Private equity firms are stepping up their due-diligence in response to a global crackdown on corruption, according to a recent article in Financial News. Jim Mintz said, “Everybody is background checking everyone else – to new heights – driven by regulators, or driven by the flattening of the world, or driven by Bernie Madoff syndrome. Do you ever really know who is on the end of this thing?” The impact of the U.S. Foreign Corrupt Practices Act has been felt internationally, but now many other countries are passing their own anti-corruption legislation. Mintz said, “Five years ago you might have said the U.S. was on a lonely quest. That is no longer true.”
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