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Corruption is a global issue. It hurts honest companies and raises the cost of doing business. The UK is determined to work actively with our international partners to address both the supply and demand sides of this international problem.
The UK is developing a comprehensive strategy for tackling international corruption. This strategy will build on the solid foundation we have established for combating foreign bribery and strengthen our work with international partners, establishing a clear legal, regulatory and policy framework.
The government has already commissioned an independent Law Commission Review of the UK law on bribery and we look forward to receiving their report later this year. The Government intends to bring forward a draft Bill for pre-legislative scrutiny next session to modernise and strengthen our law.
The regulated financial sector, international businesses and professional groups are on the front-line of eliminating foreign bribery and money-laundering, and the Government is committed to help them contribute positively to this agenda. The Extractive Industry Transparency (EITA), launched by the Prime Minister Tony Blair in 2002, offers one successful model for building integrity and common industry standards in key sectors of the economy. The EITA brought together oil, gas and mining companies with governments and civil society to increase the transparency of revenue flows. The Government is supporting further work to build integrity and common industry standards in other key sectors such as construction, medicines and defence.
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