Foreign Corrupt Practices Act

The Foreign Corrupt Practices Act prohibits the bribery of foreign officials in order to obtain business. The Act also requires organizations to maintain accurate accounting records and maintain a system of internal controls that is sufficient to provide reasonable assurance that assets are being used in accordance with the dictates of management. Companies that breach these requirements can be forced to disgorge any profits generated by bribery, while also paying significant fines. Individuals convicted of breaching the terms of the Act can face jail time.