The Foreign Corrupt Practices Act
The U.S. Foreign Corrupt Practices Act prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests. Post the terrorist attacks on September 11th, federal prosecutors have significantly ramped up efforts to prosecute private individuals and businesses who are suspected of engaging in bribery. Policing international corporate corruption has become a top priority for the United States government in the last 10 years.
While it may seem simple to avoid prosecution, the unfortunate reality is much different. Business in foreign countries is often less transparent than here in the United States, especially in developing nations. Licensing or other fees can take on the appearance of bribery and it’s difficult to identify who is a government official and who is not. To further complicate matters, many foreign companies are often owned in whole or in part by their government. Without intending to, you can quickly find yourself on a federal prosecutor’s radar.
Are You Subject to Foreign Jurisdiction?
As a business owner, you should be aware that other countries you operate in may have laws similar to the U.S. Foreign Corrupt Practices Act.
France, Germany, Brazil, Mexico, and the UK all have similar laws that can result in aggressive investigations that can derail your business if you’re not careful. You need a team behind you to identify the laws you must comply with and help you develop the protections you need to safely operate around the world.
Understanding Business Culture Across the Global
Knowing the law is important, but many people don’t realize that you need to understand the business culture in the countries where you operate. You need to know how that country’s economy operates and its social and economic customs. You need people who can give you real-time, in-depth information to help you steer through the challenges of operating in a foreign environment.
The Wellfleet Strategies Advantage
Many firms will tout the technology they use to give their clients an advantage in operating across the globe. However, you need more than technology – you need human intelligence to safely accomplish your business goals. Our team of industry experts has the knowledge and skills you need, as well as a deep network of contacts around the world. We stay up-to-date on the legal framework that international companies have to comply with, and work with our clients to ensure compliance. We also help our clients manage investigations and respond to enforcement actions. We are a full-service consulting firm that can help you meet whatever challenges you face.