Enron crash sparks global crackdown on corruption

More international anti-corruption bodies and instruments are being developed with cross-jurisdictional powers as a result of the lessons learnt from the Enron bankruptcy, the IBA conference was told.Lucinda Low of Washington DC law firm Miller & Chevalier, who is a former chairwoman of the American Bar Association's international section, said there was a greater amount of international co-operation to crack down on corruption, bribery and money-laundering.'The jurisdiction for anti-corruption bodies such as the Organisation for Economic Co-operation and Development is widening, with its anti-bribery and corruption provisions now applying not only to the US-based parent company, but to any subsidiary companies in foreign jurisdictions,' she said.She added that since Enron, there had been an increased drive in the US to develop accountancy rules which would complement existing anti-bribery provisions in the Foreign Corrupt Practices Act.She urged every company and law firm to develop an anti-corruption compliance procedure under which all employees should be trained.Victoria MacCallum