UK fraud investigators have been shamed into action. To try to end unacceptable delays in overseas corruption inquiries, the Serious Fraud Office is proposing a US-style plea-negotiation system that would allow companies to escape prosecution in return for an admission of wrong-doing and financial penalties. The proposals have drawbacks. Some companies may get off lightly. Others may heap blame on individuals rather than admit to systemic failings. But the plans have merit. They should be given a fair hearing.

Prosecuting corruption cases is complicated and time-consuming. The US Department of Justice brought 16 foreign corruption cases last year, compared with four in 2002. It benefits from having more tools at its disposal than the SFO. Robust enforcement and a system of heavy fines encourages companies to turn themselves in. Firms prefer to settle cases and avoid criticism for a failure to disclose wrongdoing.