Facebook said on Monday that it is “open to meaningful regulation” after it received news of British lawmakers pushing to subject big technology companies, which includes the American social networking service company, to a “compulsory code of ethics” in order to combat fake news and minimize the abuse of private users’ personal information.
Members of the Parliament made a report claiming that the social media company “intentionally and knowingly” violated anti-competition and data privacy laws.
Facebook’s public policy manager, Karim Palant, said, “We are open to meaningful regulation and support the committee’s recommendation for electoral law reform,” adding that Facebook is no longer the same company that it was a year ago and has “already made substantial changes to its procedures.”
“We’re not waiting,” Palant explains. “Every political ad on Facebook has to be authorized, state who is paying for it and then is stored in a searchable archive for 7 years. No other channel for political advertising is as transparent and offers the tools that we do.”
Facebook has recently been deleting accounts that are deemed to be spreading fake news and misinformation on the site. It has also been banning accounts and pages that are starting malicious political campaigns.
