The US and UK have been updating their laws to effectively fight international corruption. They have already taken on Brazil and South Africa could be next!
The United States and United Kingdom have been updating their laws to combat international corruption. Experts say that this could mean that they will step in and start investigations into the constant corruption that plagues South Africa.
Brazil was one of the first countries to be targeted and since it has had great success in fighting corruption. The United States’ department of justice set up 19 investigations under the Foreign Corrupt Practices Act (FCPA). In just eight months the country increased its global lead by slotting 38 FCPA corporate investigations.
The companies involved in corrupt activities have been facing massive fines.
“It has become a feeding frenzy with some of the biggest corruption-related fines in the 40-year history of the FCPA levied on global companies,” – Willem Janse van Rensburg, a director at Cliffe Dekker Hofmeyr
Willem is an expert in the matters currently taking place and during an interview with Business Tech he compared the similarities between Brazil and South Africa. He thinks it is very unlikely that the US and UK will ignore all the publicity surrounding current corruption allegations in South Africa.
“The question is whether South Africa will end up in the same position as Brazil and face the invasive corporate investigations and concomitant plethora of collateral litigation which normally follow in the wake of a corruption meltdown,”
“The media has already exposed several global companies affected by the South African alleged grand corruption, some of which have stock trading on the New York Stock Exchange and others with definite connections to the UK.
This could very well mean the days are numbered for the corrupt in South Africa. Willem believes that because anti-corruption efforts are a global issue, countries like the US and UK are determined to uphold global standards.
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