UK Bribery Act Defines New Regulations For Local/International Businesses
The UK Bribery Act 2010, which came into force on July 1, 2011, enhances sentencing power of courts and raises the maximum sentence for bribery committed by an individual from 7 to 10 years imprisonment and/or with unlimited fine.
- (1888PressRelease) July 19, 2011 - Sunnyvale, CA - The UK Bribery Act 2010, which came into force on July 1, 2011, enhances sentencing power of courts and raises the maximum sentence for bribery committed by an individual from 7 to 10 years imprisonment and/or with unlimited fine.
Read more at http://www.nair-co.com/UK_Bribery_Act.aspx
The Act supersedes existing British laws dating back to 1889. It will affect foreign companies with offices in the UK and British companies operating overseas and seeks to prosecute companies and individuals who not only offer or receive bribes but also fail to prevent bribery. The Act not only prohibits domestic and international bribery, but also bribery across both private and public sectors.
"In light of the new Act, it is advisable for companies that come under the purview of this law to review their existing anti-corruption policies and procedures to ensure compliance as appropriate. The onus lies on the senior management to assess and establish anti-corruption policies and procedures and enhance training for their personnel," said Shan Nair, Co-founder and CEO of Nair & Co.
Read more at http://www.nair-co.com/UK_Bribery_Act.aspx
However, one should take note that certain expenditures which are essential for a commercial organization to improve its image, establish cordial relations, etc. is recognized as an established and important part of doing business and will not be in danger of being criminalized.
Companies prosecuted under the Act must show they have "adequate procedures" in place to stop bribes. The procedures include: providing anti-bribery training to staff, carrying out risk assessments, carrying out due diligence on the people being dealt with, monitoring and review of the policies on an ongoing basis, formulating proper communication channels, etc.
About Nair & Co.
Nair & Co. provides an integrated solution in the HR, finance, tax, compliance and legal arenas making a company's overseas operations less risky, stress free and more strategic. It currently has 740+ client operations in over 50 countries with offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP).
Learn more at www.nair-co.com
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