Going Further in Combating Transnational Bribery: Voluntary Disclosure and Federal Transparency in America's Foreign Corrupt Practices Laws
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Abstract
The purpose of this research is to analyze the role of incentives and mitigation strategies related to voluntary reporting in enforcing anti-corruption laws, especially in the context of the Foreign Corrupt Practices Act (FCPA) in the United States. This study shows that voluntary disclosures made by companies in anti-corruption law enforcement, based on an in-depth literature review, play an important role in facilitating effective collaboration between business and government entities. This study shows that voluntary disclosures made by companies in anti-corruption law enforcement, based on an in-depth literature review, play an important role in facilitating effective collaboration between business and government entities. A company's decision to voluntarily report Foreign Corrupt Practices Act (FCPA) violations is a complex strategic move influenced by legal incentives, cost-benefit calculations, reputational risks, and financial impacts. Further research is needed regarding longitudinal studies to examine the long-term impact of voluntary reporting on corporate reputation and financial performance. This research underscores the importance of this study and its relevance in a global context that increasingly demands corporate transparency and accountability.
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How to Cite
Joseph, D. (2024). Going Further in Combating Transnational Bribery: Voluntary Disclosure and Federal Transparency in America’s Foreign Corrupt Practices Laws. AL-MANHAJ: Jurnal Hukum Dan Pranata Sosial Islam, 6(2), 295-310. https://doi.org/10.37680/almanhaj.v6i2.5055
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Salbu, S. R. (2018). Mitigating the harshness of FCPA enforcement through a qualifying good‐faith compliance defense. American Business Law Journal, 55(3), 475–535.
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Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339.
Spahn, E. (2009). International Bribery: The Moral Imperialism Critiques. Minnesota Journal of International Law, 18(1), 155–226.
Thomas, J., Utley, J., Hong, S.-Y., Korkmaz, H., & Nugent, G. (2020). A Review of the Research. Handbook of Research on STEM Education.
Trautman, L. J., & Kimbell, J. (2018). Bribery and corruption: The COSO framework, FCPA, and UK bribery act. Fla. J. Int’l L., 30, 191.
Vredenburg, J., & Giroux, M. (2018). What did Ryan Lochte do? The double-edged sword of endorsers behaving badly. International Journal of Sports Marketing and Sponsorship, 19(3), 290–305.
Vuona, B. (2019). Foreign Corrupt Practices Act. Am. Crim. L. Rev., 56, 979.
Zimmerer, P. (2020). Test Architects at Siemens.
Blanc, R., Cho, C. H., Sopt, J., & Branco, M. C. (2019). Disclosure responses to a corruption scandal: The case of Siemens AG. Journal of Business Ethics, 156, 545–561.
Bray, E. L. (2019). Bauxite and alumina. Mining and Exploration.
Buell, S. W. (2020). Retiring corporate retribution. Law & Contemp. Probs., 83, 25.
Diamantis, M. E., & Laufer, W. S. (2019). Prosecution and punishment of corporate criminality. Annual Review of Law and Social Science, 15, 453–472.
Erie, M. S. (2019). Anticorruption as Transnational Law: The Foreign Corrupt Practices Act, PRC Law, and Party Rules in China. The American Journal of Comparative Law, 67(2), 233–279.
Forbes, E. (2019). Extraterritorial Enforcement of the Foreign Corrupt Practices Act: Asserting US Interest or Foreign Intrusion. S. Cal. L. Rev. Postscript, 93, 109.
Garrett, B. L. (2020a). Declining corporate prosecutions. Am. Crim. L. Rev., 57, 109.
Garrett, B. L. (2020b). The path of FCPA settlements. In Negotiated Settlements in Bribery Cases (pp. 25–41). Edward Elgar Publishing.
Hasen, E., Blain, D., Lazarczyk, A., Manning, L., Marsh, K., & Mitchell, Z. (2021). Foreign Corrupt Practices Act. Am. Crim. L. Rev., 58, 1011.
Hellvig, E. L. F. (n.d.). Green polypropylene and polyethylenes in the period from 1999 to 2017 and its relationship to the decarbonization of the environment: the Braskem case.
Hemel, D., & Lund, D. S. (2018). Sexual harassment and corporate law. Columbia Law Review, 118(6), 1583–1680.
Hopwood, S. (2019). Second looks & second chances. Cardozo L. Rev., 41, 83.
Kassimova, M., Omarov, Y. A., Zhilkaidarov, R. R., Abulgazin, Y. S., & Sabitova, A. A. (2023). Investigative prevention of corruption crimes. Journal of Financial Crime, 30(1), 254–265. https://doi.org/10.1108/JFC-11-2021-0252
Kaufman, S., Ozawa, C., & Shmueli, D. (2018). Negotiations in the public sector: Applying negotiation theory to multiparty conflicts. Negociations, 29(1), 59–73.
Koehler, M. (2019). Has the FCPA been successful in achieving its objectives. U. Ill. L. Rev., 1267.
Kussainov, K., Goncharuk, N., Prokopenko, L., Pershko, L., Vyshnivska, B., & Akimov, O. (2023). Anti-corruption Management Mechanisms and the Construction of a Security Landscape in the Financial Sector of the EU Economic System Against the Background of Challenges to European Integration: Implications for Artificial Intelligence Technologies. Economic Affairs (New Delhi), 68(1), 509–521. https://doi.org/10.46852/0424-2513.1.2023.20
Laufer, W. (2017). The criminology of criminal law. Routledge.
Lawson, B. P., Martin, G. S., Muriel, L., & Wilkins, M. S. (2019). How do auditors respond to FCPA risk? Auditing: A Journal of Practice & Theory, 38(4), 177–200.
Legoria, J., Reichelt, K. J., & Soileau, J. (2023). Voluntary Disclosure of Country-Level Information and FCPA Violations. Journal of Accounting, Auditing & Finance, 38(2), 360–385.
Lima-de-Oliveira, R. (2020). Corruption and local content development: Assessing the impact of the Petrobras’ scandal on recent policy changes in Brazil. The Extractive Industries and Society, 7(2), 274–282.
Martin, S. B., Veiga, J. P. C., Galhera, K. M., Martin, S. B., Veiga, J. P. C., & Galhera, K. M. (2021). Labor Contestation Amidst Restructuring, Flexible Labor Reforms, and Walmart’s Exit from Brazil, 2015–2018. Labor Contestation at Walmart Brazil: Limits of Global Diffusion in Latin America, 205–261.
Matias, D. A. S. (2023). Equity valuation: Ralph Lauren Corp.
McCoy, L., & Chi, T. (2022). Collaborative consumption: A study of Sustainability presentation in fashion rental platforms. Sustainability, 14(14), 8537.
Nikolaienko, A., Nikolaienko, O., Avanesov, H., Koshmal, S., & Lukashuk, O. (2024). Corruption as a Threat to National Security: Analysis of Anti-corruption Mechanisms and their Effectiveness. Economic Affairs (New Delhi), 69, 23–31. https://doi.org/10.46852/0424-2513.1.2024.4
Olczak, W. (2021). The foreign corrupt practices act: How investors respond when violation severity and corresponding penalty (mis) match. Advances in Accounting, 54, 100546.
Pahlevi, R., & Bustomi, Y. (2023). Legal reform against the conflict of norms in the corruption eradication commission law. Journal of Law and Legal Reform, 4(2), 255–270. https://doi.org/10.15294/jllr.v4i2.65811
Pizer, S. (2021). Building bridges: The negotiation of paradox in psychoanalysis. Routledge.
Pündrich, A. P., Delgado, N. A., & Barin-Cruz, L. (2021). The use of corporate social responsibility in the recovery phase of crisis management: A case study in the Brazilian company Petrobras. Journal of Cleaner Production, 329, 129741.
Rabinovych, M. (2023). Standardization of the Rule of Law and Anti-Corruption Clauses in EU Regional Trade Agreements with Developing Countries: Quo Vadis? In Standardizing the World: EU Trade Policy and the Road to Convergence (pp. 79–102). https://doi.org/10.1093/oso/9780197681886.003.0004
Reich, A., & Bearman, P. (2018). Working for respect: Community and conflict at Walmart. Columbia University Press.
Rose, C. (2015). International Anti-Corruption Norms: Their Creation and Influence on Domestic Legal Systems. https://api.semanticscholar.org/CorpusID:167177787
Routh, S. (2018). Tweet to Defeat Government Bribes: Limiting Extraterritorial Jurisdiction Under the Foreign Corrupt Practices Act to Combat Global Corporate Corruption. Vand. J. Transnat’l L., 51, 625.
Salbu, S. R. (2018). Mitigating the harshness of FCPA enforcement through a qualifying good‐faith compliance defense. American Business Law Journal, 55(3), 475–535.
Snchez-Bordona, C. (2022). Judgment of the Court (Ninth Chamber) of 24 February 2022.: Alstom Transport SA v Compania Naţională de Căi Ferate CFR SA and Others.# Reference for a preliminary ruling–Directive 92/13/EEC–Procurement procedures of entities operating in the water, energy, transport and telecommunications sectors–Article 1 (1) and (3)–Access to review procedures–Article 2c–Time limits for applying for review–Calculation–Review of a decision allowing a tenderer to participate.# Case C-532/20.: Judgment of the Court (Ninth Chamber) of 24 February 2022.
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339.
Spahn, E. (2009). International Bribery: The Moral Imperialism Critiques. Minnesota Journal of International Law, 18(1), 155–226.
Thomas, J., Utley, J., Hong, S.-Y., Korkmaz, H., & Nugent, G. (2020). A Review of the Research. Handbook of Research on STEM Education.
Trautman, L. J., & Kimbell, J. (2018). Bribery and corruption: The COSO framework, FCPA, and UK bribery act. Fla. J. Int’l L., 30, 191.
Vredenburg, J., & Giroux, M. (2018). What did Ryan Lochte do? The double-edged sword of endorsers behaving badly. International Journal of Sports Marketing and Sponsorship, 19(3), 290–305.
Vuona, B. (2019). Foreign Corrupt Practices Act. Am. Crim. L. Rev., 56, 979.
Zimmerer, P. (2020). Test Architects at Siemens.