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The Bribery Act came into force on 1 July 2011. To comply with the Act, companies must have a policy in place to deal with potential bribery and corruption.
The Bribery Act came into force on 1 July 2011. To comply with the Act, companies must have a policy in place to deal with potential bribery and corruption.
Although it has always been illegal to bribe a public official, the Act created a new criminal offence of ‘failure to prevent bribery’. This offence is committed by the company rather than the individual. A company guilty of an offence under the Act will be liable for an unlimited fine and the maximum sentence for an individual committing an act of bribery is now ten years imprisonment.
Members should assess their levels of exposure to bribery risks and put in place appropriateprocedures to ensure compliance with the Act.
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