Britain used to solicit money that the US would not touch – but with oligarchs and fraudsters on the rise, it must now uphold the lawFive decades ago, the United States was in turmoil. A long and unpopular war was ending in defeat; inflation was high; and American politicians were accused of high-handed and illegal behaviour.If all this sounds remarkably similar to the last few years, that’s because it is. But the mid-1970s was different in one crucial respect: how the US responded to it, and particularly how it responded to corruption. Major corporations had been giving bribes to win contracts in South Korea, Italy and Saudi Arabia; US politicians were appalled – and they acted to uphold values other than money.Oliver Bullough is the author of Butler to the World: How Britain Became the Servant of Tycoons, Tax Dodgers, Kleptocrats and Criminals, and Moneyland: Why Thieves and Crooks Now Rule the World and How to Take It Back Continue reading...
The article discusses the US's historical leadership in combating global corruption, notably through the Foreign Corrupt Practices Act (FCPA) of 1977, which held US companies accountable for bribery abroad. However, under President Trump, enforcement of the FCPA has ceased, signaling a shift away from anti-corruption efforts. This move raises concerns about emboldening corrupt individuals and weakening global initiatives. The UK, previously complicit in facilitating corrupt wealth through tax havens, has begun to enhance transparency but is now urged to take a more proactive role as the US steps back. The article emphasizes the need for the UK to support anti-corruption organizations, particularly those in regions like Ukraine, to prevent a resurgence of kleptocracy and organized crime.
