Book contents
- Frontmatter
- Contents
- Preface to the Third Edition
- Preface to the Second Edition
- Preface to the First Edition
- PART ONE AN INTRODUCTION TO PROJECT FINANCE
- PART TWO RISK IDENTIFICATION, ALLOCATION, AND MITIGATION
- PART THREE PROJECT FINANCE STRUCTURES
- PART FOUR TECHNICAL, POLITICAL, AND ECONOMIC FEASIBILITY
- PART FIVE PROJECT FINANCE DOCUMENTATION
- PART SIX CREDIT ENHANCEMENT
- PART SEVEN DEBT AND EQUITY FINANCING
- PART EIGHT COLLATERAL
- PART NINE PROJECT SPONSOR AND INVESTOR AGREEMENTS
- PART TEN SPECIAL TOPICS IN PROJECT FINANCE
- CHAPTER TWENTY-EIGHT BANKRUPTCY
- CHAPTER TWENTY-NINE UNITED STATES LAWS AFFECTING FOREIGN INVESTMENTS
- CHAPTER THIRTY LOCAL LAWYERS AND OVERVIEW OF LOCAL LAWS
- CHAPTER THIRTY-ONE DISPUTE RESOLUTION IN PROJECT FINANCE TRANSACTIONS
- CHAPTER THIRTY-TWO MULTILATERAL AGENCY PROHIBITIONS ON ANTI-COMPETITIVE ACTIVITY
- CHAPTER THIRTY-THREE MERCHANT FACILITIES – PROJECT FINANCE WITHOUT CONTRACTUALLY ASSURED REVENUE FLOWS
- Appendix A A Checklist of Due Diligence Considerations for a Project Financing
- Appendix B UNCITRAL Legislative Guide on Privately Financed Infrastructure Projects
- Project Finance Terms, Abbreviations, and Acronyms
- Select Bibliography
- Index
CHAPTER TWENTY-NINE - UNITED STATES LAWS AFFECTING FOREIGN INVESTMENTS
from PART TEN - SPECIAL TOPICS IN PROJECT FINANCE
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- Preface to the Third Edition
- Preface to the Second Edition
- Preface to the First Edition
- PART ONE AN INTRODUCTION TO PROJECT FINANCE
- PART TWO RISK IDENTIFICATION, ALLOCATION, AND MITIGATION
- PART THREE PROJECT FINANCE STRUCTURES
- PART FOUR TECHNICAL, POLITICAL, AND ECONOMIC FEASIBILITY
- PART FIVE PROJECT FINANCE DOCUMENTATION
- PART SIX CREDIT ENHANCEMENT
- PART SEVEN DEBT AND EQUITY FINANCING
- PART EIGHT COLLATERAL
- PART NINE PROJECT SPONSOR AND INVESTOR AGREEMENTS
- PART TEN SPECIAL TOPICS IN PROJECT FINANCE
- CHAPTER TWENTY-EIGHT BANKRUPTCY
- CHAPTER TWENTY-NINE UNITED STATES LAWS AFFECTING FOREIGN INVESTMENTS
- CHAPTER THIRTY LOCAL LAWYERS AND OVERVIEW OF LOCAL LAWS
- CHAPTER THIRTY-ONE DISPUTE RESOLUTION IN PROJECT FINANCE TRANSACTIONS
- CHAPTER THIRTY-TWO MULTILATERAL AGENCY PROHIBITIONS ON ANTI-COMPETITIVE ACTIVITY
- CHAPTER THIRTY-THREE MERCHANT FACILITIES – PROJECT FINANCE WITHOUT CONTRACTUALLY ASSURED REVENUE FLOWS
- Appendix A A Checklist of Due Diligence Considerations for a Project Financing
- Appendix B UNCITRAL Legislative Guide on Privately Financed Infrastructure Projects
- Project Finance Terms, Abbreviations, and Acronyms
- Select Bibliography
- Index
Summary
INTRODUCTION
The bribery of government officials is prohibited by many countries. In the United States, however, the prohibition extends to bribery of foreign government officials. Although the best-known U.S. prohibition of this activity is set forth in the Foreign Corrupt Practices Act of 1977, other U.S. statutes may also apply to a project financing.
These statutes, although enacted in the United States, are relevant to many project financings throughout the world because these statutes apply to companies organized in other countries with U.S. operations and to U.S. companies alike.
Many of the laws discussed in this chapter have no counterparts in other countries. Because of their reach, however, they must be generally understood in the project finance context.
FOREIGN CORRUPT PRACTICES ACT GENERALLY
The U.S. Foreign Corrupt Practices Act of 1977 (FCPA) is an attempt by the United States to outlaw bribery of foreign officials. The statute has two components. It makes corrupt payments to officials and agents of foreign governments by U.S. persons an illegal business practice, and it requires accounting practices to accurately reflect payments to foreign officials and agents.
The FCPA was amended in 1998 as a result of the ratification by the United States of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. It is ironic indeed that the United States was asked to strengthen the very law that stood for years as the only prohibition against foreign bribery.
- Type
- Chapter
- Information
- The Law and Business of International Project FinanceA Resource for Governments, Sponsors, Lawyers, and Project Participants, pp. 392 - 399Publisher: Cambridge University PressPrint publication year: 2007