Overview

The Bribery Bill completely overhauls current criminal laws in dealing with bribery and corruption and introduces a tough new regime for business in the UK. The new law will go far beyond the scope of the US Foreign Corrupt Practices Act as it covers all business transactions, not just payments to foreign officials or state owned businesses.

The new law also targets businesses directly by introducing a corporate offence, which makes a business criminally liable for failing to prevent bribery, subject to an ‘adequate procedures’ defence. This includes culpability for acts of bribery and corruption committed by agents and intermediaries as well as employees.

It is therefore essential for all businesses to have adequate anti-bribery systems and controls in place. Every employee also has a responsibility to understand and adhere to the new law as the penalties for non-compliance are severe, with up to 10 years imprisonment for those found guilty and unlimited fines for businesses convicted.

This report by Eversheds contains an overview of the new legislation and a snapshot of research conducted with businesses of all sizes across a number of sectors to canvas awareness, understanding and, importantly, attitudes towards the new legislation.

Even at board level, the results paint a picture of limited knowledge with little preparation in place. Worryingly, almost half of directors admitted that they don’t have robust systems in place to prevent bribery and corruption.

Please click “view briefing” to read more.