Ethics and governance in the European Financial centers

The OECD's Working Group on Bribery sharply criticised the United Kingdom’s failure to bring its anti-bribery laws into line with its international obligations under the OECD Anti-Bribery Convention and urged the rapid introduction of new legislation (watch the press conference).

Current UK legislation makes it very difficult for prosecutors to bring an effective case against a company for alleged bribery offenses. Although the UK ratified the OECD Anti-Bribery Convention 10 years ago, it has so far failed to successfully prosecute any bribery case against a company.

In light of the numerous issues of serious concern, the Working Group has requested the UK to provide quarterly written reports on legislative progress for each Working Group meeting. It may also carry out follow-up visits to the UK, and may take further appropriate action after it considers the reports or any on-site visits.

The Working Group warned that uncertainty over the UK’s legislative framework may trigger a need for increased due diligence over UK companies by their commercial partners or multilateral development banks.


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