Financial Regulatory Forum

Foreign bribery fines and settlements: who should get the money?

By Luke Balleny

NEW YORK, May 9 (Thomson Reuters Foundation) – ‘Share and share alike,’ some parents love to tell their offspring. But when it comes to fines or settlements from foreign bribery cases, the issue of sharing is a contentious one.

The U.S. government receives all proceeds from fines or settlements that companies pay it in connection with violations, or alleged violations, of U.S. anti-bribery laws. (more…)

Foreign Account Tax Compliance Act threatens investment in the U.S.

US dollar note and other currenciesBy Christopher Elias (The views expressed are the author’s own)

LONDON/NEW YORK, (Business Law Currents) – A fiscal tourniquet will put a squeeze on tax evasion – the Foreign Account Tax Compliance Act (FATCA) is threatening to clog the arteries of the world’s financial system with U.S. withholding taxes and burdensome obligations on non-U.S. firms.

Designed to staunch the bleeding of capital from the U.S. to secret bank accounts, FATCA is clamping down on overseas earnings but its unintended consequences are threatening to undermine investment in the U.S. (more…)

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