President Trump Signs Executive Order Halting Enforcement of Anti-Corruption Law
US President Donald Trump recently made headlines by signing an executive order that halts the enforcement of an anti-corruption law aimed at prosecuting Americans accused of bribing foreign officials. The law, known as the Foreign Corrupt Practices Act (FCPA), has been in place for around 50 years and prohibits US firms from engaging in corrupt practices to gain business opportunities in other countries.
In a statement, Trump justified his decision by stating that the over-expansive and unpredictable enforcement of the FCPA could potentially hinder the economic advancement of the US. He emphasized that by suspending the enforcement of this law, it would lead to increased business opportunities for American companies on the global stage.
The move has sparked mixed reactions, with the anti-corruption watchdog Transparency International expressing concerns that Trump’s order could potentially undermine the US’s efforts in combating global corruption. However, the White House defended the decision by arguing that enforcing the FCPA restricts American companies from engaging in common business practices in other countries, creating an uneven playing field.
Previous cases involving the FCPA include investigations into financial institutions like Goldman Sachs and mining companies like Glencore. In 2020, Goldman Sachs agreed to pay nearly $3 billion to settle allegations related to the 1MDB corruption scandal, while Glencore paid $180 million to the Democratic Republic of Congo to resolve corruption claims in 2022.
In addition to halting the enforcement of the FCPA, Trump also made headlines by pardoning former Illinois Governor Rod Blagojevich, who was serving a prison sentence for corruption charges. The president’s actions have sparked debates on the implications of his decisions on combating corruption and promoting fair business practices on the global stage.
Overall, Trump’s executive order to halt the enforcement of the FCPA has raised concerns among anti-corruption advocates and business leaders alike. The long-term impact of this decision on the US’s stance on global corruption and business ethics remains to be seen.
