Several Asian jurisdictions have passed legislation similar to the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act (UKBA) in recent years as part of a bid to ensure the operations of multinational organisations are adequately regulated, according to a new report. The report, issued by law firm Herbert Smith in Hong Kong, found that while the FCPA and UKBA remain the key drivers of anti-corruption reform in Asia, firms had to deal with an increasing amount of similar local regulation.
U.S. FCPA – US and Non-US Defendants
The highest profile anti-corruption statutes in the ‘enforcement world’ remain the FCPA and the UKBA, which are foreign anti-bribery statutes that are extra-territorial in nature and which have been the subject of much attention in the media, said Kyle Wombolt, head of Herbert Smith’s Asian investigations and compliance practice in Hong Kong.
“While these statutes have been the focus of most of the attention, our report also focuses on the domestic enforcement environment across the different Asian jurisdictions. The reason for the local focus is that, in recent years we have seen increased attention to the operations of multinational organisations by a number of domestic regulatory and prosecutorial agencies in Asia,” he told Thomson Reuters. “Many of these organisations are now paying much more attention to the local regulatory environment.”