US businesses seek bribery law changes


By James Barnes

20 February 2013 at 13:02 BST


US authorities should give companies additional defences against criminal charges in anti-foreign bribery cases, US business groups yesterday said.

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.

Compliance systems

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.

 
   
 
 
 

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