President Donald Trump has signed an order to enforce the law banning foreign officials from bribery, claiming that the restrictions put American companies at a disadvantage.
Trump has ordered Attorney General Pam Bondy to suspend actions taken under the Foreign Corruption Practices Act until she issues new enforcement guidelines, according to a fact sheet on the executive order. All current and past actions will also be reviewed.
This ACT bans companies or people with us and links to pay or provide gifts to foreigners as a way to win business abroad. Trump opposed his attempt to repeal the law during his first term.
“U.S. companies are harmed by over-enforcement of the FCPA, and are prohibited from engaging in common practices among international competitors and creating uneven playing field.” The fact sheet states.
“It turned out to be a disaster in practicality,” Trump said in his oval office Monday afternoon. “No one wants to do business with Americans.”
The law is used to impose hundreds of millions of dollars fines on businesses around the world, such as Glencore Plc and Goldman Sachs Group Inc.
“This is a scary idea that US companies don’t want,” said Richard ne, a senior research scholar at Columbia University and a former anti-corruption coordinator at the State Department, in X. The FCPA is grateful for the fact that most private sector companies wisely – allowing bribery to be firmly allowed to refuse bribery, as they view bribery as an unproductive cost. ”
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