Essay about Foreign Corrupt Practices Act

992 WordsNov 5, 20124 Pages
With the ever expanding global market, the ways Americans conduct business in other countries is one that can conflict with our laws and culture. There are many cultures that don't eat certain foods or drinks due to religious practice, for example. Then there are laws that can conflict the way we as Americans proceed with business in foreign countries. Many countries don't have laws that help curve gender discrimination as well which can create problems for American women working overseas on behalf of an American company. As United States continues to make is mark on the global economy, there are laws that help protect not only our companies, but also other companies through out the world as well. The Foreign Corrupt Practices Act…show more content…
Also, all companies must implement an accounting system that provides “reasonable assurance” that all transactions entered are accounted and legal. Any person making false statements or altering accounting books will be in violation of the law. This part of the law was writing to help with the detecting of bribery. This is also something that was done in the past, where higher officials in a company would either force or pay an accountant to make false accounts in the books. The Foreign Corrupt Practices Act changes the way business is done in the global market because it levels the playing field for other competitors who are vying to make their mark in other developing countries. It also affects the way other countries conduct business as well. Since the introduction of this act, many countries have adopted similar laws as well. In 1997, the Organization for Economic Cooperation and Development signed a treaty that made bribery of foreign officials a serious crime. This treaty improves the way business is conducted globally and also levels the playing field for US businesspersons. As of recently, even United Kingdom's Serious Fraud Office changes how they will prosecute officers who violates these laws, even enforcing the companies to self-report such violations ( Corporate Counsel). Any company or individual who

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