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Foreign Corrupt Practices Act FCPA is a sweeping set of laws enacted in 1977 to address the growing concern of bribery and corruption by US businesses doing business overseas These laws primarily applied to companies that are required to file reports under the Securities and Exchange Act of 1934 It has two major provisions accounting and disclosure requirements and bribery of foreign government or company officials FCPA has been one of the most important pieces of regulation that affected not just the US companies but had everlasting impact on foreign countries and foreign businesses This Act has set an example for the whole world to realize that integrity and ethical values of a company matters more when conducting business During the 1970s Securities and Exchange Commission conducted investigations and found that more than 400 companies made payments of more than 300 million to foreign government officials corporate leaders and political parties to secure contracts or any other favorable action in that country The practice was so widespread that Congress had to develop and Department of Justice had to enforce those laws to curtail this practice Tarun 2006FCPAs provisions 15 USC 78m added a layer of transparency by demanding public companies to maintain specific record-keeping standards and adequate internal accounting controls In addition it holds executives and decision makers personally liable in the event they get caught with any violations of FCPA The record-keeping requirement applies to all business transactions not just for accounting practices involved in transactions like slush funds and bribery The company is required to maintain books and record transactions that are reasonable in detail accurate and fairly reflective of the transactions and dispositions of the assets of the issuer The objective of such a requirement is to make sure all transactions are in conformity to GAAP and to prevent misrepresentation concealment falsification circumvention and other deliberate acts within financial
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