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OECD fraud expert takes a dim view
UK companies could face an international blacklist as a result of the delay, according to our sister site HRZone.co.uk.
Mark Pieth, chairman of the Organisation for Economic Co-operation and Development’s (OECD) anti-bribery group told the Guardian he was “disappointed and concerned” about the delay and that patience among other industrialised nations was “running out fast”. The last Labour government passed the Act only after protracted holdups.
“This move will hurt the competitiveness of British industry at a moment when it is most vulnerable. Allowing companies to continue to generate business by bribery actually weakens their competitive clout as they become dependent on illegal means,” Pieth said.
He added that the OECD had already threatened to blacklist British companies if they remained under-regulated. This happed after a highly critical UK inspection in 2008 that was triggered when a corruption investigation against arms company BAE was terminated by the Labour government.
“Competitors are getting ready to take robust action against the UK in the light of continued lack of compliance with international law,” Pieth said, adding that “the new [UK] law is by no means stricter than the laws of other OECD member states”.