Foreign corrupt practice act
Purpose of the act (FCPA)
To combat against bribery to foreign officials in International Business Transactions, U.N. General Assembly adopted United Nations Convention against Corruption (UNCAC) on October 31, 2003, which came into force on 14th December 2005, with a vision to create honest businesses environment and to restore public confidence in business transaction. The FCPA contains both anti-bribery and financial reporting. Act intended to prohibit illegal payouts or corrupt payments to foreign officials and to have adequate internal accounting controls mechanism.
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