“Though the bribe be small, yet the fault is great.”
Edward Coke
The Bribery Act 2010 will soon come in to force but what does it mean for businesses?
The Bribery Act 2010 introduces controversial new corporate offences, which will add more weight to the increasing burden on prudent managers who are responsible for business planning. The Act has enormous importance from a practical, commercial point of view, in all sectors, whether public or private.
What does this mean? It means that it will now be an offence to bribe another person, or receive a bribe, including the mere offer to give a bribe, or a request for one.
A sensible starting point would be to:
•Identify areas of the business where bribery could be an issue, for example, in procurement or sales, where official permissions or consents are required. Look for warning signs. The risk is potentially higher where there is a foreign element, although a very recent police case in the Liverpool Crown Court highlights a potential problem with lavish corporate entertainment even in the domestic market.
•Consider corporate entertainment in particular, and consider some central monitoring of entertainment given and received.
An anti bribery policy should be written and circulated to all members of staff and make it part of the terms and conditions that they agree to adhere to.
Get prepared now and then once the Secretary of State’s guidance is published hopefully only a few changes will have to be made.
Adapted from Source: SME Web
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