In the old stereotype, the British are particularly attached to fair play. In business at least, that reputation is becoming threadbare. British companies are no more corrupt than those from elsewhere in the rich world, but other countries are clamping down on graft. So far, the UK has matched their efforts with more rhetoric than action.

The US Foreign Corrupt Practices Act remains the greatest scourge of wayward multinational companies, including UK-based ones. For three decades, the FCPA has outlawed bribery regardless of where it takes place. The legislation put the US light years ahead of European countries that granted tax deductions for bribes well into the 1990s. Tougher US enforcement is an important reason why UK companies with US exposure are now more frequently conducting internal corruption probes, as a new report by KPMG finds.