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Law531 wk6 lt team a weekly reflection 2
 

Law531 wk6 lt team a weekly reflection 2

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Weekly Team Reflection wk6

Weekly Team Reflection wk6

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    Law531 wk6 lt team a weekly reflection 2 Law531 wk6 lt team a weekly reflection 2 Document Transcript

    • Running head: LEARNING TEAM WEEKLY REFLECTION 1 Learning Team Weekly Reflection Wilson Galarza, Glenda Jones, Krystal Parker, Denise Rogers LAW531 WK6 January 24, 2013 Yolanda Nimmer-Williams
    • Running head: LEARNING TEAM WEEKLY REFLECTION 2 Learning Team Weekly Reflection Team-A reflected on legal issues in international and domestic business and how itrelates to the Foreign Corrupt Practices Act (FCPA). According to Cheeseman (2010), theForeign Corrupt Practices Act is a federal law that was enacted in 1977 which prohibitscompanies from paying bribes to foreign government officials and political figures for thepurpose of obtaining business. Issuers, domestic concerns, and foreign nationals and businessesare the three types of entities prohibited from making improper payments. Below, Team-Aoutlines the compliance issues faced in the articles as they associate with the Foreign CorruptPractices Act.Foreign Corrupt Practices Act Globalization has changed the way companies conducts business by shifting policy andprocedure into place to accommodate its international clientele. The United States businesses andcorporations relay on the business brought in from its international customers to grow theirbusinesses. The United States has created laws that protect consumers and society frommalpractices and unlawful business practices. The Foreign Corrupt Practices Act (FCPA)enacted in 1977 as a result of securities exchange commission known as (SEC). The Sec and thedepartment of justice launched several proactive investigations on several businesses outside andwithin United States participating in bribing government officials, political parties, and otherbusiness. The FCPA impacted companies and businesses within the United States and how theydevelop new ideas and ways to conduct business. Many corporations were non-compliant to theguidelines of the (FCPA), therefore these institutions faced criminal charges, fines, and othercivil penalties for their infractions. In addition, the SEC is accountable for civil matters, whereas
    • Running head: LEARNING TEAM WEEKLY REFLECTION 3the Department of Justice seeks only criminal matters. These two entities collaborate and workas a team to catch violators. The actions of the securities exchange commission (SEC), and thedepartment of justice (DOJ), allows companies to developed new policy and programs to helpwith (FCPA) violations. Corporations and companies in the United States are at a disadvantagein competing with international companies who continuously bribe foreign officials. From 1960to the present the United States and 33 countries from worldwide joined the Organization ofEconomic Convention and Development. To help discourage briberies, corruption, and businessmalpractices inside and outside the United States the Department of Justice and SEC enforce(FCPA) laws and violations. Businesses must be attentive to internal and external businessactivity daily, including overseas activities; therefore it is necessary for corporations and smallbusinesses to comply with (FCPA) regulations. The Department of Justice requires directors orchief executive officer to review the compliance program and emphasizes to conduct business inan honest way as well to comply with (FCPA) of the Unites States. Therefore, it is essential tohave certain programs and compliances in place to minimize risk or violation of laws.Domestic business Team A, discussed from the article small U.S. businesses face bigger risks abroad. TeamA, learned that many family-owned small businesses were outsourcing from the United Statesran a higher risk of loss. The company losses will vary from liability lawsuits, theft of property,fraud, and piracy. In addition, small businesses did not have the resources to be in compliancewith FCPA and lawsuits, therefore small businesses were forced to close or go bankrupt. Assmall businesses and corporations in the United States begin to expand globally, small businesshad a hard time competing with corporations causing a market of free enterprise refer to ascapitalism.
    • Running head: LEARNING TEAM WEEKLY REFLECTION 4 ReferencesAguilar, M.(2011). Anticorruption Trends: What You Should Expect in 2011 Compliance Week,8(87), 11-12.Aguilar, M. (2010). FCPA Compliance: Latest, Best Practices for Boards. Compliance Week,7(80), 53-59.Cheeseman, H. R. (2010). Business Law. Legal Environment, Online Commerce, Business Ethics, and International Issues (7th ed.). : Pearson Education.Internal Fraud Likely to Rise In Wake of Economic Crisis. (2009). Treasury & Risk, 10.McDonald, C. (2008). Small U.S. Businesses Face Bigger Risks Abroad. National Underwriter /P&C, 112(17), 10.Organization economic convention development. (n.d.). Members and Partners. Retrieved from http://www.oecd.org/about/membersandpartners/U.S Securities and Exchange Commission. (2012).Spothlight on Foreign Corrupt Practices Act. Retrieved from http://www.sec.gov/spotlight/fcpa.shtml