Bribery Act Policy, 2010 will be made necessary for small businesses to put in place new policy which could probably change the way they do business and manage their customer relationships in accordance to contracts. It was originally intended to come into force in April 2011, but that was postponed and the act will now take effect from 1 July 2011.
The UK Bribery Act will replace the existing Anti Corruption Law — which are purely decided by judiciary based on the outcome of cases. The Act outlines four offenses of bribery and introduces new ones, and at the same time makes it easier to prosecute offenders.
The UK Bribery Act will;
Introduce a business offense for failure to prevent corruption by persons working for a company. A company can escape conviction if it can demonstrate that they have adequate procedures in place to prevent corruption.
Under the Act it is a criminal offense to offer or to request, agree or accept a bribe either at home or abroad. The measures cover bribery of a foreign public official.
The Act invites maximum penalty for bribery with imprisonment up to 10 years or even unlimited fine.
Guidance has been published to help companies to apply procedures to prevent people working on your behalf from committing corruption, it also has a section to help business owners to understand the difference between hospitality and bribery, and avoid falling under the scope of the law.
The UK Bribery Act will replace the existing Anti Corruption Law — which are purely decided by judiciary based on the outcome of cases. The Act outlines four offenses of bribery and introduces new ones, and at the same time makes it easier to prosecute offenders.
The UK Bribery Act will;
Introduce a business offense for failure to prevent corruption by persons working for a company. A company can escape conviction if it can demonstrate that they have adequate procedures in place to prevent corruption.
Under the Act it is a criminal offense to offer or to request, agree or accept a bribe either at home or abroad. The measures cover bribery of a foreign public official.
The Act invites maximum penalty for bribery with imprisonment up to 10 years or even unlimited fine.
Guidance has been published to help companies to apply procedures to prevent people working on your behalf from committing corruption, it also has a section to help business owners to understand the difference between hospitality and bribery, and avoid falling under the scope of the law.
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