BCL partner John Binns has been quoted in ‘Biden corruption strategy puts FCPA in spotlight overseas’ published by Compliance Week.
Here’s an extract from the article:
“Stamping out foreign bribery and corruption was seemingly not a priority for the Trump administration, but last week’s launch of President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda.
As such, European companies and executives should beware: The Foreign Corrupt Practices Act (FCPA) is likely to get a dusting off.
While Biden’s initiative is filled more with intent rather than specific detail of how and when the strategy will unfold and develop, it sends a clear message: The United States wants to knuckle down on countries and industry sectors where corruption risk is highest and enforcement is weakest.
Existing policies, programs, and initiatives will get more funding, and U.S. agencies will reach out to foreign counterparts—especially in countries with less-developed anti-corruption frameworks—to further transnational cooperation and information sharing. There will also be a broad attempt to embed cultural changes to tackle bribery.
In terms of specifics, the United States wants to make it harder to hide wealth in opaque corporate structures, as well as make it easier to recover assets. It also wants to tackle areas where economic crime is facilitated and the proceeds of crime are most likely to be laundered, including real estate and the services of professional advisers.
Legal experts believe the strategy should lead to a more developed and comprehensive global approach to tackling international bribery and corruption. They also believe European companies and their activities could come under greater scrutiny.
John Binns, partner at law firm BCL Solicitors, says the document reinforces the notion that “anyone involved in monitoring or advising on bribery and corruption risks for U.K. or EU companies will need to ensure compliance is effective on the ground as well as on paper.””
This article was originally published by Compliance Week on 15/12/21. You can read the full article on their website.