June 27, 2011
The first significant overhaul of the UK’s bribery laws for almost 100 years comes into force this week, and anyone found breaching the brand new Bribery Act could face severe penalties, experts have warned. Among the many penalties being introduced, anyone found guilty of breaking the Bribery Act faces up to 10 years in jail and the prospect of unlimited fines, while worryingly the act also defines bribery in “broad terms“. Under the new law, bribes paid to public officials but also to business contacts will fall foul of the Act, including those paid by staff without management’s knowledge, while it will be easier for the Serious Fraud Office (SFO) to prosecute foreign firms operating in the UK. Firm’s only defence against the Act will be to prove that any incidents of bribery took place in spite of “adequate procedures” and many businesses have complained that the legislation lacks clarity. Those worried about the far reaching consequences of the upcoming Bribery Act have been advised to seek expert legal advice today, or risk falling within the government’s crosshairs.