More on the Foreign Corrupt Practices Act
By Todd Roberson on 09/20/2011 @ 11:48 PM
Recently we blogged (see here) about the need for reforming the federal Foreign Corrupt Practices Act (FCPA). We'd like to share an editorial written by The Economist magazine last week that also points out the flaws in the FCPA and how Britain was able to craft a law that works better. In Britain, companies can avoid the tough penalties if there is an anti-bribery policy in place that a rogue or misguided employee did not follow. The Economist acknowledges that because so few FCPA cases have gone to trial, judges haven't been able to provide guidance on what the confusing law means. So the FCPA "means whatever an aggressive prosecutor says it does." Read the editorial here.
FCPA enforcement actions and fines are at an all-time high since the law took effect in 1977. The fight in Washington D.C. over reform continues to heat up. Read the latest in this Reuters article from last week on the prospects for legislation this year.
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