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Olympic Boom in China Will Mean More U.S. Corruption Penalties, Say Consultants
By Matt Squire
printThe United States is likely to ramp up penalties against financial institutions and other companies that have bribed Chinese officials to gain entry into the Asian market, including business involving the Olympics, say financial consultants. Violations of the Foreign Corrupt Practices Act (FCPA), which criminalized bribing foreign officials and employees of state-owned enterprises, have risen in recent years The U.S. Justice Department and Securities and Exchange Commission have increased penalties from a total six in 2003 to 36 last year, according to a report by the law firm Gibson Dunn & Crutcher LLP. With China's extensive government spending billions of...
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