International aspects of business law Essay Example | Topics and Well Written Essays - 2500 words

International aspects of business law - Essay Example There are three categories of corruption cases, which can be political, personal or commercial in nature, but the basic difference lies in the office, authority and position, which are neglected, and intent of manipulations. Further there is political corruption, which may include bribery, use of governmental offices for private enrichment and changing of how decisions are made by public bodies (Heidenheimer, Johnston and Le Vine 1989). On the other hand, bribery is an act of corruption that entails obtaining money or any form of monetary gain, or the making of payments illegally through abuse of public or commercial office and funds. This payment does not necessarily involve the exchange of money, but can also be through gifts, special favours or influence and despite the form it takes, corruption is always a transaction that goes in two ways involving two parties that is the briber and the one who receives the bribe. In relation to the case study Mullet Inc. though incorporated in US intends to secure a contract to supply computers to Central Bank of Acacia, however it is faced with the challenge of contravening international business laws on corruption and bribery by giving the board of directors a celebratory dinner for it to secure the contract. The payment of this dinner is a form of bribery to the board members by the negotiating team for them to accept to continue and finalize the business contract. This paper will seek to advise the Mullet Inc. negotiating team of their legal liabilities by giving in to the Chairman of the Acacia bank demands under US FCPA in comparison to the UK Bribery Act. The U.S. Foreign Corrupt Practices Act This Act of 1977 outlaws American corporations from making any payment deemed as bribery or inducements to overseas representatives with the intent of winning or keeping business (U.S. Department of Commerce 2004). This statute was enacted to put a stop to the act of bribing officials from foreign countries as well as restori ng the confidence of the American investor in the integrity of the American business system and, has been amended twice in 1988 and in 1998 with the changing dynamics in businesses (Rutchfield and Lacey 2000). The U.K. Bribery Act 2010 Studies by independent audit firms such as Ernst & Young and Confronting Corruption show that firms and businesses in the United Kingdom have been making tremendous losses due to corruption and bribery. These are termed as barriers to growth and trade and overseas corruption makes it even harder and expensive do businesses abroad. The United Kingdom government has therefore strengthened its laws by enacting the Bribery Act 2010 that came into operation on July 1, 2011 creating a number of offences relating to corruption in international businesses. This law outlawed the bribing of a foreign official, giving, or promising an advantage when dealing with international business transactions (De Jonge 2011, p. 136). The U.K. Bribery Act 2010 also created a n offence of acceptance, demanding, or assenting to receive an advantage or benefit or failing to stop a bribe from being paid on behalf of a firm or a company. Case Study Analysis of the Celebratory Dinner Request under UK Bribery Act and FCPA Public/private sector The FCPA prohibits giving of bribery only to foreign public officials; on the other