We in Britain pride ourselves on playing by the rules. In the area of foreign bribery we do not have that reputation. The world regards us as being far behind in taking steps to stop our companies engaging in corruption abroad. We looked like we were doing something to address this over the past two years, but the general election threatens these efforts.
The bribery bill is the most powerful weapon yet for Britain's anticorruption police. If enacted, it would give the Serious Fraud Office the powers to deal with corruption by UK companies, no matter where it occurs. The bill would abolish all existing bribery offences and create four new ones - including making it an offence to bribe another person or to be bribed. All areas of business activity are potentially affected. There is provision for unlimited fines on both companies and senior officers. Individuals could face up to 10 years in prison. But it looks like there may be insufficient time for us to pass the bill before the election.
