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Regulators Increasing Foreign Corrupt Practices Enforcement, Say Consultants
By Brian Orsak
printU.S. regulatory agencies are increasingly penalizing financial institutions and other companies for failing to comply with anti-foreign corruption legislation, an area of law that can coincide with anti-money laundering compliance, say compliance consultants. The Foreign Corrupt Practices Act, passed in 1977, forbids companies from paying bribes to foreign entities to obtain licenses or retain business and requires that institutions keep accurate accounting records. The Justice Department and Securities Exchange Commission jointly enforce the act, which includes criminal and civil violations. Because those regulators have taken a more aggressive approach "there is a dramatic increase in investigations and enforcement actions" involving...
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