FOREIGN CORRUPT PRACTICES ACT Definition

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FOREIGN CORRUPT PRACTICES ACT (1977) is a United States federal law that is primarily known for its two main provisions: one that deals with accounting transparency requirements of issuers required to report under the Securities Exchange Act of 1934 and one that deals with bribery of foreign officials.

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INCOME is the amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.

COST CENTER is a non-revenue-producing element of an organization, where costs are separately figured and allocated, and for which someone has formal organizational responsibility.

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