President Trump signed an executive order pausing enforcement of the Foreign Corrupt Practices Act (FCPA) for 180 days while his administration reviews the law. The order halts new investigations and some ongoing 'actions' under the FCPA, which prohibits U.S. companies from bribing foreign officials. Trump argues the law is unfairly burdensome on American businesses, while supporters say it is crucial for combating global corruption.
Supporters of the Foreign Corrupt Practices Act praise it as an important anti-bribery statute that keeps corporations honest when doing business outside the U.S. By contrast, the law's detractors say it unfairly hobbles American companies, giving an advantage to foreign players. On Monday, President Trump took a side. 'It sounds good on paper but in practicality, it's a disaster,' he said while signing an executive order freezing enforcement of the 1977 law.
Securities and Exchange Commission found hundreds of American companies making questionable or illegal payments to foreign officials to win business. The law doesn't require that the bribe is actually paid, but only offered.Over the past nearly 50 years, prosecutions under the law have brought to light a long and varied list of bribes.
FOREIGN CORRUPT PRACTICES ACT FCPA PRESIDENT TRUMP EXECUTIVE ORDER BRIBERY CORPORATE LAW INTERNATIONAL BUSINESS
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