Decelerating corruption and money laundering: distilling the positive impact of UKBA 2010 from a holistic perspective

Abstract

Purpose

The purpose of this study is to highlight the unquantifiable importance that the UK Bribery Act (UKBA) has invigorated into commercial interactions of both natural and legal persons. This repealed all previous anti-corruption and bribery legislation in the UK. It has brought enhanced circumspection into how businesses are to be conducted with the emphasis being placed on adhering to level playing dimensions amongst the participants. The “Organisation for Economic Cooperation and Development (OECD) Pressure” can be rightly attributed to be a galvanizing ingredient that helped to propel the enactment. The UK is, perhaps, now seen as a global leader as far as anti-bribery matters are concerned with the incorporation of robust restraints glaringly introduced into the Act that has demonstrated positive emissions.

Design/methodology/approach

This study relies on both the primary and secondary legal documents in the analysis. These documents include but not limited to the Holy Bible, UKBA 2010, OECD Bribery Convention 1997, Foreign Corrupt Practices Act 1977 and case law. It is doctrinal in outlook.

Findings

There is a conspicuous indication that the Act has jolted commercial organisations to be very careful in the way they conduct their businesses in order not to fall foul of the Act. Compliance has improved tremendously. It should not be ruled out that the Act can still be tinkered with given the reactions that it has generated since coming into force.

Research limitations/implications

This study gives the policymakers an enhanced hope to be able to plan for economic growth in the knowledge that the Act is there to act as a buffer against bribery that will eventually, depending on the quantum, could lead to money laundering. This is a negative to the economy.

Originality/value

The originality of this study is embedded on the fact that the emissions that the Act has introduced should be acknowledged and adhered to irrespective of the negatives that may be attributed to the Act.

Citation

Ekwueme, E. (2022), "Decelerating corruption and money laundering: distilling the positive impact of UKBA 2010 from a holistic perspective", Journal of Financial Crime, Vol. 29 No. 1, pp. 128-140. https://doi.org/10.1108/JFC-11-2020-0232