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 ... »