Bribe Competition: What Will the U.S's Refusal of Foreign Corruption Counteraction Lead to?: Article by Sergey Vodolagin for Forbes

One of Donald Trump's first decisions was the law suspension, which allowed American law enforcement agencies to prosecute companies found to be corrupt worldwide if they were traded on U.S. stock exchanges. According to managing partner of the Westside law firm Sergey Vodolagin the consequences of this step will also be felt by Russian public companies, which directly referred to the American law in their anti-corruption policies, because there wasn’t any domestic analogue.

The US administration's rejection of the FCPA (Foreign Corrupt Practices Act 1977) can be considered as a business-oriented approach that makes life easier for large American companies. It will be clear for the Russian reader to compare Donald Trump's decision with the indulgence that the Russian authorities gave to entrepreneurs during the economic turbulence and the pandemic period when the temporary cancellation of business inspections was. In both cases, the goal here is not to create additional problems for businesses, which they already have. Moreover, the FCPA actions has also been suspended for a time as the US President has ordered the Prosecutor General to develop new regulations that will help to maintain the American businesses competitiveness in global markets.

However, the consequences of the law's freeze, as well as its introduction in 1977, will be felt by both American companies and their foreign partners considering the size of the U.S. economy, and the fact that the FCPA primarily applied to publicly traded companies (the largest international corporations). But, that's about it.

Read more: https://www.forbes.ru/mneniya/531228-konkurencia-vzatok-k-cemu-privedet-otkaz-ssa-ot-bor-by-s-zarubeznoj-korrupciej