Foreign Corruption Accountability Act

Foreign Corruption Accountability Act

This bill temporarily authorizes the President to impose visa-blocking sanctions against any foreign person that engages in public corruption activities (e.g., soliciting or accepting bribes or engaging in extortion) against the United States.

The President may terminate the sanctions by making a determination that the person (1) is no longer engaged in (or has taken significant verifiable steps to cease) the sanctionable conduct, or (2) will not knowingly engage in sanctionable conduct in the future. In addition, the President may also terminate the sanctions if it is in U.S. national security interests. The President must notify Congress at least 15 days before terminating the sanctions.

The President must annually report to Congress on the imposition and termination of sanctions on foreign persons for engaging in public corruption.

The authority to impose the sanctions terminates six years after this bill's enactment.

Bill 117 HR 3887, also known as the Foreign Corruption Accountability Act, is a piece of legislation introduced in the US Congress with the aim of combating corruption and promoting transparency in foreign countries. The bill seeks to hold foreign officials accountable for corrupt practices and to prevent the flow of illicit funds into the United States.

The Foreign Corruption Accountability Act includes provisions that would require the US government to identify and sanction foreign officials who are involved in corrupt activities, such as bribery, embezzlement, and money laundering. The bill also calls for increased cooperation between the US and other countries in investigating and prosecuting cases of foreign corruption.

Additionally, the bill aims to strengthen anti-money laundering laws and regulations to prevent corrupt foreign officials from using the US financial system to hide or launder their ill-gotten gains. It also includes measures to enhance transparency in the financial sector and to improve the ability of law enforcement agencies to track and seize assets obtained through corruption. Overall, the Foreign Corruption Accountability Act is designed to promote good governance, accountability, and the rule of law in foreign countries, while also protecting the integrity of the US financial system. The bill has received bipartisan support in Congress and is seen as a crucial step in the fight against global corruption.