Question

The Foreign Corrupt Practices Act (FCPA) requires rigorous internal accounting controls and careful recordkeeping to ensure that bribes cannot be concealed via "slush funds" and other devices. True or false?

Answer 1

Answer:

True.

Explanation:

The Foreign Corrupt Practices Act of 1977 was enacted to apprehend and prohibit certain classes of persons and entities to make bribes or illegal payments to foreign government officials to assist in obtaining or retaining businesses.

According to the accounting provisions of The Foreign Corrupt Practices Act (FCPA), it requires rigorous internal accounting controls and careful record keeping to ensure that bribes cannot be concealed via "slush funds" and other devices.

The anti-bribery provisions of the FCPA applies to all U.S. citizens and certain foreign entities. The anti-bribery provisions of the FCPA also applies to foreign firms and persons who may promote such illegal payments to take place within the territory of the United States.