Lawmakers in the United Kingdom are in the final stages of considering major reform to the country’s anti-bribery laws, which many legal analysts think will be more strict than the Foreign Corrupt Practices Act in the United States.
In a post titled “UK Hot Topic: Companies Hope Anti-Bribery Measures Pay Off” on Westlaw Business Currents, Christopher Elias says the Bribery Bill:
…promises to introduce a new legal framework that will allow prosecutors to respond more effectively to bribery in the UK and abroad. Changes in the law include a new corporate offence of failing to prevent bribery that is causing much board room reflection. Particularly so for international companies who fear that business customs and practices that are acceptable in other countries may breach Bribery Rules in the UK.
Elias writes that many companies are already taking the spirit of the bill seriously:
Rio Tinto, the international mining giant, who recently had four executives jailed in China under corruption charges, recently announced that “business integrity training is required for all managers, of which 6,279 completed training covering anti-bribery, anti-corruption and political involvement”. Although, in a recent press release Rio Tinto recognised that there are improvements to be made following the recent Chinese prosecutions. Rio Tinto stated “we have already implemented a number of improvements to our [anti-bribery and corruption] procedures, and we have now ordered a further far-reaching independent review of our processes and controls. We will introduce any necessary additional measures and safeguards the review recommends and will spare no effort in doing everything we can to prevent any similar activity”.
You can read the full post about the Bribery Bill in the UK on Westlaw Business Currents and also view some related resources.
Posted by Kevin Hunt in:
In Practice | Practice trends |
