Corruption International Business Concerns The Making Of...

Corruption international business concerns the making of an unlawful payment to the politician’s government officials of a host company. The causes of corruption are multidimensional including cultural economic political legal and institutional factors that have different variations from one country to the other. The Foreign Corrupt Practices act was passed in 1977 to prohibit the bribes and gifts to foreign officials as a method of payment influencing businesses and government decisions and to limit the payment of fees, gifts, or bribes to low ranking government officials and mandate financial reporting of such expenditures. At present corruption in international business is relatively prevalent. The laws of many countries against the†¦show more content†¦The rise of bribery in international transactions as the front position of political corruptions has had compounding costs. A further explanation of these costs of bribery more in depth, they include transactions th at are inefficient, abuse of due process and civil liberties, the subverting of the democratic process and the reduction in economic efficiency. On the political and economic systems that they take place in. As a response to the rise of bribery in these types of transactions, many international organizations such as the Organization for Economic Co-Operation and Development (OECD).The OECD is an international economic organization that consist of 34 countries and are committed to fair democratic solutions in a market economy standpoint. Have organized communiquà ©s to counteract the negative effects of bribery, and corruption in general. The OECD passed its official communiquà © clarifying its stance on situations in which bribery occurs in December of 1997. This convention is legally binding international agreements, through which the execution of effective policies to prevent, detect, investigate, and sanction foreign bribery in international transactions can occur. The origina tion of the convention as the forefront authority on bribery in international business (OECD.org) This document has required the countries that have signed it to draft legislation in their individual states that criminalizes bribery in the form of bribing a public