July 25, 2011
A week after the biggest shake up in UK bribery laws in recent history came into force, less than half of Britain’s SMEs believe they are compliant with the new Bribery Act. A survey of the SMEs conducted by a UK law firm in the lead up to the Act being implemented, found there is still much uncertainty amongst businesses regarding the Bribery Act, with widespread uncertainty over whether businesses are compliant. The survey found that 45% of SMEs were not sure if their business was compliant, with 13% claiming that their business was not ready for the Act. In total, just 42% of respondents said that their business was compliant with the Bribery Act, while only 6% said that the Act will affect the way they do business in the future. Yet despite the government’s numerous campaigns to raise awareness of the Act and its subsequent penalties, only 17% of those surveyed felt the recently produced guidelines were not useful. Those struggling to make sense of the recent changes and any impact they may have on business activity, should seek advice today before it’s too late.