President Donald Trump issued an executive order on Monday effectively halting prosecutions under the Foreign Corrupt Practices Act (FCPA), a move immediately condemned by anti-corruption advocates as a blow to the fight against global bribery.  The nearly 50-year-old law prohibits U.S. companies from bribing foreign officials to secure or maintain business.

Trump, who has long criticized the FCPA, described the law as “horrible” and claimed it puts American businesses at a disadvantage.  He signed the executive order in the Oval Office, asserting that the pause on enforcement would lead to “a lot more business for America.”

The order directs Attorney General Pam Bondi to review current and past FCPA actions and develop new enforcement guidelines.  The White House claims the current enforcement is overly aggressive, creating an uneven playing field for American companies competing internationally.  A White House fact sheet argued that the FCPA’s “over-enforcement” harms U.S. businesses by prohibiting practices common among international competitors.

However, critics vehemently disagree.  Transparency International, a leading anti-corruption organization, called the FCPA a “crown jewel” in the U.S.’s efforts to combat global corruption.  Gary Kalman, executive director of Transparency International U.S., stated that Trump’s order “diminishes – and could pave the way for completely eliminating –” this crucial tool in the fight against bribery.

The move is likely to have significant international repercussions, raising questions about the U.S.’s commitment to combating global corruption and potentially undermining its standing on the world stage.