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Unformatted text preview: U.S. Cracks Down on Corporate Bribes Dionne Searcey. • The Justice Department is increasing its prosecutions of alleged acts of foreign bribery by U.S. corporations, forcing them to take costly steps to defend against scrutiny. • The crackdown under the Foreign Corrupt Practices Act or FCPA now extends across five continents and penetrates entire industries, including energy and medical devices. • At least 120 companies are under investigation a deputy chief in the Justice Department division overseeing the prosecutions, up from 100 at the end of last year. • Companies across the U.S. are working to figure out if they are at risk. In some instances, companies have called the Justice Department to come clean, in hopes of obtaining leniency. • The law prohibits U.S. companies from paying, or offering to pay, foreign-government officials or employees of state-owned companies to gain a business advantage. It covers nonmonetary gifts or offers in addition to cash payments, and is worded broadly enough that it's spawning an army of consultants,...
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- Spring '10
- Foreign Corrupt Practices Act, Justice Department