Posted: Friday, 4 January 2019 @ 13:43
The Bribery Act has been implemented on 1st July and there must be concerns over the readiness of organisations to comply..
According to a Ernst and Young survey, one in seven employees polled at large UK companies are prepared to offer cash payments to secure business, and little more than half are aware of an anti-bribery policy at their firm.
As a consequence I would say most firms are in potential trouble regarding compliance. The survey of more than 2,300 employees, found that the majority of UK companies remain unprepared for the new legislation with compliance programmes significantly underperforming.
It is worth reflecting that breach of the Act is a criminal offence, directors and officers can also be culpable and jail sentences of up to 10 years can be imposed
So if organisations do wish to get ready what are the key principles which organisations need to apply?
A simple policy can be drawn up for a relatively low fee and could ensure the company has a defence in relation to the corporate bribery offence. We can help with this.
Another defence is to put a warranty in contracts with distributors, agents, joint venture partners and others that no bribes, secret commissions have been given nor received and requiring the other party to include a similar clause in their own contracts.
Ongoing training is another useful defence which helps create a picture of an organisation on top of the legislation.
Justin Patten, Employment Solicitor