World Bank: $3 billion in bribes paid each day spawning year of the whistleblower

According to a new estimate just released by the World Bank, more than $3 billion in bribes are paid every single day and now that the Foreign Corrupt Practices Act has a new whistleblower provision giving jurisdiction to the Securities and Exchange Commission for any companies trading on a U.S. stock exchange, a flood of whistleblowers is now beginning to mount. Under the new laws, the whistleblowers can recover up to 30% of what the government recovers from companies found to have bribed foreign officials or their agents. Law enforcement agencies including the Department of Justice, the SEC and the FBI are now putting foreign bribes up on the list of criminal actions to pursue. It does not exonerate a corporation of the bribes are committed bu their partner or joint venturer overseas if a bribe is being paid to win business on behalf of the corporation. With bribes being at an all time high due to the competitiveness of global trade and combined with the newly minted whistleblower laws, giving foreign nationals the right to file a whistleblower action here, companies are now met with a high risk of loss if they do not control foreign bribes. If you know of information concerning bribes by companies that are publicly traded here, contact Jeffrey Newman by emailing him at jeffrey.newman1@gmail.com. Jeffrey Newman represents whistleblowers.