The Isle of Man’s new Bribery Bill is expected to come into force this year.
Based on the UK’s Bribery Act 2010 the Bill was published in June 2012 and received its first reading in December and has now had its second reading.
Many organisations carrying on business in the Isle of Man and UK will already have introduced procedures to meet the requirements of the UK Act that came into force in 2011. But what is essential now is to prepare for the new Isle of Man Act which will affect all businesses in the Island to ensure they have adequate procedures in place to prevent bribery
The new Isle of Man Act will replace the Island’s Corruption Act 2008, and the main difference will be the introduction of a new corporate offence of failing to prevent bribery, based on the similar provisions of the UK Act.
