U.S. business seeks more clarity on anti-foreign bribery law

U.S. business groups on Tuesday reignited their campaign to amend an anti-foreign bribery law by suggesting authorities should give companies additional defenses against criminal charges. The U.S. Chamber of Commerce and others have complained the Foreign Corrupt Practices Act, a 1970s-era law that bars U.S. companies and others from paying bribes to officials of foreign governments in exchange for business, is too ambiguous….

In November the Justice Department and the Securities and Exchange Commission released new information about how they enforce the law. On Tuesday the groups said that guidance addressed “many, but not all” business concerns and said they sought additional safeguards by which companies would escape criminal liability for the misconduct of individual employees if they already have strong safeguards and internal compliance systems in place.

via U.S. business seeks more clarity on anti-foreign bribery law — Reuters