An International Perspective on Anti-Corruption: U.S. Foreign Corrupt Practices Act and OECD Anti-Bribery Convention

• Charles Duross
• James Koukios

The U.S. Foreign Corrupt Practices Act (“FCPA”) was enacted in 1977 in the wake of the Watergate scandal, which led to revelations that numerous U.S. companies had created off-book slush funds used to pay bribes overseas and for other unauthorized uses of corporate assets. The Act contains two components: (1) the anti-bribery provisions, intended to prohibit certain individuals and companies with a U.S. nexus from bribing non-U.S. officials to win business; and (2) the accounting provisions, which impose record-keeping and internal controls requirements on publicly traded companies to ensure transparency in corporate financial records and the proper use and disposition of corporate assets.

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