On Monday, President Donald Trump signed an executive order directed Ministry of Justice To stop implementing a half -century -old law prohibits American companies and foreign companies from bribery of foreign governments officials to obtain or preserve business.
Trump said about Foreign corrupt practices lawAs the matter happened in the White House.
“Many, many deals cannot be done because no one wants to do business, because they do not want to feel every time they pick up the phone, and they will be imprisoned,” Trump said, “Many people, can not be done because this is not done because no one wants to do commercial work, because they do not want to feel every time they pick up the phone, and they will be imprisoned,” Trump said, ” Corruption efforts.
“He stopped enforcing to understand the best way to simplify FCPA to ensure that it is in line with economic interests and national security,” CNBC official told CNBC.
Pause Criminal prosecutions under FCPA It is implemented to avoid the position of American companies in an undoubted position for foreign competitors.
FCPA is partially aimed at preventing American companies from fueling the outbreak public corruption that undermines the rule of law in many parts of the world. Over time, FCPA rules have grown to the principles of the foundation on how American companies work abroad.
FCPA became law in 1977, with the exception of all Americans and some foreign securities to pay bribes to foreign officials. The law was amended in 1998 to apply to foreign companies and people who caused such bribes within the United States.
The written law applies on a large scale not only to the direct bribes that are paid, but also to the bribes offered, planned or authorized by the company’s management.
FCPA definition of the types of procedures taken by foreign officials who arouse the law as well.
Individuals and companies can be prosecuted under FCPA.
FCPA violators face the maximum possible criminal penalty for 15 years in prison and a maximum fine of $ 250,000, or three times the cash equivalent of the value of the value required by a foreign official.
In 2024, the Ministry of Justice announced enforcement procedures in 24 cases related to the alleged violations of FCPA.
There were 17 such enforcement procedures that were announced in 2023.