03-05-2010
03-05-2010Bribery Act 2010: The Impact on U.K. Business | ||
| This new Act is considered to be among the toughest anti-corruption legislation in the world as it is for instance much broader than the US based FCPA (Foreign Corruption Practices Act). UK Parliament has not announced when the legislation will come in to force as this will depend on the upcoming election but indications are that October/November 2010 is the most likely date. The Act will allow British courts to prosecute acts of bribery committed outside the UK, and it will impose on British businesses a corporate criminal offence of failing to prevent bribery, which will include subsidiaries and agents of overseas companies operating in the UK. Penalties will include unlimited fines. Any foreign subsidiary company in the UK prosecuted under this Act could face severe penalties that will impact the international operations. See Bribery Act 2010: The Impact on U.K. Business |
