Financial Sector Lagging in Transparency (Bureau of Investigative Journalism)
In addition, only five of the 24 financial institutions looked at reported that they prohibit facilitation payments – payments to a foreign official to facilitate transactions. The line behind payments and bribery is blurry and any kind of facilitation payment is banned in the UK under the Bribery Act.
Amongst the 24 financial institutions assessed by the NGO is UK bank Barclays. The bank, which scored 4.0 overall, has recently been at the centre of the Libor rate-fixing scandal. They are ranked 71st out of the 105 companies.
Chair of Transparency International, Huguette Labelle linked the findings of the report to the current economic downturn. ”As the world continues to recover from the deep economic pain of 2008, the leadership at more companies must commit to stopping corruption’, he said in a press release.
Barclays has been fined more than $450 million for its part in manipulating the London Interbank Offered Rate, or Libor, the interest rate that underpins transactions worth hundreds of trillions of dollars…
Barclays is among more than a dozen global banks under investigation by authorities in North America, Europe and Japan and the only one so far to admit wrongdoing.