President Donald Trump’s order demands the Department of Justice come up with revised enforcement guidelines.|Official White House Photo (Shealah Craighead)
President Donald Trump signed an executive order directing the Department of Justice (DOJ) to halt enforcement of the Foreign Corrupt Practices Act (FCPA), which makes it illegal for US companies to bribe foreign government officials for business gains.
The 1977 law “sounds good on paper, but in practicality, it’s a disaster,” said Trump. He added that several business deals failed because of FCPA. The White House says the rule puts American businesses at a disadvantage with foreign competitors.
American businesses at a disadvantage with foreign competitors.
The anti-bribery law helped the DOJ file cases against large corporations, including one on Goldman Sachs for allegedly embezzling Malaysia’s sovereign wealth fund.
The order demands the Department of Justice come up with revised enforcement guidelines.