UK corruption risks are 'significantly underestimated', Fraud Advisory Panel cautions

10 Jul 2019

A focus on overseas bribery means UK officials are 'underestimating the risk of corruption at home', the Fraud Advisory Panel (FAP) has cautioned in a new report.

The fraud watchdog says that domestic corruption is being 'fuelled by conflicts of interest and austerity'. It highlights commonplace practices, such as revolving doors, 'self-regulation' and 'excessive hospitality'. Although these may not be strictly illegal, they serve to work by stealth to divert resources and opportunities, concentrate power and advantage, and corrode trust, the FAP said.

However, the media tends to focus on corruption cases in foreign countries, which is where official resources are mainly directed. Conversely, data on domestic corruption is not collected systematically, and, according to the FAP, there is no dedicated infrastructure or single agency in the UK responsible for taking the lead in policing domestic corruption.

Commenting on the report, David Clarke, Chairman of the FAP, said: 'The neglect of domestic corruption risks sits uncomfortably with everything else we know about the epidemic of economic crime in the UK.

'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.'

The FAP's report calls for greater transparency in court proceedings, a central public reporting mechanism and the introduction of a new corporate offence for failing to prevent economic crime.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.