Business and Bribery
Bribery is bad for resources-resources-business as it distorts investment climates, undermining the Department for International Development growth agenda. It raises the costs for UK resources-resources-businesses that operate overseas and discourages UK companies from entering new markets. When the problem is tackled effectively it benefits resources-resources-business by creating a level playing field, in which sales and contracts are won through an open market. This creates greater contract security and reduces the cost of doing resources-resources-business through eliminating the ‘bribery tax’ in contractual agreements.
The UK Bribery Act 2010 was introduced to update and enhance UK law on bribery including foreign bribery in order to address better the requirements of the 1997 OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. It is now among the strictest legislation internationally on bribery. Notably, it introduces a new strict liability offence for companies and partnerships of failing to prevent bribery.
Business Integrity Programme
Transparency International UK runs a Business Integrity Programme which aims to raise anti-corruption standards in UK-based companies so that they improve their own performance and help raise standards globally, while increasing awareness so that individuals and institutions within the private sector do not participate in, enable or endorse corruption.
The programme does this through a Business Integrity Forum, producing best practice tools and guidance, and providing training and advisory services to companies.