It scuttles acquisition deals, damages companies' reputations and costs millions of dollars in fines and legal fees. What is it? Bribery of foreign officials. And while the crime isn't new, the level of enforcement is.
The Foreign Corrupt Practices Act, which prohibits Americans from bribing government officials overseas, was passed in 1977. But it's never gotten the attention it receives today. The U.S. Department of Justice has investigated more cases of foreign bribery in the last five years than it did in the previous 20. In the last year, the Department of Justice announced the largest fine ever levied under the law and the two longest jail terms. And the agency's fraud division is trying to hire more FCPA experts to handle its heavy caseload.
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