Certification in Supplier Diversity Practice Exam

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What amendment was made to the Foreign Corrupt Practices Act in 1998?

It reduced trade barriers between countries
It made bribery of foreign public officials illegal
It ensured small business participation in federal contracts
It established an international trade organization

The correct answer is: It made bribery of foreign public officials illegal

The Foreign Corrupt Practices Act (FCPA) underwent a significant amendment in 1998, which specifically focused on addressing the bribery of foreign public officials. This amendment enhanced the original statute by explicitly making it illegal for U.S. companies and their representatives to bribe foreign officials for the purpose of obtaining or retaining business. This was an important step in promoting ethical business practices worldwide and ensuring fair competition in international markets. The 1998 amendment clarified and expanded the scope of the law, reinforcing the U.S. government's commitment to combating corruption in international trade. By implementing such measures, the FCPA aimed to create a more equitable business environment and to encourage transparency in global transactions. Understanding this aspect of the FCPA is essential for those studying supplier diversity and ethical procurement practices, as it underscores the importance of compliance and integrity in business dealings across borders.