• Register
Return to: Home > News > Advisory > Austerity and conflicts of interest fuelling UK corruption risks

Austerity and conflicts of interest fuelling UK corruption risks

Corruption risks in areas such as business, education, local government and elections are neglected and poorly understood because officials focus on bribery overseas, warns the UK’s Fraud Advisory Panel in its report, Hidden in plain sight: domestic corruption, fraud and the integrity deficit. The report points out that crimes committed elsewhere grab headlines and resources, while data on domestic corruption are not collected systematically, let alone analysed.

There is no dedicated infrastructure or single agency in the UK responsible for taking the lead in policing domestic corruption. Everyday practices like revolving doors, nepotism, ‘self-regulation’ and excessive ‘hospitality’ – while not strictly illegal – work by stealth to divert resources and opportunities, concentrate power and advantage, and corrode trust.

“The neglect of domestic corruption risks sits uncomfortably with everything else we know about the epidemic of economic crime in the UK,” said David Clarke, chairman of the Fraud Advisory Panel.

“With most types of economic crime rampant, why would corruption be the exception? If UK companies commit bribery overseas, why would nothing similar occur at home? We add our voice to the growing chorus demanding a clear and positive commitment to ethical business, both at home and abroad.

“Corruption isn’t a single event or act; it is a process whose ultimate objective is to create a culture in which it can become the new normal. Everywhere we look in Britain today we see signs that just such a culture is beginning to take root.”

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.