Why Foreign Corrupt Practices Act Is Important To You

Posted on August 12, 2011. Filed under: Uncategorized | Tags: , , , , , , , |

By Carl Chancellor

For companies, sometimes the most frustrating aspect of doing business is dealing with the dizzying complexities of governmental regulations. That is why savvy business leaders turn to firms like ours with the expertise to help them successfully navigate the regulatory maze.

Case in point—the U.S. Foreign Corrupt Practices Act, which prohibits companies and individuals from “paying or offering to pay, directly or indirectly, money or anything of value to a foreign official to obtain or retain business.” Around since 1977, the FCPA is not new yet more and more companies are running afoul of the law. In recent years the government has dramatically stepped up efforts to enforce the law, which is jointly administered by the Department of Justice and the Securities and Exchange Commission. Last year charges were filed against 32 corporations, the year before, 2009, there were 34 cases filed.

Further, the punishments meted out have also skyrocketed—Siemens, $800 million; BEA Systems, $400; and, Daimler AG, $180 million.

On Thursday, August 18 we will be presenting a webinar—FCPA Increased Enforcement, featuring Reuters Correspondent Andrea Shalal-Esa who reports on the aerospace and defense industry. The 23-year veteran journalist will discuss the FCPA and will answer your questions.

Today, Reuters reported that Deere & Co., the world’s largest manufacturer of farm equipment, is being investigated for FCPA violations. The article said that the SEC is looking into the company’s business dealings with Russia and other nearby countries.

Additionally, what makes this webinar so timely is the fact that pro-business organizations like the U.S. Chamber of Commerce have increased their lobbying efforts to amend sections of FCPA arguing that the rules are too vague and confusing.

Turner GPA is one of the premier, highly respected government and public affairs firms in the nation. Turner’s state-of-the-art advocacy has earned them respect and acclaim from the media, clients, policymakers and even their competitors! Turner advocates on behalf of cutting edge businesses, municipalities, and non-profits that wish to ensure their perspectives and needs are taken into account in Washington, in state capitols and in City Hall, as well as in the media. The firm creates and implements intensely focused and targeted advocacy campaigns designed to meet and exceed its client’s expectations and goals. For more information on Turner GPA, visit www.turnergpa.comor call 202-466-2511.

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