23 September 2010
STOP PRESS: The Bribery Act guidance now published
Max Hudson sumarises the issues that businesses need to be wary of when The Bribery Act is introduced next year.
Final Guidance published by the Ministry of Justice on 30 March. The Act will come into force on 1 July. Businesses have three months to deal with the issues. Further comment to follow shortly.
Sales incentives and promotions, corporate hospitality and "friendly contacts" - from April 2011 these will never be quite the same again.
The Government is now preparing the ground for the new rules under the Bribery Act 2010 on anti-corruption procedures. These are intended to come into force in April next year and will have a significant impact on every business operation in the United Kingdom.
The main features of the new era are that:
- This law has worldwide scope. It will not matter where the act takes place; if your business is involved then you will be at risk
- Your business will need to be able to show that it has procedures in place to prevent bribery and corruption. The quite genuine belief that it could not happen in your own business will not be enough. It will be an offence simply to have "failed to prevent bribery"
- Staff will need to be trained in this field and their performance will need to be monitored.
All businesses should consider what they need to do to comply with the Act and should have the organisation in place by April 2011. We are monitoring the progress of the Act and can advise you on how to prepare for the changes.
If you would like further advice on the impact of the new law, please speak to your usual contact at this firm. Alternatively contact Max Hudson on 0207 465 4300/ firstname.lastname@example.org
STOP PRESS: Final Guidance published by the Ministry of Justice on 30 March-the Act will come into force on 1 July. Businesses have three months to deal with the issues. Further comment to follow shortly.
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