Sigh of relief for Adani ? Donald Trump halts enforcement of foreign anti-bribery law
PTC News Desk: Donald Trump on Monday signed an executive order directing the US justice department to halt prosecuting Americans accused of bribing foreign nationals. This is the same act under which industrialist Gautam Adani has been charged.
The order instructs the US attorney general, Pam Bondi, to pause prosecutions under the Foreign Corrupt Practices Act of 1977 until she issues revised enforcement guidance that promotes American competitiveness.
“Future FCPA investigations and enforcement actions will be governed by this new guidance and must be approved by the attorney general,” the document said.
“It sounds good on paper, but in practicality, it's a disaster. It means that if an American goes over to a foreign country and starts doing business over there, legally, legitimately or otherwise, it's almost a guaranteed investigation indictment, and nobody wants to do business with the Americans because of it,” Trump said.
“It was a Jimmy Carter concept, and it sounds so good, but it's so bad. It hurts the country and many, many deals are unable to be made because nobody wants to do business,” he further added.
According to the White House, the law puts US firms at a disadvantage to foreign competitors because they cannot engage in practices that are “common among international competitors, creating an uneven playing field”.
The anti-corruption watchdog Transparency International said the FCPA made the United States a leader in addressing global corruption.
- PTC NEWS
