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Bribery and Corruption
Bribery and Corruption
Bribery and corruption take money out of the hands of ordinary people, add to
costs, and result in poor-quality, poor-value infrastructure. They also threaten
the integrity of markets, undermine fair competition, distort resource
allocation, destroy public trust and undermine the rule of law. They are a
severe impediment to economic growth and a significant challenge for
developed, emerging and developing countries.
A new Bribery Act received Royal Assent on 8 April, and will create a modern,
comprehensive scheme of bribery offences to replace the present complex
and outdated legislation. This will help build on the UK's good reputation. UK
companies are not immune to the challenges of overseas corruption but have
been assessed by Transparency International's 2008 Bribe Payers' Index as
less likely to pay bribes than many of their G8 competitors. The UK is also
playing a leading role in the international fight against bribery and corruption,
including work through the G20 to help China and Russia to hold their
companies to account. Despite having been criticised in the past for weak
bribery legislation, the UK has convicted a number of companies and
individuals for overseas corruption and was recently assessed by
Transparency International as one of the few active enforcers in the OECD
Working Group on Bribery. The Bribery Act is a clear signal of our
commitment to ensure that the fight against bribery and corruption supports
UK companies.
We are working to tackle international corruption and improve governance
through the G20, the OECD and the UN. We support the G20 Anti-Corruption
Action Plan, adopted by all G20 leaders in 2010, to encourage the
governments of emerging market economies to criminalise and prosecute
commercial bribery of foreign public officials by companies from those
countries. We also support the OECD Anti-Bribery Convention which
establishes legally binding standards to criminalise the bribery of foreign
public officials in international business transactions and provides for related
measures to make this effective. The OECD convention is the only
international anti-corruption instrument focused on the supply side of the
bribery transaction.