Welcome to the European Anti- Bribery Blog. It was set up to provide news and views on the widening reach of the Bribery Act, the Foreign Corrupt Practices Act, the OECD and related legislation in the UK and Europe.
As reported by the UK government, bribery distorts free and fair competition in the market, with over £1,000 billion ($1 trillion) worth of bribes paid globally each year. Although comparatively rare in the UK, it hurts honest companies and increases the cost of business both domestically and internationally, adding up to 10% to the total cost of doing business globally and up to 25% to the cost of procurement contracts in developing countries.
It is clear that US Department of Justice and the Securities and Exchange Commission have made enforcement of the FCPA a priority. Europe, and the UK in particular, has lagged behind, although many European conglomerates doing business in the US, most famously Siemens, have paid the price for FCPA transgressions. The UK and Europe is now busy investigating and prosecuting companies that bribe foreign officials. The UK in particular is developing a strategy for tackling international corruption and long-awaited reform of the law and the newly enacted Bribery Act 2010 forms a fundamental part of this process. This blog hopes to document the effects of that for all those doing business in Europe.
The European Anti-Bribery Blog is edited by David Lawler. The views on this site reflect those of the individual posters, and not those of any of their employers or affiliations. Please get in touch at antibriberyblog@gmail.com.