Financial Transparency Coalition

Rep. Jim Sensenbrenner (R-WI) and the U.S. Chamber of Commerce are trying to gut the world's flagship anti-corruption legislation, but "we must stand firm in our values, our principles, and our promises," writes Ann Hollingshead I’m a little annoyed. I say “a little” only out of a desire to stay civil. Today the House Judiciary committee held a hearing on the Foreign Corrupt Practices Act (FCPA), the flagship U.S. legislation that makes it illegal to bribe a foreign official. The Securities and Exchange Commission (SEC) and Department of Justice (DOJ) have jurisdiction over the FCPA, which was unique worldwide for almost...

WASHINGTON, DC – The House Judiciary Committee will convene a hearing tomorrow to consider whether to amend the Foreign Corrupt Practices Act (FCPA), the nation’s flagship anti-corruption legislation. Among other things, the hearing will specifically consider amendments proposed to the act by the U.S. Chamber Institute for Legal Reform, an affiliate of the U.S. Chamber of Commerce, which FCPA-proponents charge will significantly weaken the anti-corruption legislation and undermine efforts to tackle corruption and illicit financial practices abroad.

Global Financial Integrity Managing Director Tom Cardamone has written a blog post for the TrustLaw website examining the shortfalls of anti-bribery and anti-corruption compliance efforts at companies around the world. A study showed that a third of firms saw anti-bribery programs as “an example of the governments imposing costly and excessive requirements”, demonstrating a lack of motivation in reducing unethical business practices. Referencing the effectiveness of penalties for corrupt practices, Cardamone writes:

An even closer read of the stories behind these fines shows that seldom do they make a significant dent in the profits of the firms involved and rarely...

WASHINGTON – A recent spate of legal cases offers a preview of how anticorruption officials could pursue ill-gotten assets of toppled leaders in places like Egypt and Tunisia: Increasingly, prosecutors are going after not only corrupt politicians, but the lawyers and other professionals who may have helped them move cash.