Week 5 Reflection Paper

In: Business and Management

Submitted By qupid304
Words 645
Pages 3
Learning Team Reflection
Andre Parker, Kellie Baker, Michael Wheeler and Jeffery Stewart
June 16, 2013
Erikka Hise

The Foreign Corrupt Practices Act This assignment instructed us to read four articles concerning Legal Issues in International and Domestic Business Foreign Corrupt Practices Act. Within this assignment it discussed the crisis in corporation’s unethical practices. The Foreign Corrupt Practices Act of 1977 sparked the argument that United States companies are disadvantaged in international markets. The act has been controversial since its enactment, with some critics attacking it as ineffective and the American business community complaining that it places U.S. enterprises at a competitive disadvantage abroad. Since the late 1990s, however, it has become a model for international efforts to stamp out corruption and improve the business climate in the developing world. Civil lawsuits are another risk from poor FCPA compliance. Typically those claims are securities class-action lawsuits or shareholder derivative lawsuits, where plaintiffs argue that the FCPA problem (Klein & Aguilar, 2010). Nevertheless, in recent years FPCP had serious fraud litigations because some companies in other countries do not go by the FPCP. The Foreign Corrupt Practices Act Program Compliance professionals should conduct a regular internal control check on his or her Foreign Corrupt Practices Act program. The current program in place only works if it is properly implemented and daily monitored. If a program is put in place, it has to be enforced and examined to see if it is effective and properly used. Altman says, "Given the current anti-corruption enforcement climate, being able to demonstrate that your program is actually being used is even more important." (p,11). That means having someone, whether they are in…...

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