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Strategies for Minimizing Risk Under the Foreign Corrupt Practices Act and Related Laws

Mike Koehler

In the minds of some, complying with the US Foreign Corrupt Practices Act and related laws such as the UK Bribery Act is easy: ‘you just don’t bribe’. The reality, as sophisticated professionals know, is not so simple. This book is for professionals across various disciplines who recognize the difficulties of compliance and want to learn strategies for minimizing risk under aggressively enforced corporate bribery laws. The book uses issue-spotting scenarios to present risk and guides professionals through various components of compliance best practices from the fundamentals of conducting a risk assessment and effectively communicating compliance expectations, to implementing and overseeing compliance strategies.
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Chapter 5: The FCPA’s books and records and internal controls provisions

Mike Koehler

Extract

The FCPA has always been a law much broader than its name suggests. The anti-bribery provisions that were the focus of Chapters 2–4 are just one prong of the FCPA. The other prong, applicable to “issuers” (FCPA-speak for publicly traded companies or those subject to SEC regulation), is the books and records and internal controls provisions. These provisions operate independently of the anti-bribery provisions and are among the most generic and flexible legal provisions one can possibly find. Because of this and how these provisions are currently enforced, the books and records and internal controls provisions are a potent supplement to the more glamorous anti-bribery provisions. Chapter 5 highlights legal authority and non-legal sources of information relevant to the books and records and internal controls provisions and demonstrates through actual enforcement actions the wide range of circumstances in which the enforcement agencies use these flexible provisions to also address allegations of foreign bribery or similar conduct. Like in previous chapters, you will also have a chance to assess your acquired knowledge through a real-world issue-spotting scenario.

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