Brexit 'could damage UK's ability to fight corruption'

Brexit could seriously damage the UK's ability to fight corruption and give multinationals leverage on the government in bribery cases, says the Organisation for Economic Cooperation and Development (OECD).

In a new report, the forum identifies increased pressure to weaken bribery laws and an inability to focus on non-Brexit issues as major risks associated with leaving the EU.

While praising the UK's Serious Fraud Office for recent successes, it says: "Brexit could increase the risk of UK companies threatening to relocate and potential loss of UK jobs as a bargaining chip in negotiations with prosecutors over charges."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

"The report also warns that any potential economic downturn resulting from leaving the EU could damage government willingness to be seen to be aggressively regulating business," says The Guardian.

Duncan Hames, of anti-corruption group Transparency International UK, told the paper the OECD's findings "reinforce how important it is to maintain the independence and prosecution of serious bribery offences".

He added that this was especially true in the light of a recent decision to allow companies to resolve bribery investigations with a fine and apology.

Sue Hawley, policy director of the civil society group Corruption Watch, said that had "already damaged the UK's stance as a country hostile to corrupt money".