The Bribery Act
The Bribery Act 2010 came into force 1 July 2011, which completely overhauls the previous anti-bribery law and introduces strict new anti-bribery and corruption rules which will apply to all UK companies, with penalties for breach consisting of unlimited fines and jail sentences.
The Act creates the following criminal offences:
- Offering or paying a bribe
- Receiving, or agreeing to receive a bribe
- Bribery of foreign public officials
- Failure of commercial organisations to prevent bribery by those acting on its behalf
Employers should ensure they properly assess the potential risks in the provision of corporate hospitality and gifts, particularly if the hospitality is being provided to foreign officials. Employers will then need to implement robust policies and procedures.
For advice on how the changes will affect your business or for any business concerns contact us at: legal@cheyneygoulding.co.uk