Question

Give four laws that define and penalize corrupt practices and give the titles of each.

Answer 1

Laws designed to penalize corrupt practices include the Foreign Corrupt Practices Act, the UK Bribery Act, the Sarbanes-Oxley Act, and the Securities Exchange Act. Each law has specifics around bribery, honest accounting, and fair trading to maintain the integrity of institutions and hold individuals and corporations accountable.

Step-by-step explanation:

There are numerous laws meant to define and penalize corrupt practices, some of which have global recognition. Four of these are as follows:

1. The Foreign Corrupt Practices Act (FCPA) of 1977, which makes it illegal for companies to influence foreign officials with personal payments or rewards.
2. The Bribery Act of 2010 in the UK, which includes offenses for bribing another person, being bribed, or bribing a foreign public official.
3. The Sarbanes-Oxley Act (SOX) of 2002, which was enacted to protect investors from the possibility of fraudulent accounting activities by corporations.
4. Securities Exchange Act of 1934, which regulates secondary trading of securities (stocks, bonds, and debentures) in the United States.

These laws not only promote accountability and open government but also ensure that processes are accessible and fair. They stand as deterrents and remedies for inappropriate and illegal lobbying, price fixing, and other deceptive practices, reinforcing the principle that no one is above the law and that the law must be applied evenly to protect fundamental rights.