The Foreign Corrupt Practices Act (FCPA)
This is a legislation that started in 1977 by the American government. It is perceived as a new beginning for this state to fight against corruption. This is to facilitate business activities and reduce issues of bribes in United States. The act also assisted enterprises to conduct their operations across various sections of the world.
The Foreign Corrupt Practices Act (FCPA), has affected operations in American firms in a variety of ways. It facilitates the country’s development of trade across the globe. Reports further reveal that exports in US improved even in areas that embraced corruption activities. In addition, business between Asia and Africa developed. For instance, US are expanding oil market in Nigeria under the FCPA act (Deming, 2011). The purpose of enforcing this legislation was intended to initiate high conduct levels that would determine how firms operate in America.
It is evident that firms in United States have enhanced high standards of transparency and conduct in offering their duties. As a result, this has granted them benefits to secure contracts from different countries hence increased their sales. The responsibility of FCPA is to offer services that advance overall standards of performance in worldwide markets. US markets depict high levels of conduct a step that has made international firms to trust them. American firms serve as models in society that guide other business to embrace practices that are corruption free.
To be part of FCPA, firms need to maintain records of their accounts in a yearly basis. As a result, it has assisted firms from losing their funds to operate their businesses effectively. Clearly, companies have expanded in terms of performance and benefited from different workshops. Through this act and various forums, organizations have acquired skills in handling new strategies which enhance effectiveness.
Deming, S. H. (2011). The Oil Industry and Africa: The Expanding Reach of the Foreign Corrupt Practices Act.
Koehler, M., & Edward Elgar Publishing. (2014). The Foreign Corrupt Practices Act in a new era. Cheltenham: Edward Elgar Pub. Ltd.
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