IJMB Journal – Abstracts
International Journal of Management and Business
IJMB Volume V, Issue 2
Combating Unethical Practices in International Trade:
Patricia Y. Taylor
Argosy University, email@example.com, (678) 849 2570
This article explores two key measures to combat unethical trade practices in international business – The Foreign Corrupt Practices Act (FCPA) and the Organization for Economic Cooperation and Development (OECD) Convention on Combating Bribery of Foreign Officials in International Business Transaction. The FCPA signals efforts by the United States to prosecute bribery globally, while the OECD Convention represents the culmination of over three decades of US efforts to encourage other nations to adopt laws against bribery of foreign officials. In recent times, this two-pronged assault has been successful in that, it has brought about several prosecutions and, is serving somewhat as a deterrent to unethical trade practices. Despite the daunting challenge of competition often faced by compliant firms, they are still able to compete successfully because of the abhorrence towards corruption displayed by constituents within the international trade community. Accordingly, strict adherence to training, independent monitoring and Department of Justice Opinions and legal counsel will assist companies to avoid corrupt practices in international trade.
Keywords: OECD, bribery, FCPA, combating, unethical behavior, compliance, public officials, international trade, record keeping.