2. Foreign Corrupt Practices Act (FCPA)
FCPA becoming strictly enforced
The Foreign Corrupt Practice Act (FCPA) has been enacted during the 1970s and has been amended to include foreign issuers and US stock market listed companies.
The FCPA prohibits US individuals / corporations and US listed foreign entities from offering bribes of any kind to foreign government officials in an attempt to seek economic gain and benefits. Violations are subject to criminal charges.
The United States Department and SEC are expanding and strengthening its enforcements to European and Asia based corporations over the last few years and the trend in anticipated to continue.
Time to stay alert
The Korean economy has been seeking global business and accordingly, lots of corporations have global presence. What used to be pure local entities has become significant players in the US market and the US Stock Exchanges.
Even non-US listed entities may well constitute "Domestic Concern" under the Act. Given the situation, the importance of the FCPA awareness cannot be emphasized too much.
Deloitte F&DS as your partner
Deloitte F&DS has accumulated outstanding knowledge base and experience as an FCPA advisor both in the domestic market and global market. We will be your business partner for your FCPA compliance and risk mitigation.