A White Paper by Rear Admiral Chris Parry CBE. With antecedents that reach back to classical times, piracy has sprung up and thrived in various troubled parts of the world for most of the 20th century and survived into the early years ofour present century. Because the perpetrators live on the land and rely on its support, piracy is paradoxically a land problem, but with an obvious maritime dimension. Common piracy is usually opportunistic and sporadic, organised piracy is endemic and defined by the range and sophistication of the links that sustain it, the context within which these networks are able to operate and the effects that criminalised activity has on the local political, economic and sociallandscape. The wider the connections and networks a pirate enterprise has, the more requirements and opportunities there are for corrupt institutions and individuals.

This paper, authored by Michael Osajda, explores the origins of the US Foreign Corrupt Practices Act (FCPA) and the effects of corporate corruption that led to its enactment. In addition to providing a succinct overview of the FCPA and why it matters, the paper highlights associated risks and the commonalities between ethical business practice and a sound compliance culture. The Act, which became the global benchmark for antibribery legislation, has had significant implications for corporate business and accounting practices. As more companies target international business contracts and regulation increases, offshore risk management will only gain in priority on the corporate agenda. A deep understanding of the FCPA is the first requirement towards fostering a sound compliance and corporate governance culture.