The recent emphasis placed on anti-corruption laws as means of combatting corruption in low and middle-income countries reflects a great deal of optimism about the ability of law to effect social change. The more general literature on law and development suggests several reasons for skepticism on this front: the risk that legal institutions will be captured by powerful interests; the possibility that law plays only a limited role as a means of social control; and, in the case of transnational law, the limited power, will, knowledge, and legitimacy of foreign actors. This essay examines the extent to which these concerns provide grounds for skepticism about the potential efficacy of anti-corruption law.