:: From CFOInnovation.com :: by Cesar Bacani, 13 June 2012
Handing out mooncakes during Chinese New Year to celebrate the festive season is such a common business practice that no one really thinks about it. So last year, a Hong Kong electronics company whose parent is a major US conglomerate presented customs officials in China with the goodies as a matter of course.
But much to the regional finance director’s surprise, internal auditors from headquarters questioned the gesture. “They said it could be considered a violation of the US Foreign Corrupt Practices Act (FCPA) and the Bribery Act in the UK,” she recalls. This year, the company was careful not to give anything to Chinese government officials at all… (continue on CFOInnovation.com
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