Which of the following is legal according to the Foreign Corrupt Practices Act FCPA passed in 1977?
Washington University in St. Louis FCPA (Anti-Corruption Policy) 1. Overview 2. Applicability and Statement of Policy All members of the Washington University community should demonstrate ethical behavior, honesty, integrity, good judgment, and
respect for the rights of others. The university and each community member must transact university business in compliance with all laws, regulations and university policies related to their positions and areas of responsibility. Each community member is accountable for his/her actions. Terms in quotations below are defined in Section 4 of this document. 3. Policy a. Third-Party due diligence. When entering into a relationship with a third-party, the University’s due diligence should at a minimum include, and documentation should be retained, regarding: knowledge of the third parties’ personal or professional ties to a Foreign Official; knowledge of the size and reputation of the potential associate’s clientele; and knowledge of the potential associate’s reputation with the U.S. Embassy/Consulate and other clients/business associates. Discovery of items such as: unusually high commissions/fees, unusual payment patterns, request that payment be made outside the country, request for payments to third parties, or the potential associates’ reputation for corruption/paying bribes requires, at a minimum, further scrutiny. b. Accounting. In addition, members of the Washington University community must keep books, records, and accounts which accurately and fairly reflect any transactions of the University. Refer to the University’s Guide to Internal Controls for additional information regarding transaction processing/bookkeeping. c. Individual Responsibility. Every member of the WU Community must actively monitor WU activities and be alert to indicators that an FCPA violation may occur and must take appropriate care to prevent and detect bribery. Failure to do so may produce potential personal liability for the individuals involved and create legal risk for the University. Such due diligence will typically involve periodic reviews of the corruption reputations of nations in which Washington University is doing business, ensuring that contracts with foreign parties contain anti-corruption provisions, and performing due diligence prior to establishing a relationship with a foreign intermediary. 4. Definitions Improper Payments include:
b. “Foreign Officials,” as defined under the FCPA. include: i. All government officers and
employees despite rank or status, c. “Corrupt Intent”. The FCPA prohibits payments made with “Corrupt Intent,” which includes intent to secure an improper competitive advantage; influence a foreign official in his official capacity; induce a foreign official to violate the law; or induce a foreign official to use their influence to assist in obtaining or retaining business. U.S. Courts have determined Corrupt Intent in hindsight, whereby the court will presume the payment was corrupt even if a specific business opportunity didn’t materialize until after payment. 5. Reporting Violations or Concerns Click Foreign Corrupt Practices Act Policy (PDF) for the full document. For any questions regarding this Policy or to seek additional information on this Policy, you may contact the Associate VC for Finance and Controller (Angie Leahy) at 314-935-9853. Which of the following is allowed under FCPA?The act prohibits bribery of foreign officials and intends to deter corruption and abuses of power worldwide. The FCPA contains policies for governing the actions of publicly traded companies, their directors, officers, shareholders, agents, and employees.
Which of the following statements is true of the Foreign Corrupt Practices Act of 1977 FCPA )?Which of the following is true of the Foreign Corrupt Practices Act of 1977? It is designed to stop bribery of foreign officials by American citizens.
What does the Foreign Corrupt Practices Act of 1977 do?The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. §§ 78dd-1, et seq. ("FCPA"), was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business.
Which is permitted under the Foreign Corrupt Practices Act of 1977?The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business.
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