The UK Bribery Act came into force on 1 July 2010 as the FSA announces a corruption review
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.
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 contact David Widdowson on +44 (0) 20 3051 5711.