• Exporting National Mores: The Foreign Corrupt Practices Act and The UK Bribery Act of 2010 - Similarities, Differences and the Emerging Lessons
  • January 27, 2011
  • Law Firm: Thorp Reed & Armstrong, LLP - Philadelphia Office
  • In 1977, the United States Congress, having been confronted with a series of corporate scandals that had international political consequences, enacted the Foreign Corrupt Practices Act (FCPA), which had two objectives. First, the FCPA imposed criminal liability against persons, including corporations, who offered “anything of value” to foreign officials to secure or retain business abroad. Second, it required that corporate expenditures be accurately reflected in the books and records of the company. The law was enacted in response to information developed during congressional hearings and in SEC investigations that corporate giants of the day such as Lockheed Aircraft, Gulf Oil Company and United Brands had engaged in wholesale bribery of foreign government officials to obtain contracts abroad and concealed those bribes by falsely describing the payments in the corporate records.