Decelerating corruption and money laundering: distilling the positive impact of UKBA 2010 from a holistic perspective
| DOI | https://doi.org/10.1108/JFC-11-2020-0232 |
| Published date | 26 February 2021 |
| Date | 26 February 2021 |
| Pages | 128-140 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial crime |
| Author | Ejike Ekwueme |
Decelerating corruption and
money laundering: distilling the
positive impact of UKBA 2010
from a holistic perspective
Ejike Ekwueme
School of Advanced Study, Institute of Advanced Legal Studies,
University of London, London, UK
Abstract
Purpose –The purpose of this study is to highlightthe unquantifiable importance that the UK BriberyAct
(UKBA) has invigorated into commercial interactions of both natural and legal persons. This repealed all
previous anti-corruptionand 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 “Organisationfor 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 leaderas far as anti-bribery matters are concerned with the incorporationof
robust restraintsglaringly introduced into the Act that hasdemonstrated positive emissions.
Design/methodology/approach –This study relies on both the primary and secondary legal
documents in the analysis. These documents include but not limitedto the Holy Bible, UKBA 2010, OECD
Bribery Convention1997, Foreign Corrupt Practices Act 1977 and case law. It is doctrinalin outlook.
Findings –There is a conspicuous indication that the Act hasjolted commercial organisations to be very
careful in the way they conducttheir businesses in order not to fall foul of the Act. Compliance has improved
tremendously. It should not be ruledout that the Act can still be tinkered with given the reactions that it has
generatedsince coming into force.
Research limitations/implications –This study gives the policymakersan enhanced hope to be able
to plan for economic growth in the knowledgethat the Act is there to act as a buffer against briberythat will
eventually,depending on the quantum, could lead to moneylaundering. 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.
Keywords Corruption, Money laundering, Bribery, OECD bribery convention, Serious fraud office,
Paper type Research paper
Introduction
It is universally recognised that the cankerworm known as corruption is a negative
phenomenon. There is nowherethat this is not present, including developing and developed
economies. The known fact is that the quantum of this in a particular place is largely
sometimes determined by the attitude of the general public and can be controlled to a
The author is grateful to Ikemefune Onyiliogwu (LL.B, B.L, LL.M, MS, MCIarb, CFE) who went
through the earlier version of this article and provided some positive insights. Any remaining errors
are entirely that of the writer.
JFC
29,1
128
Journalof Financial Crime
Vol.29 No. 1, 2022
pp. 128-140
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-11-2020-0232
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