Bribery and corruption
Does your business comply with the new Act?
The Bribery Act 2010 came into effect on the 1st July 2011. It is not a wholly new Act as it draws together various existing pieces of legislation and regulation. It applies to all UK businesses and persons whether they operate within the UK or overseas.
Businesses can be held liable for the actions of their employees or associated persons even if the business did not tell them to act in a certain way. The definition of associated persons has been left deliberately broad meaning that businesses will be liable for the actions of their agents, contractors and sub contractors.
The main offences are:
Bribing another person. This encompasses both the giving of a bribe or the receiving of a bribe which is connected to improper performance or reward.
Bribery of a foreign public official. An offense is committed where a person offers, promises or gives a financial or other advantage to a foreign public official with the intention of influencing the official in the performance of his or her official functions.
Failure of commercial organisations to prevent bribery. A commercial organisation will be liable if a person connected with it bribes another person intending to obtain or retain business or an advantage in the conduct of business for that organisation.
Consequences of non-compliance can be significant. Fines can be unlimited and senior management can face imprisonment.
Beavis Morgan can help you assess the risk areas within your business and ensure that you have adequately documented your control and prevention procedures. Beavis Morgan can forensically investigate any situations that you think may be suspect within your business.
Please contact Paul Ashton to find out more about how we can help you and your business.