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CGF ARTICLES, OPINIONS & EDITORIALS

Something brewing after decades of talk: UK Bribery Act 2010 (2012-07-19)

The world could learn a few lessons through the actions taken by the United States, considering the manner in which they have taken concrete steps against bribery and corruption.

Certainly, the adage that “when America goes big”, it really does so with everything its got -- without exception -- and even when high profile individuals need to be taken to task.

Since President Obama took office, there have been more than 40 guilty pleas, deferred or non-prosecution agreements and more than US$ 2bn in criminal penalties, all in an effort to crack down on bribery and corruption in business contracts, which is a big priority for the Justice Department under the Obama administration.  Most cases have resulted in settlements or plea agreements, with large penalties, rather than trials.  Notably the self-confessed Ponzi scheme operator, Bernie Madoff who defrauded thousands of investors of billions of dollars -- and estimated at US$ 65bn -- has personal experience of the might of the Foreign Corrupt Practices Act of 1977 (FCPA).  And who would have thought that Bernie, a trusted and respectable leader in American society, who also happened to be the former non-executive chairman of the NASDAQ stock market, would stoop to this level?

So why are there not many more executives and other high profile leaders being held to account when they are caught red-handed, and given the same treatment as Bernie Madoff who received the maximum jail sentence of 150 years when he was convicted of fraud? Could it be that he was the unlucky one, and that those who are not brought to book have been provided unfair protection; or are they above the law; or is it simply that there is little force behind the law that allows them to escape serious jail sentences?

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