Corruption in business: A critical appraisal of the Australian regulatory regime in the light of the UK Bribery Act 2010

Abstract

Purpose

This paper aims to critically analyse the Criminal Code Amendment (Bribery of Foreign Public Officials) Act 1999 and Crimes Legislation Amendment (Combating Corporate Crime) Bill 2017 with special focus on the facilitation payment (FP) defence by referring to the UK Bribery Act 2010. The study will showcase how FP promotes disrespect for a good corporate culture inevitable for responsible and sustained business and as to why FP must be abolished to make the Australian regulation consistent with the international standards.

Design/methodology/approach

This research is based on primary and secondary sources including the Senate Committee Reports and recent legislative developments in Australia, and the relevant law of the UK.

Findings

Australia is lagging far behind comparative jurisdictions including the UK, and the FP defence must be abolished to make the Australian regulation consistent with the international standards and to foster international business backed up by globalisation, competition and interconnectedness of national economies.

Originality/value

This paper is the original work of the author and has not been submitted elsewhere for publication.

Citation

Begum, A. (2020), "Corruption in business: A critical appraisal of the Australian regulatory regime in the light of the UK Bribery Act 2010", Journal of Financial Crime, Vol. 27 No. 3, pp. 735-754. https://doi.org/10.1108/JFC-02-2020-0018