Table of Contents

Corruption

Corruption

Economic Analysis and International Law

Marco Arnone and Leonardo S. Borlini

Corruption presents many legal and regulatory challenges, but these challenges cannot be met by the law in isolation. This book presents economic analysis of crime as an essential tool for shaping an effective legal apparatus. The authors contend that in order to assess whether and how to regulate corruption, it is necessary to start with a thorough inquiry into the causes, institutional and social effects, and most of all, actual and potential economic and financial consequences of crimes. This, they argue, should inform and help shape a balanced legal and regulatory approach to corruption.

Chapter 9: The US FCPA as the archetype of supranational anti-bribery regulation

Marco Arnone and Leonardo S. Borlini

Subjects: economics and finance, economic crime and corruption, law - academic, comparative law, corruption and economic crime, international economic law, trade law

Extract

The emergence of the international framework regulating transnational bribery starts in the US with the 1977 Foreign Corrupt Practices Act (FCPA). Its key provisions criminalize the act of bribing foreign officials, and require that corporations keep fair and accurate books and records, and put in place an effective system of internal controls. The FCPA represents the foundation upon which the subsequent international anti-corruption framework has been built, providing an original way of dealing with bribery across national boundaries and, hence, playing a pivotal role in shaping the corresponding international rules. It is beyond the scope of the present work to provide a comprehensive illustration of the FCPA. However, understanding the main features of the US FCPA (along with the case law which further delineated its contours) means understanding the underpinnings of the larger international antibribery scheme.

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