When conducting business in Florida, there are state and federal statutes that offer protections against illegal practices. But what if you find yourself competing for opportunities with companies in other countries? Needless to say, if you are doing business on an international level, you want the same kind of legal safeguards you are afforded when working with companies within U.S. borders.
When trying to conduct business in another country, you do not want to contend with any unfair conduct on behalf of competitors or foreign officials. To this end, the Securities and Exchange Commission works jointly with the Department of Justice to enforce the Foreign Corrupt Practices Act. Enacted in 1977, the FCPA generally prohibits foreign officials being given bribes in order to retain or secure business.
The reach of the FCPA is worldwide and can be applied to companies that are publicly traded and a variety of their employees. These employees can include company directors, officers, stockholders and agents.
Violations of the FCPA can bring serious sanctions. These sanctions can include having to give up funds that were gained through misconduct. Those individuals or companies that act in violation of the FCPA’s provisions may also face paying hefty civil penalties as well as prejudgment interest. Additionally, an independent consultant may be assigned to provide oversight to a company found in violation.
Earning your money in business is hard work and business done on an international level can present additional challenges. If you believe that your ability to conduct business in a foreign market is being compromised by the illicit conduct of another party, a Florida business litigation attorney may be able to offer you assistance. The attorney could advise you on how to challenge those who you believe are acting in a manner that is detrimental to your interests.