US groups ask for bribery clarification
Reuters reports that the US Chamber of Commerce among others has complained that the corruption-busting Foreign Corrupt Practices Act is too ambiguous.
Although the Justice Department and the Securities and Exchange Commission released new information in November about how they will apply the 1977 law, business groups say they still have concerns.
The groups are looking for further clarification, and more specifically, safeguards by which companies would escape criminal liability for the misconduct of individual employees if they already have strong internal compliance systems in place.
‘Such assurance should be provided through legislative reform of the FCPA,’ the Chamber, the American Bankers Association, the National Association of Manufacturers and two dozen others said in a letter to the federal regulators.