“Foreign Business Bribery Prohibition Act” Would Empower Private Sector to Assist in Combating Corruption
WASHINGTON, D.C. – Rep. Ed Perlmutter (D-CO) introduced legislation Thursday to strengthen safeguards against foreign bribery in a move welcomed by anti-corruption advocates. The Foreign Business Bribery Prohibition Act (H.R.1549) would expand the Foreign Corrupt Practices Act (FCPA) — the world’s flagship anti-bribery measure — to include private rights of action.
Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement welcoming the bill:
“The Foreign Business Bribery Prohibition Act would bolster U.S. leadership in the fight against corruption at a time when it’s most needed. Since its adoption in 1977, the Foreign Corrupt Practices Act has been one of the most successful tools in combating global corruption. Still, for all its success, we need more cops on the beat — the Foreign Business Bribery Prohibition Act does that.
“It’s important to understand the many ills attributable to graft. Corruption is more than just a threat to human rights; it undermines competitive markets and drives poverty around the world. Corrupt financial practices siphon over $1 trillion annually out of developing economies — more than ten times the amount of foreign aid flowing in — hampering economic growth and undermining public investment in schools, healthcare, and infrastructure. When a dictator steals from the public health budget of a poor country, he’s not simply enriching himself — he’s preventing his people from receiving the medicine and care that they need. At the same time, corruption threatens U.S. national security by fueling and funding terrorism and conflict globally.
“Rep. Perlmutter’s bill tackles a systemic driver of these problems head on.”
Notes to Editors:
Deputy Director, The FACT Coalition
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