Report Finds Agencies Cracking Down on Illegal Overseas Payments
A new report by the US law firm Shearman & Sterling finds that companies doing business in the US are facing stricter enforcement of laws against bribery abroad, as the number of investigations and fines has risen. According to the report, 15 new investigations were reported in 2006 compared to eight in 2005, a significant jump from the one investigation a year the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) were averaging between 1995 to 2000. According the report, in the last five years, several trends have emerged in the SEC and DOJ's (the main government agencies with jursdiction over these types of investigations) enforcement of the 1977 Foreign Corrupt Practices Act (FCPA), which made overseas bribe-paying illegal:
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