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Sweetening the Deal: Strengthening Transnational Bribery Laws through Standard International Corporate Auditing Guidelines

24 Pages Posted: 2 Jan 2009 Last revised: 25 Mar 2009

Timothy W. Schmidt

University of Minnesota - Twin Cities - School of Law; University of Minnesota - Twin Cities - Minnesota Law Review

Date Written: September 23, 2008

Abstract

Despite the existence of law on the books against transnational bribery in most developed nations, prosecution of the crime is oftentimes half-hearted. This Note explores a number of options to promote the punishment of corrupt businesses that bribe foreign officials, even when the prosecution of these businesses might not be in the public interest of the company's home country. It proposes a robust treaty by members of the Organisation for Economic Co-operation and Development that not only outlaws transnational bribery, but also gives developed nations the tools and the motivation to detect it. Such a treaty would level the playing field for businesses, cutting corruption and making corporations and governments more transparant to taxpayers and shareholders.

Keywords: briberty, FCPA, Foreign Corrupt Practices Act, OECD, Organisation for Economic Co-operation and Development, corruption

JEL Classification: G38, K22, K33

Suggested Citation

Schmidt, Timothy W., Sweetening the Deal: Strengthening Transnational Bribery Laws through Standard International Corporate Auditing Guidelines (September 23, 2008). Minnesota Law Review, Vol. 93, No.3, p. 1120. Available at SSRN: https://ssrn.com/abstract=1272291

Timothy W. Schmidt (Contact Author)

University of Minnesota - Twin Cities - School of Law ( email )

229 19th Avenue South
Minneapolis, MN 55455
United States

University of Minnesota - Twin Cities - Minnesota Law Review ( email )

229 19th Ave. South
Minneapolis, MN 55455
United States

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