Report: Hungarian firms unaware of FCPA

Competition

Only a small number of Hungarian companies are aware of the potential consequences in the event that they violated the guidelines of the U.S.-adopted Foreign Corrupt Practices Act (FCPA), as the U.S. regulation can have Hungarian relevance, Szecskay Attorneys at Law said today in a press release.

According to Szecskay law firm, FCPA could widely affect businesses operating in Hungary that are in any way in legal connection with the United States. FCPA includes anti-bribery regulations, regulations of accounting discipline and regulations of corporate auditing.

“Hungarian companies violating FCPA would have to face serious monetary fines” Dr. Zoltán Balázs Kovács, associate of Szecskay Ügyvédi Iroda, said. The professional added that fines can reach “many millions of dollars”, therefore it is necessary to be aware of FCPA’s guidelines.

Further information on FCPA can be accessed here.

ADVERTISEMENT

Gen Gov't Finishes January Close to HUF 144 bln in the Red Debt

Gen Gov't Finishes January Close to HUF 144 bln in the Red

IMF Urges Hungarian Authorities to Carry out Structural Refo... Government

IMF Urges Hungarian Authorities to Carry out Structural Refo...

Futureal Integrates Commercial Development, Asset Management... Residential

Futureal Integrates Commercial Development, Asset Management...

Nyugati Renovation Continuing City

Nyugati Renovation Continuing

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.