The U.S. Foreign Corrupt Practices Act (FCPA) is a statute that makes it illegal for United States citizens, businesses, and any persons or entities acting on behalf of the US to pay bribes to officials in foreign countries in order to get business or secure an unfair advantage (U.S. Department of State). This law also requires companies registered with the Securities and Exchange Commission to maintain accurate financial records which must be audited annually (U.S. Department of State). Furthermore, FCPA prohibits US companies from engaging in corrupt practices such as money laundering, bribery, misleading accounting entries, kickbacks and other forms of corruption related activities.

The significance of this statue lies in the fact that it attempts to level the playing field between domestic and international businesses by ensuring that all firms are held accountable for their actions regardless of where they are located while simultaneously preventing unscrupulous behavior from taking place abroad. Additionally, this law serves as a way for American businesses to promote ethical standards internationally while still allowing them access to markets around the world—without having to resort to illicit means like bribery or fraud—by creating an environment where fair competition can take place without fear of being taken advantage of due to one’s nationality or lack thereof.

In conclusion, FCPA is an important statute because it helps protect both United States citizens and those living abroad from corporate misconduct by establishing rules and regulations governing how corporations should behave when operating outside their home country; thereby making sure that everyone has equal opportunity for success no matter their origin.