Financial Transparency Coalition

WASHINGTON, DC – Civil society organizations welcomed today's release of the Department of Justice (DOJ) and Securities and Exchange Commission's (SEC) new guidance for businesses on the Foreign Corrupt Practices Act (FCPA), the U.S. law that makes it illegal to bribe foreign officials. The FCPA creates a strong and effective mechanism to fight financial fraud and corruption, which impede economic growth and raise the costs of doing business internationally.

After a long, hard battle, President Obama won a second term from voters last night. The media has pointed out he’s not taking much time to celebrate; it’s time to back to the long, hard work of governing. In that spirit, this is a good opportunity to check the pulse of several important transparency-enhancing legislative initiatives that are on the table in Congress right now. Over the next four years, the President and his administration will have opportunities to promote transparency in the financial system, fight corruption worldwide, and enhance tax fairness, both abroad and at home. In that...

In late 1975 a Securities and Exchange Commission investigation into Lockheed Corporation revealed that the aircraft manufacturer had paid at least $22 million in bribes to foreign government officials and political organizations. At the time, this was not illegal and it resulted in a scandal, investigation, and a revelation that hundreds of other businesses were routinely involved in this practice. In response to the Lockheed scandal, Congress enacted the Foreign Corrupt Practice Act (FCPA) in an effort to “bring a halt to the bribery of foreign officials and to restore public confidence in the integrity of the American business...

WASHINGTON, DC – A letter published yesterday by two influential U.S. Congressmen suggests that Wal-Mart de Mexico (Walmex), the Mexican subsidiary of U.S. retailer Wal-Mart Stores Inc., which recently came under fire for possible violations of the Foreign Corrupt Practices Act, may have been engaged in money laundering and tax evasion in Mexico.