When Britain's Bribery Act went into effect in July 2011, it struck fear into the hearts of businesses and executives with operations in the United Kingdom. Yet more than a year and a half later, it's yet to deliver a significant scalp.
To date, no companies have been prosecuted, let alone convicted, under the Act. The only successful cases involve two unconnected individuals, convicted of behavior that is a long way from the kind of corruption the Act was supposed to tackle.
One case involved a man who offered a small bribe to a government official after he failed a taxi driving test. He received a two-month prison sentence. The other related to a court clerk jailed for four years after he took bribes to alter a database of driving offenses.
While no significant cases have been prosecuted, more companies are self-reporting corruption offenses. According to the Serious Fraud Office the number of companies reporting their own misdeeds nearly doubled from 7 to 12... To get the full story, subscribe now.
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