Abstract
The Foreign Corrupt Practices Act, known in common parlance as the FCPA, is a US law passed in 1977 in response to widespread international corruption involving US-based corporations and foreign government officials. The Act was adopted after more than 400 US companies, including 117 members of the Fortune 500, admitted to more than $300 million in questionable payments to foreign officials as part of an amnesty programme administered by the United States Securities and Exchange Commission (‘SEC’). The SEC’s findings sparked concerns within the United States Congress that not only were such payments to foreign officials immoral and ‘bad business’, but were potentially harmful to US foreign policy interests:
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