No, it's pretty bad.
They had a few good ideas but they either completely botched the execution on every level or just didn't realize what they had to work with could be used in a more interesting way.
Setting the whole thing in the US and whitewashing the characters is dumb, but could have been justified had they used that change to actually say something about the state of race and incarceration in America. They very set up of the movie allowed for it as did the source material. And that's just the most obvious thing they could have done.
The changes they made to the source material opened up so many doors for them to do interesting and creative things, but instead they ignored anything that wasn't lame, boring, and rote. A better team behind this film could have made it something amazing to see, the source material itself has a lot of untapped potential, but we didn't get any of that.
Defoe was the only part of this film that they actually nailed. He was great.