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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.

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