The Bribery Act 2010 – a corporate perspective
26 January 2012
This guide summarises the main provisions and practical issues arising from the new UK anti-corruption law effected by the Bribery Act 2010 (the “Act”) in the context of a corporate body (the “Company”) or group (the “Group”) that carries on business in the UK or overseas, from 1 July 2011, the Act’s implementation date.
What are the main issues?
- The Act’s criminal offences are very broadly defined and the Act has significant extraterritorial reach;
- it creates a new strict liability offence for a commercial organisation of failure to prevent bribery;
- it extends to private sector transactions (previously UK bribery offences were confined to transactions involving public officials and agents); and
- the Act’s penalties are unlimited fines for organisations and individuals and up to 10 years’ imprisonment for individuals.
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