Queen’s Speech Warns Firms of Corruption
Businesses need to take extra care when new laws come in, says leading compliance firm.
The Queen’s Speech on Wednesday (18th November) will contain proposals for severe new penalties for firms which fail to prevent corruption taking place.
The Bribery Bill, one of the key pieces of the government’s planned legislation, will force businesses to put in place new systems and controls.
Complinet, a company providing compliance solutions, says firms continue to face real challenges in demonstrating compliance.
In particular, the Bribery Bill will mean financial services firms will face the prospect of legal action by the Financial Services Authority.
The FSA has already warned that monitoring of third-party relationships and payments is generally ‘very weak’.
Chris Pilling, CEO of Complinet, said:
“The Bribery Bill will make inaction by firms and their senior managers a huge risk.”
“The cost of corruption is too great to ignore and the only obvious solution is for businesses to start putting more resource into their compliance teams.”