Financial Transparency Coalition

WASHINGTON, DC – After nearly a year of delays, the UK Bribery Act went into effect on July 1st. The act mandates stiff penalties, including up to 10 years in jail, for bribes paid by any business with a UK presence. In an ironic twist, while the UK Act is being touted as an extension to its cross-Atlantic counterpart, the U.S. Foreign Corrupt Practices Act (FCPA), anti-bribery proponents charge that the FCPA is under attack.

LONDON – Between June and September 2010 the Libyan state oil fund deposited over $1bn with HSBC, according to a document leaked to Global Witness and published today. The deposit brought the balance with the British bank to $1.42bn, up from $292.7m three months earlier. The document also reveals the total assets managed by the state oil fund – Libyan Investment Authority (LIA) – swelled from $54bn to $64bn in the space of three months.

LONDON – Global Witness welcomes today’s implementation of the UK Bribery Act which, if enforced correctly, will help curb corruption and end poverty around the world. But the group warns that the government will need to provide the necessary resources to effectively enforce the act if its anti-corruption credentials are to be taken seriously.

LONDON – As the 2010 Bribery Act 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.