Often, foreign companies operating in the Russian market are required to comply with the FCPA and the UK Bribery Act. Russian companies are forced to follow similar principles of work, both due to the direct application of these acts to them, and as a necessary condition for cooperation when signing contracts with foreign companies.
The main legal acts that determine standards of behavior for companies in this area are:
- US Foreign Corrupt Practices Act, the world's first law to prohibit bribery of foreign officials
Since 2005, the number of FCPA investigations conducted by the US Department of Justice (DOJ), the US Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI) has increased significantly, resulting in a huge increase in fines.
Non-US companies are subject to the FCPA if they:
- carry out activities in the United States;
- their shares are listed on American stock exchanges;
- such companies act on behalf of an American company.
The UK Bribery Act is also cross-border and applies to companies:
- registered in the UK and doing business, both in the UK and outside;
- companies registered outside the UK, but doing business or part of business in that country.
Due to the serious financial and reputational risks, American and British companies, when choosing a partner in other countries, pay close attention to the company's agreement to accept the terms of compliance with the principles of the FCPA and the UK Bribery Act.
Lawspells has significant experience in ensuring that the company is in compliance with the FCPA and UK Bribery Act, as well as in auditing the other side to ensure that it complies with the FCPA and UK Bribery Act. We help our clients to develop and implement appropriate processes in the company to ensure that their activities comply with anti-corruption regulations.
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