United States: Foreign Bribery Enforcement on Track for Record-Breaking Year

The U.S. Department of Justice’s enforcement of a key antibribery law has reached an all-time high despite the challenges posed by the coronavirus, an official said.

Authorities in the U.S. and elsewhere this year have imposed about $7.76 billion in penalties globally for foreign bribery misconduct, acting Assistant Attorney General Brian Rabbitt of the department’s criminal division told attendees of a conference on the U.S. Foreign Corrupt Practices Act on Thursday. The prior year saw penalties of about $2.83 billion world-wide.

A large portion of those fines were paid to foreign counterparts in the U.K., France and elsewhere as they increasingly use their own antibribery laws to police multinational companies that pay bribes abroad to gain a business advantage—underscoring a trend toward increased international cooperation.

The Justice Department and the U.S. Securities and Exchange Commission, which also enforces the FCPA, have already set a record in terms of corporate penalties collected in the U.S. this year under the FCPA, according to several tallies. The previous high-water mark occurred in 2019.

The original full article can be found at wsj.com

(Photo: ANDREW HARNIK/ASSOCIATED PRESS)

 

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