U.S. business seeks more clarity on foreign bribery law

U.S. business seeks more clarity on foreign bribery law

(Reuters) - U.S. business groups on Tuesday renewed their campaign to amend an anti-foreign bribery law, suggesting authorities should give companies additional defenses against criminal charges.

The U.S. Chamber of Commerce and others have complained the Foreign Corrupt Practices Act, a 1970s-era law that bars U.S. companies and others from paying bribes to officials of foreign governments in exchange for business, is ambiguous.

So far they have unsuccessfully lobbied Congress to amend it.

In November the Justice Department and the Securities and Exchange Commission released new information about how they enforce the law.

On Tuesday the groups said that guidance addressed "many, but not all" business concerns, but they also called for additional provisions that would allow companies to escape criminal liability for the misconduct of individual employees if they already have strong safeguards and internal compliance systems in place.

"Such assurance should be provided through legislative reform of the FCPA," the Chamber, the American Bankers Association, the National Association of Manufacturers and two dozen others said in a letter to the federal regulators.

A Justice Department spokesman on Tuesday said the department appreciated the group's input and would "welcome a continuing dialogue on these issues."

U.S. authorities have significantly stepped up enforcement of the FCPA in recent years, extracting hundreds of millions of dollars in fines from Siemens, Alcatel-Lucent, KBR and others.

Some of the largest U.S. companies, including Wal-Mart (WMT.N) and Avon Products Inc (AVP.N), have already spent hundreds of millions on internal investigations of potential misconduct.

As part an effort to head off industry concerns, agencies that enforce the law last year provided new details about cases they declined to prosecute. They also gave examples about what kind of due diligence a company should perform on an acquisition target and what kind of person constitutes a foreign official.

In the letter to Lanny Breuer, the head of the criminal division at the Justice Department, and George Canellos, who heads the enforcement division at the SEC, the groups said they appreciated much of the guidance but still had concerns.

For example, the agencies failed to discuss examples that show exactly how much credit a company receives if it self-reports potential violations, the groups said.

Senator Chris Coons, a Delaware Democrat who has considered legislation, received positive feedback on the guidance and continues to monitor the issue but has no immediate plans to revisit legislation, his spokesman, Ian Koski, said.

Coons "will remain involved as the dialogue between U.S. businesses and the DOJ continues," Koski said.

(Reporting By Aruna Viswanatha; Editing by Kenneth Barry and Steve Orlofsky)

Views: 53

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

cheeki kea posted a discussion
5 minutes ago
Doc Vega's 6 blog posts were featured
4 hours ago
tjdavis posted a photo
8 hours ago
tjdavis posted a blog post
9 hours ago
tjdavis posted a video

Riefenstahl - Official Trailer

A captivating insight into the private estate of Leni Riefenstahl, who became world-famous with her Nazi propaganda film "Triumph of the Will" but kept denyi...
9 hours ago
Doc Vega posted a blog post

Price of Becoming Wise

The answers you seek are not hereLet me make that perfectly clearNow that she is no longer…See More
15 hours ago
Doc Vega commented on Doc Vega's blog post One of Many Witnesses to the JFK Assassination Not Listed in the Warren Report
"tjdavis Thanks for your support! "
yesterday
Doc Vega posted blog posts
yesterday
tjdavis favorited Doc Vega's blog post One of Many Witnesses to the JFK Assassination Not Listed in the Warren Report
Friday
Burbia commented on KLC's group MUSICWARS
Thursday
Doc Vega posted a blog post

The Unnerving Frequency of Disappearances on the Appalachian Trail Pt. 1

There’s another one of the cluster zones of missing persons reports that fails to render the…See More
Wednesday
cheeki kea commented on cheeki kea's photo
Thumbnail

Waste runs deep

"Make USAID - go away."
Wednesday
cheeki kea posted a photo
Wednesday
cheeki kea commented on cheeki kea's photo
Thumbnail

$ Paid Annual Leave $

"Now is the Time for American Workers to Unite! Take back the squandered taxes and demand time off…"
Monday
cheeki kea posted a photo
Monday
Burbia commented on Burbia's blog post Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.
Mar 31
Burbia posted a blog post

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
Mar 31
tjdavis posted videos
Mar 31
tjdavis posted a video

The Electric State | Final Trailer | Netflix

Together, robots & humans can take the whole system down. THE ELECTRIC STATE starring Millie Bobby Brown, Chris Pratt and directed by the Russo Brothers, onl...
Mar 29
Less Prone favorited Sandy's video
Mar 29

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted