Extract from second
reading debate (Commons) of the Economic Crime and Corporate
Transparency Bill
(Thirsk and Malton)
(Con):...We are bound to focus on measures that are not in the
Bill—that is what Back Benchers do. I have said many times that
the No. 1 measure we need is an extension of the failure to
prevent provisions on bribery and tax evasion, which have been so
effective. People say that we talk a lot and never get anything
done, but the bribery provisions have been massive in holding
corrupt companies to account. The Serious Fraud Office has
deferred prosecution agreements for Rolls-Royce for
Airbus, with almost £1 billion in fines going to the Treasury.
The SFO also prosecuted the GPT Special Project Management Ltd
case. The SFO does not get many successful convictions but GPT
Special Project Management Ltd pleaded guilty in Southwark Crown
court in 2020, and paid £28 million in financial forfeitures as a
result, on the back of the Bribery Act 2010..
For context, CLICK HERE
Extract from Lords
Question for Short Debate on Corruption in the United
Kingdom
(Lab): The UK does not
even have a central enforcer of company law. There is cognitive
capture—not just capture, but cognitive capture—and regulators
are pretty much useless. I shall give the Committee some
examples. Between 2017 and 2021 there have been just two
successful convictions for insider trading in the UK. NatWest is
the only bank ever convicted of money laundering, and only
because it admitted it. Despite strong condemnations in the
courts, no big accounting firm has been investigated, fined or
prosecuted for selling unlawful tax avoidance schemes. I keep
asking Ministers to please name one firm. They always dodge the
issues. The Bribery Act 2010 introduced the offence of failure to
prevent bribery. The Crown Prosecution Service has secured just
one conviction. The SFO has secured two. That was after the
companies themselves pleaded guilty because of what came out of
the US. Separately, Standard Bank, Rolls-Royce and
seven other companies were let off with a deferred prosecution
agreement—in other words, carry on as usual...
For context, CLICK HERE
