Financial Transparency Coalition

Transparency International

LONDON – As the 2010 Bribery Act¹ comes into force on the 1st July, anti-corruption watchdog Transparency International UK warns that the enforcement of the new Act could be undermined by a lack of resources.

The Bribery Act, passed in April 2010 with cross-party support, gives prosecutors a better legal framework to prosecute bribery. It will also help to level the playing field for the vast majority of UK companies that want to conduct their business in a responsible manner. However, the budget of the Serious Fraud Office is being cut by 26 % from £55 million to £39 million, with a further cut of 25 % expected.

Transparency International UK, a leading anti-corruption organisation which has been campaigning for the modernisation of anti-bribery legislation for the past 10 years, has published the most extensive guidance² for companies seeking to prevent bribery. Today, it has announced two new projects to assist companies in complying with the Bribery Act:

• Anti-bribery training materials for companies, developed with FTI and Inmarkets
• Guidance for investors on anti-bribery due diligence, developed with Kroll and Skadden

Chandrashekhar Krishnan, Executive Director of Transparency International UK said “The Act is a major step forward by the UK in meeting its international obligations to fight bribery and corruption, which does so much damage, particularly within developing nations and to international business.

“However, there is now a vital need for adequate resources for strong and effective enforcement of the act. The UK needs to demonstrate the political will to make sure that it does not export corruption. We hope that the Anti-Corruption Champion, Kenneth Clarke, will provide strong leadership on both the Act’s implementation and, more generally, corruption in the UK.”

Media Contact

For more information please contact Rachel Davies on 07411 347754 or 020 7922 7967

http://www.transparency.org.uk/

Notes to Editors

1. The Bribery Act, which overhauls antiquated UK anti-bribery laws dating back to 1889, will be amongst the most rigorous anti-bribery legislation in the world. The new Act is very broad in scope, capturing both bribery within the private sector and bribes paid to overseas government officials.
2. The guidance, Adequate Procedures – Guide to the UK Bribery Act 2010, can be downloaded fromwww.transparency.org.uk
3. Transparency International UK [registered charity no.1112842] is the UK chapter of the world’s leading non-governmental anti-corruption organisation. With more than 90 chapters worldwide, Transparency International has extensive global expertise and understanding of corruption.

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Transparency International is the global civil society organisation leading the fight against corruption.

Transparency International is a coordinating committee member of the Task Force on Financial Integrity & Economic Development .

The Task Force on Financial Integrity and Economic Development addresses inequalities in the global financial system that penalize billions of people, and advocates for improved transparency and accountability.

For additional information please visit http://www.financialtransparency.org