The UK Bribery Act came into force on 1 July 2010 as the FSA announces a corruption review

16 January 2012 |

The UK’s Bribery Act 2010 (the “Act”) applies to all organisations carrying on business in the UK and creates a number of offences, breach of which is punishable by up to 10 years imprisonment and an unlimited fine.

Organisations doing business in the UK should ensure that they understand their obligations under the Act.  Please see our previous articles in Resources (below).

FSA Investigation Announced

Meanwhile, in the UK, the FSA has announced that it is going to carry out an investigation into the way in which banks do business.  Specifically the FSA will be reviewing whether banks have taken steps to protect against the risks of bribery and corruption.

Commentary

If organisations doing business in the UK have not yet carried out a review of their anti-bribery procedures to ensure that they are adequate to meet the Act’s strict regime they should do so immediately.

Abbiss Cadres offer a full compliance service to enable organisations to assess and implement appropriate and proportionate procedures to manage the risks raised by the Act.

 

For further information or to discuss the issues raised, please get in touch.

Disclaimer

Content is for general information purposes only. The information provided is not intended to be comprehensive and it does not constitute or contain legal or other advice. If you require assistance in relation to any issue please seek specific advice relevant to your particular circumstances. In particular, no responsibility shall be accepted by the authors or by Abbiss Cadres LLP for any losses occasioned by reliance on any content appearing on or accessible from this article. For further legal information click here.

Circular 230 disclosure

To ensure compliance with requirements imposed by the IRS and other taxing authorities, we inform you that any tax advice contained in this article (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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