Late last week, the UK's Serious Fraud Office, Switzerland's Attorney General, and France's National Financial Prosecutor's Office announced the establishment of an international bribery and corruption taskforce.
The new body, called the International Anti-Corruption Prosecutorial Taskforce, is likely looking to fill the gap created by US President Donald Trump's decision to scale back the Foreign Corrupt Practices Act. "We recognise the significant threat of bribery and corruption and the severe harm that it causes," the agencies wrote in the announcement. “We stand firm in our commitment to tackle this threat within the national and international legal frameworks.”
The Taskforce will convene a "leaders group" to exchange insight and strategy, as well as a "working group" to develop proposals for cooperation. It will also seek to promote the sharing of best practices and operational collaboration between agencies.
"We recognise that the threat is complex and international in nature and that success relies on us working closely and effectively together and building further on our strong existing relationships," the announcement read.
In an op-ed published in The Banker earlier last week, Starling Founder & CEO Stephen Scott argued that the Trump administration's decision to weaken the US Foreign Corrupt Practices Act is shortsighted and will ultimately reduce US power, not bolster it.
"For decades, the US dictated the rules of global finance," he wrote. "The FCPA ensured that American banks and corporations operated under a high standard, forcing competitors worldwide to follow suit or risk exclusion from US-led financial networks. By gutting it, we send a clear message: America is no longer setting the standard ... Even if Washington looks the other way, the UK's Serious Fraud Office, the European Commission, and other watchdogs will not."
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