Given today’s heightened regulatory environment, U.S. companies are allocating more resources to comply with the Foreign Corrupt Practices Act, which makes it illegal to offer or provide money or anything of value to officials of foreign governments with the intent to obtain or retain business. Given recent developments, companies should also prepare for stepped-up anti-corruption efforts in foreign jurisdictions, ranging from new foreign anti-bribery laws to multinational cooperation among enforcement authorities.
In June, Attorney General Eric Holder Jr. characterized the international fight against corruption as “one of the great struggles of our time” when he addressed more than 30 member countries of the Organization for Economic Cooperation and Development’s Anti-Bribery Convention. While the United States has long encouraged its peers to become more active in anti-corruption efforts, it has been the primary enforcer for years. Although a number of countries and international organizations, including the United Nations, OECD, the World Bank and the International Monetary Fund, have long had anti-bribery rules on their books, enforcement has been lacking.
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