The UK Bribery Act, which has been in force since 1 July 2011, covers bribery in both the private and public sectors. However, unlike many anti-bribery laws in the CEE region, it does not establish any de minimis thresholds. For the purposes of the Act, a bribe is defined as providing someone a financial or other advantage to encourage that person to perform their functions or activities improperly or to reward that person for having already done so. Bribery is punishable by a prison sentence of up to 10 years and unlimited monetary fines for corporations.
This briefing from Schoenherr details the Act's extraterritorial application and outlines the "adequate procedures" commercial organisation should consider implementing.
Click 'View Briefing' to read on.