The Foreign Corrupt Practices Act

The Foreign Corrupt Practices Act - The Foreign Corrupt...

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The Foreign Corrupt Practices Act was established in 1977 and amended in 1998. The act prohibits any U.S. individual to make a payment to any foreign office for the purpose of obtaining business. The act requires a colmpany to meet financial provisions and keep accurate record keeping of all of a businesses finances. For example, organizations everyday fight to maintain a level of importance on the success ladder. Companies compete against each other as technology and products change. A company that may not be doing good in the succession field may find other ways to make money and gain a positive reputation by trying to buy off another company, or using their products to gain the upper hand. The Foreign Corrupt Practices Act was set in place to avoid that type of behavior from happening. The business world is looked at to be fair and lawful but sometimes, this is not so. I did some research on the Foreign Corrupts Act and found that my company Baker Hughes actually violated this act back in 1991. The company accepted bribes which allowed
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This note was uploaded on 12/30/2009 for the course QWE 65 taught by Professor Qasd during the Spring '09 term at University of Phoenix.

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