"The United Kingdom is recognised as one of the least corrupt countries in the world." So says Jack Straw, the justice secretary, in the foreword to the anti-bribery bill he unveiled this week. But what about British business overseas, which was recently "recognised" with an unprecedented corruption health warning from the OECD? Many of the bill's proposals address that. But it also contains exceptions that seem tailor-made for governments wanting to escape embarrassing prosecutions. This could end up meaning even the good parts will not be vigorously enforced.
There is no defence for corruption. Corrupt payments destroy business opportunities and drag down economic growth. Bribes, whether to public or company officials, steal from citizens or shareholders, who end up paying more or receiving less than they should while their disloyal representatives are illegitimately enriched. The harm is as much political as economic. Corruption undermines both free politics and free markets.
