Corruption and Bribery

1795 Words May 15th, 2015 8 Pages
Corruption and Bribery
April 29, 2015

Abstract

In this paper, I will be writing about corruption and bribery. I will define the terms and go on to explain the regulations that have been put in place to stop corruption and bribery. I will then go on to give examples of major corruption and bribery scandals that companies have recently been in and what has been done to punish said companies for their crime.

Intro

Corruption is defined in the Merriam-Webster Dictionary as “dishonest or illegal behavior especially by powerful people (such as government officials or police officers), the act of corrupting someone or something, and something that has been changed from its original form”. (Merriam-Webster) Bribery
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This states that countries agreed to help out countries in need if they are under a new government with a lot of corruption. In the UK they have their own form of anti-bribery. They installed the UK Anti-Bribery Act in 2010 with the Parliament of the United Kingdom. The act states that being bribed, the bribery of a public official, and the failure of an organization to stop bribery are punishable under law through the act. It states that the criminal can do a maximum of ten years in prison and pay massive fines for proceeding in corruption. This Act not only punishes organizations in the UK; it also punishes organizations that have any link to that country with a universal jurisdiction. A major concern of this Act is that in some places bribes are common and it will affect companies that are in a global market that do business with countries that partake in such activities. Like the UK, the United States of America also has laws regarding bribery and corruption. This is the Foreign Corrupt Practices Act of 1977 or simply FCPA. This act has two major parts to it. The first being accounting transparency requirements from the Securities Exchange Act of 1934 and the other dealing with bribery. This United States law “prohibits U.S. firms and individuals from paying bribes to foreign

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