On December 22, 2023, the President signedinto law The Foreign Extortion Prevention Act (“FEPA”). This law prohibitsforeign government officials (“FGO’s”) from demanding, accepting, agreeing toreceive, anything of value in return for influencing or inducing in violationof their official duties to allow improper advantage to be given to any person.
This new act now targets the receiver ofthe bribe (demand side) whereas the Foreign Corrupt Practices Act had targetedthe provider of the bribe (supply side).
The FGO definition now also includes: seniorforeign political figures and individuals acting in official and “unofficial”capacities for, or on behalf of, governments, departments, agencies,instrumentalities, or public international organizations. It appears that theFGO expanded definition now adds non-governmental entities by including publicinternational organizations.
The penalties for the receiver of thebribes is $250,000 or up to three times the value of the bribe and up to 15years prison time.
What does this mean for corporations?
[1] https://www.congress.gov/117/bills/s3316/BILLS-117s3316es.pdf
[2] https://www.justice.gov/criminal/criminal-fraud/page/file/937501/dl?inline
[3] https://www.congress.gov/117/bills/hr4737/BILLS-117hr4737ih.pdf
The world of eCommerce is a land of opportunity, where passionate entrepreneurs can build empires from the ground up. But just like any bustling marketplace, it also attracts those seeking to exploit the system. For brands, the ever-present threat of unauthorized sellers and counterfeiters can be a constant source of stress and lost revenue.
At Kreller, we're fortunate to have a brilliant team, each bringing unique expertise to the table.
Here at Kreller Brand Protection, we live and breathe intellectual property (IP) and brand protection. It's in our DNA to stay ahead of the curve on emerging threats and opportunities.
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The world of eCommerce is a land of opportunity, where passionate entrepreneurs can build empires from the ground up. But just like any bustling marketplace, it also attracts those seeking to exploit the system. For brands, the ever-present threat of unauthorized sellers and counterfeiters can be a constant source of stress and lost revenue.
At Kreller, we're fortunate to have a brilliant team, each bringing unique expertise to the table.
Here at Kreller Brand Protection, we live and breathe intellectual property (IP) and brand protection. It's in our DNA to stay ahead of the curve on emerging threats and opportunities.
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