Honchos question graft battle

NEW YORK: Anti-corruption campaigns by companies are gathering momentum worldwide, but many executives doubt their effectiveness, according to a report that examines US efforts to discourage companies from paying bribes to foreign officials.

The report by PricewaterhouseCoopers (PWC) said that the number of cases and severity of penalties brought under the 1977 Foreign Corrupt Practices Act by criminal and civil authorities is likely to increase, with an estimated backlog from 2008 of 120 cases.

Driven by the backlog and the Obama administration's focus on accountability in the wake of the financial crisis, regulators were expected to devote more resources, the report said.