July 30, 2005
Co-blogger Peter Henning posted here some of the corruption cases pending throughout the United States. Corruption, however, is not unique to this country and in some cases is more blatant in other countries. This is presented in today's New York Times article here, where one finds a detailed account of corruption in Latin America. The New York Times series previously highlighted here graft in Africa.
Corruption abroad can make it difficult for United States companies who may be doing business in these countries. The Foreign Corrupt Practices Act (FCPA) prohibits in most instances United States companies and individuals from engaging in foreign bribery. When this Act was initially passed some businesses argued that it would place them at a competitive disadvantage. The Act was modified in later years to allow companies to accommodate some local practices such as payments for "routine governmental action," a term explicitly defined in the statute. This NYTimes series, in describing the corruption occurring abroad, allows one to understand the difficulties that US companies and individuals face when they operate in the international market.
July 30, 2005 | Permalink
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