International Development Committee Inquiry into Financial Crime and Development

1. Financial crime is increasingly a transnational phenomenon; the Bribery Act 2010 allows for its investigation and prosecution, regardless of where the crime occurred. Mutual cooperation between prosecuting authorities and independent investigation without political interference is essential when more than one jurisdiction is involved in the same issue; without it, national efforts to tackle bribery and corruption can be undermined. The extra-territorial reach of the Bribery Act 2010 is likely to entail the UK’s authorities investigating and prosecuting more financial crime in which other jurisdictions are involved. Clearer procedures need to be identified and followed as to how authorities will cooperate with each other so that the broader goal of tackling such crime effectively is achieved. 2. Fines and sentences should be set sufficiently high to act as a deterrent. Fines and payments must not create the perception that defendants can simply pay their way out of trouble. The ultimate deterrent for a company, debarment from public contracts, should not be undermined