You are hereWall St. Journal: US Chamber Of Commerce Presses For Changes To FCPA

Wall St. Journal: US Chamber Of Commerce Presses For Changes To FCPA


October 27, 2010- The U.S. Chamber of Commerce is urging Congress to tweak the Foreign Corrupt Practices Act, arguing that ambiguity in the anti-bribery law and extreme positions taken by U.S. law enforcement agencies have injured U.S. business.

A paper to be released Wednesday at the chamber’s annual Institute for Legal Reform summit proposes five amendments to the 33-year-old statute, which bars companies from paying bribes to foreign officials to secure business advantage.

Among them:

  • Adding a compliance defense
  • Limiting a company’s liability for the prior actions of a company it has acquired
  • Adding a “willfulness” requirement for corporate criminal liability
  • Limiting a company’s liability for acts of a subsidiary
  • Defining a “foreign official” under the statute
     

The paper, co-authored on behalf of the chamber by Jenner & Block LLP’s Andrew Weissmann and Alixandra E. Smith, identifies its purpose as “providing more certainty to the business community while promoting efficiency, and enhancing public confidence in the integrity of the free market system as well as the underlying principles of our criminal justice system.”

FULL STORY HERE:

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