President Donald Trump has ordered a pause on the enforcement of the Foreign Corrupt Practices Act (FCPA), a key law used to combat corporate bribery of foreign officials. This move has raised concerns about the potential for increased corruption and a weakening of the fight against international bribery.
President Donald Trump has ordered the Department of Justice to halt the enforcement of an anti-corruption law that bars companies operating in the US from bribing foreign government officials to win business. The executive order from the White House pauses the enforcement of the Foreign Corrupt Practices Act, which has been a vital tool for US authorities in targeting corporate misconduct for almost 50 years.
When it was introduced in 1977, the law only applied to US persons, a legal definition that included companies, citizens and residents, before it was expanded in 1998 to also cover foreign companies operating in America. Many high-profile companies have been prosecuted under the law. These are some of the most notable cases from recent years.\The US defense contractor struck a more than $950 million settlement over claims it bribed a Qatari official to facilitate arms sales to the Gulf country and defrauded the Pentagon into overpaying for weapons including the Patriot missile systems. One of the world's largest commodities traders pleaded guilty to charges of bribing officials in Brazil, and agreed to pay $127 million in fines and forfeited profits. US prosecutors said Trafigura made the bribes to retain business with Petrobras, Brazil's state-owned oil company. The Wall Street investment bank's Malaysian subsidiary pleaded guilty to a bribery charge as the bank agreed a $2.9 billion settlement with multiple authorities, including the DoJ, over the 1Malaysia Development Berhad money-laundering scandal. US officials said the bank ignored red flags over fundraisings it arranged for state fund 1MDB. Europe's aerospace champion agreed to pay €3.6 billion in penalties to authorities in the US, UK and France to settle a long-running bribery probe into the company’s use of intermediaries to secure international sales. The Swedish telecoms group agreed to pay more than $1 billion after admitting to using agents and consultants to bribe officials in countries including Djibouti, China, Vietnam, Indonesia and Kuwait. Cash bribes disguised as sham contracts were among the offences Ericsson admitted to. Odebrecht, then Latin America's largest construction company, and its petrochemicals unit Braskem, agreed to pay at least $3.5 billion in fines for its part in a conspiracy to bribe government officials. Britain's largest defense company was fined $400 million and pleaded guilty to one charge of conspiring to making false statements to the US government in connection with regulatory filings and undertakings. The Munich-based company agreed to pay €1 billion as part of a settlement with US and German authorities over suspected payments to officials around the world to win contracts. At the time, the €600 million fine it agreed to pay US authorities was the largest for a company accused of overseas bribery
FOREIGN CORRUPT PRACTICES ACT DONALD TRUMP EXECUTIVE ORDER CORPORATE BRIBERY WHITE HOUSE ANTI-CORRUPTION
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