Financial Transparency Coalition

It pains me to report that The Economist published a shoddy piece of journalism today on the U.S. Foreign Corrupt Practices Act.   The article can be read in full here. Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity, has responded to the article by publishing the following comment on The Economist's website:

I am quite surprised by both the tenor and lack of critical analysis in this particular piece. It is important that Economist readers understand the following:

WASHINGTON, DC – Global Financial Integrity’s Legal Counsel and Director of Government Affairs, Heather Lowe, will deliver remarks at the Brazilian Council of Economic and Social Development’s International Seminar on Fiscal Justice on Wednesday, August 10, 2011. Ms. Lowe’s remarks will be part of the seminar’s fiscal policy, productivity and competitiveness panel.

A few weeks ago, U.S. Representative Gregory Meeks (D-NY) and Rep. Bill Posey (R-FL), introduced a bill aimed at demolishing the Internal Revenue Service’s plan to discourage money launderers and terrorists from hiding money in the United States. The IRS plan would require American banks to report interest paid to foreign citizens who live outside the United States and who have deposits in U.S. banks. This new requirement would actually put foreigners on level footing with U.S. permanent residents, who under current law, must report their bank deposits to the IRS and pay taxes on the interest they earn. I...

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...