Tackling bribery and corruption has become a key focus for many prosecuting authorities around the world. The World Bank estimates that more than $1trn (£503m) is paid in bribes worldwide. As the global markets open up, governments want to ensure that companies are operating on a level playing field. UK companies are increasingly finding themselves in these global markets, and against foreign competitors, where bribery has long been part of the business culture. UK bribery law has not kept up with the pace of globalisation.
The Organisation for Economic Co-operation and Development (OECD) is committed to tackling corruption of foreign public officials, and in 1997 the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions was signed by OECD member countries. However, many signatories are not meeting their obligations, most notably the UK. This contrasts starkly with the US position. Under the Foreign Corrupt Practices Act (FCPA) the US Department of Justice (DoJ) has the jurisdiction to tackle overseas corruption by non-US companies often with only tenuous links to the US. According to Transparency International – the global anti-corruption non-governmental organisation – UK companies are less likely to bribe than US companies yet, unlike the US, our anti-corruption legislation is woefully underdeveloped and is well beyond its sell-by date. UK prosecuting authorities simply do not have the weaponry of the FCPA.
