A risk management issue – immediate action
required What is your organisation doing to mitigate the risks of
the Bribery Act 2010?
When the Bribery Act 2010 (the Act) comes into force, it will
affect every business in the UK irrespective of whether they are
based purely in the UK or operate overseas. While the Act primarily
consolidates existing law, it also introduces a new corporate
offence of failure to prevent bribery. The possibility of unlimited
fines for both corporate entities and board members means that the
Act needs to be taken very seriously indeed.
Background
As well as codifying existing common law and consolidating
existing statute, the Act also introduces certain new offences,
including the failure by a commercial organisation to prevent
bribery. The penalties for a breach of this provision are unlimited
fines.
