Companies warned about Bribery Act ramifications
Commercial insurance
20th April 2010
Adequate processes in place to prevent cases of bribery will have to be ensured by companies under the terms of a new act which received royal assent in recent days.
The Law Society Gazette warned that firms will seek to make certain their anti-corruption compliance procedures are watertight, providing a wide selection of work for lawyers to take on.
Insurance for business could be one of the aspects of corporate regulation that needs checking, although what constitutes bribery is yet to be properly defined by the government.
Jeremy Summers is business crime and regulation partner at national firm Russell Jones & Walker. He told the publication that penalties for breaching terms of the Bribery Act could include "hefty fines, confiscation and debarment".
The Ministry of Justice claims that the act will "reform" the criminal law and enable prosecutors and courts to respond to bribery both in the UK and abroad.
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