January 31st, 2017
By virtue of its myriad forms, covert nature, and differences in the underlying methodology used to quantify the impact, estimates regarding the cost of corruption vary wildly. The World Bank estimates that there is over $1 trillion in bribes paid every year, which translates to approximately 3% of the world’s economy.
In 2017, the Foreign Corrupt Practices Act (FCPA) enters its fortieth year. In the last ten years the US government has ramped up enforcement activity to record breaking levels. In addition to assessing sanctions, the DOJ and SEC continue to augment the tools they employ to enforce the Act. The DOJ especially has stepped up its efforts to enforce the FCPA by increasing the number of prosecutors and agents that are dedicated to the effort. Many governments, led in part by the United States, continue to enact and enhance laws designed to combat graft in the public sector.
Download the Steele FCPA Enforcement Trends Report, to access a summary of the most recent initiatives, trends, and predictions pertaining to FCPA compliance.