What does the acronym "FCPA" stand for?

The acronym "FCPA" stands for the Foreign Corrupt Practices Act. This U.S. legislation was enacted in 1977 with the primary purpose of prohibiting the payment of bribes to foreign officials in order to obtain or retain business. The FCPA addresses two main issues: anti-bribery provisions and accounting transparency requirements. The anti-bribery provisions make it unlawful for U.S. persons and entities to make payments to foreign officials for business advantages, while the accounting provisions require companies to maintain accurate books and records and to have an adequate system of internal controls to prevent corruption.

Understanding the FCPA is critical for organizations operating internationally, as it has significant implications for compliance practices, especially regarding ethical business conduct and corporate governance. It also reflects the broader international commitment to combating corruption in business dealings, making it an important law in the context of global commerce.