FCPA compliance a challenge for US oil, gas companies

10/13/2003
Few US federal statutes have generated as much controversy over how US companies do business abroad as the Foreign Corrupt Practices Act.Since its passage more than 25 years ago, critics of the FCPA, which prohibits bribery of foreign government officials, have repeatedly claimed that it ties the hands of US businesses in competition with foreign companies.Nevertheless, the FCPA, along with the recently passed Sarbanes-Oxley Act, remains at the forefront of US corporate-governance issues for any international oil and gas company.FCPA origin, applicationThe FCPA prohibits bribery of a foreign official or a foreign political-party official in order to obtain business.1 The statute also proh...
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