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Finalised: Bribery Act
Originally posted by 5corpio
Legislation aimed at making it easier to prosecute companies who make corrupt payments abroad has come into force.
The Bribery Act overhauls existing laws dating back to 1889 and creates offences that carry prison terms of up to 10 years and unlimited fines. It makes it illegal to offer or receive bribes and to fail to prevent bribery.
Both British and foreign companies are covered, provided they have some operations in the UK. The act also applies to individuals.
The government says the act will cement the UK's position as a global leader in the fight against business corruption.
Corporate hospitality The legislation was due to come into force in April 2011, but it was delayed over business concerns about whether corporate hospitality could be seen as a bribe.
As a result, the government issued additional guidance on the act.
In its guide to the Bribery Act, the Ministry of Justice says: "Very generally, [bribery] is defined as giving someone a financial or other advantage to encourage that person to perform their functions or activities improperly or to reward that person for having already: Read more on this story here: BBC News - Bribery Act targets corrupt firms
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The Bribery Act overhauls existing laws dating back to 1889 and creates offences that carry prison terms of up to 10 years and unlimited fines. It makes it illegal to offer or receive bribes and to fail to prevent bribery.
Both British and foreign companies are covered, provided they have some operations in the UK. The act also applies to individuals.
The government says the act will cement the UK's position as a global leader in the fight against business corruption.
Corporate hospitality The legislation was due to come into force in April 2011, but it was delayed over business concerns about whether corporate hospitality could be seen as a bribe.
As a result, the government issued additional guidance on the act.
In its guide to the Bribery Act, the Ministry of Justice says: "Very generally, [bribery] is defined as giving someone a financial or other advantage to encourage that person to perform their functions or activities improperly or to reward that person for having already: Read more on this story here: BBC News - Bribery Act targets corrupt firms
Previous Forum News: allaboutFORUMS - View Single Post - Latest Headline News (Media)
Crispin Simon, a senior executive in UK Trade and Investment, the Government’s export agency, disclosed the move when he gave evidence to the House of Lords committee on small and medium-sized enterprises. He said there was a “desire” that the Bribery Act should be tested by the Crown Prosecution Service to provide a “better sense of where it stands”, and acknowledged it was “possible” that the legislation had resulted in the loss of some business. But the committee, chaired by Lord Cope, has criticised the idea and said it was not necessary to wait for “elaborate court cases” to define the actual workings of the Act in case law. Instead the committee has called for an urgent scrutiny of the legislation by a Commons select committee. It acknowledges the importance of high ethical standards, but says the Act has met with “confusion and uncertainty.”......Read more here