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Simple English definitions for legal terms
Economic Espionage Act
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A quick definition of Economic Espionage Act:
The Economic Espionage Act is a law that was created in 1996 to make it illegal to steal trade secrets or engage in industrial espionage on behalf of a foreign country. This means that if someone takes confidential information from a company without permission and gives it to another country, they can be punished by law. The law also applies to anyone who knowingly receives or buys stolen trade secrets.
A more thorough explanation:
The Economic Espionage Act is a federal law that was passed in 1996. It makes it illegal to steal trade secrets or engage in industrial espionage on behalf of a foreign entity. The law also applies to anyone who knowingly receives, purchases, or possesses stolen trade-secret information.
For example, if a company hires someone to steal trade secrets from a competitor in another country, that person and the company could be prosecuted under the Economic Espionage Act. Similarly, if someone knowingly buys stolen trade-secret information, they could also be prosecuted.
The purpose of the Economic Espionage Act is to protect American businesses from theft of their intellectual property. By making it illegal to engage in industrial espionage, the law helps to ensure that companies can compete fairly and that their innovations and ideas are protected.