bribery act

Most Small Businesses Unprepared for Bribery Act

Three quarters of small firms have not prepared for the Bribery Act, which came into force on 1 July, research from Sage has revealed. The Sage survey of more than 1,000 small businesses found that 71% did not understand the Bribery Act, or their obligations under the new legislation. The Act applies to all businesses and introduces tougher penalties for those involved in corruption. Businesses face unlimited fines or even imprisonment unless they can show they had “adequate procedures” in place to prevent bribery. The British Chambers of Commerce (BCC) said it was “imperative” that business owners familiarise themselves with the new legislation. A key point of concern, it said, was that the Act makes small firms responsible for ensuring the compliance of any agent ... »

5 Tips to Help you Prepare for the Bribery Act

With the Bribery Act just a few days away, Ernst & Young is warning that companies should be urgently putting in place measures to be compliant for when the legislation comes into force. John Smart, head of the Fraud Investigation and Disputes Services team at Ernst & Young said: “Companies need to understand the risks they may run if they do not make an active effort to demonstrate their willingness to abide by the Act. Whilst the Bribery Act was originally delayed, it is now just days away and the clock is ticking. Our recent European Fraud Survey found that one in seven employees at large UK companies are prepared to offer cash payments to secure business and little more than half are aware of an anti-bribery policy at their firm, showing there is clearly very significant ... »

SMEs Should Review Policies Ahead of Bribery Act

Small businesses should review their policies on expenses and client hospitality now, to avoid facing penalties when the Bribery Act comes in later this year, law firm Muckle LLP has warned. The Ministry of Justice has announced that the Bribery Act, due to be introduced in April 2011, will be delayed. The government department said that guidance for businesses will be issued three months ahead of its implementation. Under the Bribery Act, all businesses are required to have “adequate procedures” in place to prevent staff and anyone else who works on their behalf – such as agents – from giving or receiving bribes. Importantly, this includes anyone representing the business overseas. For the first time, it will cover all private sector transactions, rather than just those involving public o... »