Since 1 July 2011, the UK Bribery Act 2010 (the 'Act') has come into force and, "this Act is far easier to fall foul of than previous laws - even when a company has had no corrupt intent”.
The UK Bribery Act is one of the most "draconian” pieces of legislation to be passed in recent years. Do you know how far-reaching its implications actually are?
KPMG in the UK surveyed the readiness of FTSE100 companies in August 2009 and found the following.
- Almost half had no anti-bribery and corruption programme in place.
- Two thirds stated that it was not possible to do business in some countries without being involved in bribery. Yet only one third of those had stopped doing business in those countries.
There is light at the end of the tunnel. Indeed, the Act may prove to be a blessing in disguise (PDF 957 KB). At the very heart of the Act is the UK government's wish to galvanise organisations into a fairer, and altogether more cohesive, way of doing business. Enforcing a strict defence policy for firms that have "adequate procedures in place to prevent bribery" may well ensure this wish becomes reality.