Saturday, January 7, 2012

Corporate Governance -UK Bribery Act

Bribery is a criminal offense as per the The Bribery Act 2010 (UK) and follows the benchmark set by the US Foreign Corrupt Practices Act (FCPA). The Act makes bribery of foreign public officials an offense. It extends beyond company employees to include third parties acting on behalf of a company. The salient features of the Act are:

i.         It covers all bribery, not only bribery cases involving public officials.
ii.       It is an offense not only to give but also to receive a bribe.
iii.      The Act makes no exception for facilitation payments made to expedite routine governmental actions.
iv.     The Act makes failure to prevent bribery a corporate offense. 

How to comply with this act by following a set of best practices.  read this article in ComplianceOnline.

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