The Bribery Act Summary UK, 2010 came into force this July; introducing strict new laws on the making and receiving of bribes, as well as on the part of the companies if they fail to take adequate procedure to prevent bribery.
So let’s have a quick round about what exactly the UK Bribery Act is all about:
What is the new law?
The UK Bribery Act is one of the stringent laws worldwide, and they have charted some of the strictest punishment for the following offences:
Section 1: Active offence of bribing another person
Section 2: Passive offence of being bribed
Section 6: Bribing a Foreign Public Official
Section 7: Company offence of failing to prevent bribery.
Who will be affected?
It is applicable to everyone both individuals and companies. One important aspect of the new law is its extra-territorial effect. This is important because it not only applies to UK business but to business they operate with office in UK.
Penalties if found guilty?
Unlimited fines;
Sentence up to 10-years,
Directors' disqualification, and
Blacklisting of businesses from public sector contracts
Failing to curb bribery
The Bribery Act 2010 has provision to punish companies if they fail to curb bribery from taking place. Under the law a company will be held responsible if anyone acting on their behalf commits a bribery offence. Such persons can be your employees, agents, consultants, subsidiaries and joint venture partners to name a few. As said above the only defense the company can put forward is to show they has adequate procedures in place to prevent bribery offences.
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