An interesting development reported in the Financial Times: the United States and China have agreed to cooperate on the seizure of assets obtained through corruption, and on the deportations of Chinese nationals from the United States who engaged in bribery and corruption in China and later fled to America for sanctuary.
While the Chinese corruption crackdown, led by President Xi Jinping, is well-known and has been well-reported (the Chinese enforcement action against U.K. pharmaceutical company GlaxoSmithKline sent shock waves through Western companies doing business in China in 2013-2014), this new development may be the most significant yet for those U.S. or Western companies doing business in China that are in violation of the Foreign Corrupt Practices Act.
