• 31 Days to a More Effective Compliance Program: Day 30 - The Foreign Extortion Prevention Act

  • Jan 30 2024
  • Length: 8 mins
  • Podcast

31 Days to a More Effective Compliance Program: Day 30 - The Foreign Extortion Prevention Act

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  • Summary

  • The compliance community has long recognized the gaping hole in the FCPA. As a supply-side law, it criminalizes the payment of bribes, not the demand to pay a bribe or extortion. The gap was recently filled by the Foreign Extortion Prevention Act (FEPA), which extended crucial protections to Americans working abroad and provided the DOJ with a potent new tool. By criminalizing both the giving and demanding of foreign bribes, FEPA seeks to level the playing field for American workers while fostering ethical business practices globally. FEPA represents a promising solution to protect Americans working overseas, promote fair business competition, and combat corruption on a global scale. With its potential to bring about meaningful change, FEPA is a vital step in safeguarding American values and interests in the international arena. Sam Rubenfeld, cited Scott Greytak, the director of advocacy for Transparency International US, for the following: “FEPA is a landmark, bipartisan law that holds the potential to help root out foreign corruption at its source. It is arguably the most sweeping and consequential foreign bribery law in nearly half a century.” Three key takeaways: 1. FEPA changes the game for ABC. 2. Make sure your policies and procedures capture any extortion attempts made illegal under FEPA. 3. Determine your external reporting for FEPA violations. For more information on Ethico and a free White Paper on top compliance issues in 2024, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices
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