More Countries Outlawing Business Bribery

Soon the U.S. will no longer be the only major industrial nation to outlaw bribery of foreign public officials by domestic companies to win or retain business. In February such bribery becomes a criminal offense in Canada, Germany, Japan, and the United Kingdom -- as well as in Austria, Bulgaria, Finland, Greece, Hungary, Iceland, Norway, and South Korea. "Beyond the criminalization of corrupt acts abroad, it is now time to also improve accounting and auditing standards, end tax deductibility of bribe payments, and act against the abuse of offshore financial centers for shady business practices," says Peter Eigen, chairman of Transparency International, a Berlin-based anti-corruption watchdog group.