically addressing who does the act cover? What constitutes a bribe? Who is covered under the act? Are there any exceptions and what are the financial and prison penalties involved?

Who Does the FCPA Cover?

It prohibits US companies, their subsidiaries, foreign companies listed on US exchanges and all US citizens from engaging in bribery and corruption of non-US government officials. In addition to covering foreign government officials, the law covers family members of foreign government officials and officers, directors and employees of state owned enterprises.

What Constitutes a Bribe Under the FCPA?

Offer or payment of anything of value.

Who is Covered Under the FCPA?

  • U.S. Companies doing business anywhere in the world.
  • U.S. Citizens no matter who they work for.
  • Foreign nationals who work for U.S. companies or subsidiaries of a U.S. Companies.
  • Foreign Subsidiaries of U.S. companies
  • Third parties and agents of U.S companies. This includes agents, distributors, resellers, contractor, and sub-contractors. Even suppliers and vendors in the supply chain can be liable depending on services they perform.
  • Issuers- a company which lists its stock on any American based stock exchange or is required to file reports with the SEC.

What Exceptions and Exemptions Exist Under the FCPA?

Small payments for routine government actions that expedite or ensure performance by a foreign official, generally known as “facilitation” or “grease payments”.

What Are the Penalties Under the FCPA?

  • For Individuals:
    • Fines up to $250,000 and imprisonment for up to 5 years.
  • For Companies:
    • Fines up to $2 million per criminal violation, disgorgement of all profits and civil penalties up to $500,000 per violation.