CCO Insights

US Global Anti-Corruption Agenda

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The White House has recently issued a statement outlining the Administration’s actions to promote transparency and combat corruption. These anti-corruption actions include:

Pursuing corrupt actors and the proceeds of corruption

Since 2009 the US has resolved Foreign Corrupt Practices Act (FCPA) cases against more than 50 companies with penalties of approximately $3 billion, and it has convicted more than 50 individuals, including CEOs and other high-level executives.

The US is working with partner countries to recover the proceeds of corruption, including the establishment of the Ukraine Forum on Asset Recovery and the Arab Forum on Asset Recovery. The US has established anti-kleptocracy units dedicated to cooperating with other countries on asset recovery.

The US continues to use visa authorities to deter the corrupt from engaging in corruption and use the US as a safe haven. The Administration will advocate for legislation to close gaps in US money laundering laws regarding the proceeds of certain crimes committed abroad.

Working with US businesses

The US will develop a National Action Plan to promote and incentivise responsible business conduct, including transparency and anti-corruption, consistent with the UN Guiding Principles on Business and Human Rights and the OECD Guidelines on Multinational Enterprises.
Preventing the abuse of anonymous shell companies.

In President Obama’s Fiscal Year 2015 budget request, the President proposed legislation to give law enforcement access to the identity persons controlling companies organised in the US to facilitate law enforcement investigations.

In August 2014, the Department of the Treasury published notice of proposed rulemaking to strengthen customer due diligence obligations for US financial institutions.

Improving transparency in the extractives industry

The US will conduct a review of how the government integrates internal best practices for transparency in the extractive industries in its foreign policy engagements. The US is working with the G-7 and other partners to improve assistance to governments for negotiating contracts with the private sector to promote the adoption of more sustainable agreements, including supporting the launch of www.negotiationsupport.org.

Working with other countries to promote anti-corruption, transparency and open government

The US works closely with countries to build transparent and accountable financial and legal systems through assistance programs. The Department of State and US Agency for International Development devote approximately $1 billion per year to anti-corruption and good governance programs.

Galvanizing global efforts to promote open government principles in the Open Government Partnership (OGP)

President Obama launched the Open Government Partnership (OGP) with the leaders of seven other nations that now includes 64 countries that represent more than 2 billion people. The OGP is a voluntary, multi-stakeholder initiative in which governments make commitments to promote transparency and fight corruption, including the passage of anti-corruption legislation and commitments to publish information on government spending.

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